Mubasher: Qurain Petrochemical Industries achieved an increase of 29% in profits during the fiscal year ended on 31 March 2019 compared to a year earlier.

Annual earnings grew to KWD 45.33 million ($148.8 million) for the year ended on 31 March 2019 from KWD 35.2 million ($115.5 million) in the prior year, according to a press release on Tuesday.

Earnings per share (EPS) stood at 43.64 fils this year from 33.82 fils in the fiscal year ended on 31 March 2018.

Qurain Petrochemical’s total assets grew to KWD 731.13 million during the year ended on 31 March 2019 from KWD 671.79 million a year ago.

The company’s board members have recommended 16% of the capital or 16 fils per share as cash dividends for the year, this is subject to the approval of the ordinary general meeting (OGM) and other regulatory authorities.