July 30, 2009
Kuwait City, 26th July, 2009: Qurain Petrochemical Industries Company (QPIC) reported strong financial results for the half year ended 30 June 2009. Total Income for QPIC is KD 10.32 million. The Net Income for the first six months After Taxes is KD 9.38 million or 8.54 fils per share. With continued excellent results from Equate for the year 2008, the company received Kuwaiti Dinars 11.2 million (USD 38.3 million) as dividend.
The company continues to enjoy an excellent financial position considering that it has no debt on its books and no other significant liabilities. Investment in associates has significantly increased by 106% due to the additional investment of KD 15 million in the share capital of Kuwait Aromatics Company and KD 1.4 million in Algerian Methanol Spa (ALMET).
Available for sale investments (AFS) carrying cost in the balance sheet as at 30 June 2009 has increased by 10% (KD 8.77 million). The increase in investment in associates, and in available for sale investments is in accordance with the company plan to diversify its activities, increase its core investments, and add shareholder value.
The company has succeeded in keeping its general and administrative costs not only within budget but lower than costs for the same period last year.
As regards the four projects of the company in Kuwait – the Equate expansion project and the Olefins project have been completed with commercial production having begun. The modern ethylene plant, owned by Kuwait Olefins Company, provides Equate with the required quantity of ethylene. All building and construction works for the US Dollar 2 billion (KD 580.0 million) aromatics project have been completed. The project team is now conducting the commissioning testing for the project in preparation for commercial operations. Similar commissioning testing for the Styrene plant has also been completed. The completion of these projects is expected to positively reflect on the financial results of the company in the coming years.
The Algerian methanol project has progressed in the first half of the year with the completion of the final review of all provisions of the partnership agreement with Sonatrach - Algerian Oil Company to enable the work to begin on the project soon.
For further information contact
Mr. Nabil F. Fayed
Tel: 22466842 Ext 113
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