Mubasher: Qurain Petrochemical Industries has accomplished new investments in the fiscal year that ended on 31 March 2018 that resulted in achieving a net profit of KWD 35.2 million, which is 14% higher than KWD 30.76 million in the corresponding period a year ago, the chairman of Qurain, Mubarak Abdulla Al Mubarak Al Sabah, said.

This net earning is calculated when excluding exceptional dividends due to reclassifying National Petroleum Services (Napesco) to a subsidiary instead of an associate in FY17, the reclassification led to achieving profits valued at KWD 4.38 million, Al Rai Newspaper reported, citing Al Sabah as saying.

Qurain succeeded in facing the risks of a drop in crude oil prices due to a strategic balance plan for its diversified investments and solid assets, the chairman said.

The Kuwaiti firm is expected to continue its good performance because of its added value from latest acquisitions, he noted, as reported by Al Rai.

The company’s consolidated profits reported an increase of 5% to KWD 52.15 million in the fiscal year ended last March, while its assets increased by 8% to KWD 671.67 million.