Mubasher: Qurain Petrochemical Industries Company (QPIC) reported a 3% year-on-year profit drop during the nine months ended 31 December 2018.

From April to December, Qurain Petrochemical’s profits fell to KWD 15.62 million ($51.64 million) against KWD 16.03 million ($52.99 million) in the corresponding period in 2017, according to the company’s financial results published on Boursa Kuwait.

The Kuwait-based company attributed the profit drop to the decrease in the company’s stakes in sister companies.

“The achieved results affirm the ability of QPIC’s diversified investment portfolio and business model to withstand the economic and political challenges facing the globe. Furthermore, QPIC is actively seeking new local and regional investment opportunities that maintain the balance of its investments portfolio and meet our shareholders’ needs,” commented QPIC chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah.

Meanwhile, QPIC vice chairman and CEO Mr. Sadoun Ali said the "positive overall performance" of QPIC's core investments have enabled the Qatari Petrochemical maker to achieve these results.

"In particular, our investments in the Petrochemical & Oilfield services companies played a key role in achieving these results despite the lower contribution from Saudia Dairy & Foodstuff Company (SADAFCO), on account of the regional challenges the consumer Saudi market is facing. Nevertheless, SADAFCO has been able to maintain its market share and leading position in Saudi Arabia, and we expect our core investments to continue its positive momentum and improve in the future,” the CEO said.

In the first half that ended 30 September 2018, Qurain Petrochemical’s profits fell 9% to KWD 9.61 million, compared to KWD 10.56 million in the corresponding period a year ago.

Qurain Petrochemical’s stock retreated 1.55% to close at 380 fils on Wednesday.