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QPIC logs 7.7% profit decline in Q1-19

QPIC logs 7.7% profit decline in Q1-19
Consolidated gross profit grew by 10% Q1-19
ALQURAIN
ALQURAIN
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Mubasher: Qurain Petrochemical Industries (QPIC) has reported a 7.7% year-on-year profit decline during the first quarter of 2019, recording KWD 4.78 million ($15.74 million).

The company’s consolidated gross profit grew by 10% to KWD 16.20 million ($53.33 million) in Q1-19 versus KWD 14.76 million ($48.59 million) in the year-ago period, according to a company statement released on Thursday.

Earnings per share (EPS), on the other hand, went down to 4.61 fils from April 2019 to the end of June, against 5.00 fils the year before.

“The achieved results affirm the company’s ability through its diversified portfolio to withstand the various geopolitical challenges around the globe, while maintaining positive and sustainable growth momentum,” QPIC’s chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said.

Total consolidated assets surged to KWD 799.08 million in Q1-19, from KWD 731.13 million in the previous quarter.

QPIC’s vice chairman and CEO, Sadoun Ali, commented: “The announced results were in line with our expectations and driven by the witnessed global economic slowdown. However, QPIC’s core investments have maintained an overall positive performance, in particular, Saudia Dairy & Foodstuff Company (SADAFCO) which witnessed a healthy recovery in performance and profitability compared to the previous year.”

QPIC achieved an increase of 29% in profits during the fiscal year ended on 31 March 2019 compared to a year earlier, registering KWD 45.33 million.