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Kuwait – Qurain Petrochemical Industries Firm (QPIC), certainly one of Kuwait’s largest personal petrochemical buyers, has seen its first-half (H1) internet revenue shoot up 472% to KD15.81 million ($51.14 million) from KD3.35 million final 12 months. Earnings per share (EPS) for the primary half stood at 14.72 fils in comparison with 3.27 fils throughout the identical interval final 12 months.
Complete consolidated belongings elevated to KD827.05 million as of September 30, 2022, in comparison with KD784.99 million reported on the finish of the earlier monetary 12 months (March 31, 2022) because of acquisition of further 9% stake in Superior Expertise Firm (ATC).
Restoration momentum
QPIC’s Chairman, Sadoun A Ali, mentioned: “The achieved outcomes verify the restoration momentum of QPIC Group firms from the worldwide well being disaster and weaker enterprise surroundings witnessed over the earlier two years. Petrochemical markets particularly have seen the largest restoration for the reason that starting of final 12 months and proceed to ship glorious outcomes. We continually search alternatives that improve the stability of our portfolio and optimise our shareholders’ pursuits.”
QPIC’s Vice Chairman and Chief Govt Officer, Sheikh Sabah M A Al-Sabah, mentioned: “Regardless of the group’s general enchancment in efficiency and outcomes, the introduced outcomes primarily attribute to Equate Group’s interim dividends that have been distributed for the second quarter in a row. QPIC share of Equate interim dividends amounted to roughly KD8 million for the reason that starting of the monetary 12 months. We’re trying ahead to sustaining and delivering wholesome efficiency throughout all of our group firms and the completely different sectors they function inside.”
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