Qurain Petrochemicals Industries Company (QPIC) held the Annual General meeting at Al-Shaheed Tower, Sharq. In which QPIC reported to the shareholders realized net profits of KD 33,015,669 and a net earnings of 30.14 fils per share for the 15 month period ended in March 31, 2012, Equalling to an increase of KD 34,917,582 in returns. This was mentioned in a press release on Monday.
Commenting on the Returns, Sheikh Mubarak Abdullah Al-Sabah, Chairman of QPIC, said, "The major contributors to the net profit were the dividends received from Equate Petrochemical Company and The Kuwait Olefins Company (TKOC) of KD 30.9 million and realized gains on the sale of available for sale investments of KD 3.69 million."
Sheikh Mubarak also noted that the results were in line with QPIC expectations. The total assets of the Company at 31 March 2012 stood at KD 256.09 million as compared to KD 193.22 million on Dec. 31 2010, an increase of 33 percent or KD 62.86 million. Investments in associates has gone up by 9 percent or KD 3.44 million during this period and available for sale investments have gone up significantly by 18 percent or KD 25.16 million owing to the increase in the fair value of Equate and TKOC investments.
It is also to be noted, QPIC's Ordinary General Meeting approved all the agenda items, including the distribution of 15 fils per share dividend for the 15 months period ended March 31, 2012.
It's also to be noted that the extra-ordinary Annual General Meeting was postponed due to not reaching the quorum.
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