UIC is continually identifying and evaluating new investment opportunities that will add shareholder value and it increased its stake in Qurain Petrochemical Industries Company (QPIC) to 18.73% in 2008 with the aim of benefiting from solid prospects for future growth in the petrochemicals sector.
Petrochemical Industries Company (PIC), which represents the Government of Kuwait, is the founding shareholder of QPIC and retains a 10% shareholding. From the beginning, QPIC’s capital was committed to four robust petrochemical investments: EQUATE, The Kuwait Olefins Company (TKOC), The Kuwait Aromatics Company (KARO) and The Kuwait Styrene Company (TKSC). These investments allowed QPIC to establish a strong foothold in the petrochemicals industry and to partner with global leaders in the sector.
Net losses of Al Qurain Petrochemicals Industries Company reached during the year KD 5,622,953 which is equivalent to (USD 20,373,018).
The company’s financial results were affected by the decrease in the market value of its investment portfolio in Chemical and petrochemical companies traded in the local stock markets.
In order to prevent these effects from impacting the company’s results and performance in the future, the company reclassified its investment portfolio to avoid or limit any future price fluctuations in the financial markets.
Investments in associates rose during the year by 74% due to additional capital investments of KD 15 million in the Kuwait Olefins Company and KD 1.4 million in Almet, Algeria. These investments are in line with UIC’s plan to diversify income sources and develop shareholder value by reaping the results of these special investments in the long term.
The company is closely observing its investments during this period of economic instability, striving to reduce risk factors as much as possible and preserve shareholder value
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