The Qurain Petrochemical Industries Company (QPIC) announced on Tuesday a net profit of KD 14.9 million (USD 50.8 million) in the nine months of 2014, an increase of 67 percent compared to a profit of KD 8.9 million in the same period last year.
Earnings per share (EPS) for the same period stood at 14.17 fils (USD 48.36 cents) compared to 8.41 fils (USD 28.70 cents) in the same period last year.
"Consolidated operational income for third quarter rose by KD 10.7 million (USD 36.4 million), an increase of 491 percent compared to KD 1.8 million in the same period last year," QPIC's Chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah said in a press statement.
This rise was due to new acquisitions made by the company and particularly in SADAFCO - Saudi Dairy and Foodstuff Company, despite the significantly lower profitability from Kuwait Aromatics Company (KARO), he added.
The QPIC has posted a profit of KD 0.15 million (USD 0.51 million) in the third quarter of 2014," he stressed.
Total consolidated assets as of 31 December, 2014, have increased to KD 501.6 million (USD 1.7 billion) compared to KD 364.3 million on March 31, 2014, he noted.
Established in 2004, QPIC is a holding company with a total capital of one hundred and ten million Kuwaiti dinars distributed over a billion and one hundred million shares.