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Kuwait's Qurain Petrochemical posts KD7.098m profit

February 08/2010

February, 08 (MENAFN Arab Times) -- Qurain Petrochemical Industries Company has announced a net profit of KD 7,098,268 Million ($ 24,855,000 Million), or 6.47 fils per share, for the year ended Dec 31, 2009.

 

Al-Qurain"s Chairman, Sheikh Mubarak Abdullah Al-Sabah, announced that net profit for the year 2009 increased by 226 per cent, to KD 7.098 million ($ 24.85 million) compared with the 2008 loss of KD 5.6 Million ($ 19.6 million). The net earnings per share (EPS) is 6.47 fils per share versus a negative earnings per share of 5.12 fils in 2008.

 

Given the current credit crisis and tightening of financing by local and international financial institutions, the Board of Directors has recommended to not distribute dividends for the year 2009 in order to insure funding for projects and planned growth.

 

From late 2008 petrochemical prices for both Polyethylene (PE) and Ethylene Glycol (EG) weakened in light of the global economic crisis impacting the net income of the associates of the company. However, since mid-2009, the prices for both PE and EG witnessed a significant recovery.

 

Al-Qurain"s share of its associate, The Kuwait Aromatics Company (KARO) resulted in a pre-operating net loss of KD 5.11 Million ($ 17.88 Million) for 2009. The plant has completed construction in the 4th quarter of 2009 and has commenced commercial production.

 

Al-Qurain"s total assets as of Dec 31, 2009 valued at KD 191.35 million ($ 669.72 million) a 35% increase in comparison to Dec 31, 2008. The increase can be contributed to the completion of the company"s major petrochemical plants in Kuwait. Available for sale investments (AFS) increased by 27% or KD 28.13 million ($98.45 million), investment in associates has increased by 30 % or KD 10.44 million ($36.54 million) following equity payments made in the Kuwait Aromatics Company during 2009.

 

During 2009, Al-Qurain witnessed a number of significant events and achievements that completed the foundation for long-term sustainable returns to shareholders.

 

The Kuwait Olefins Company completed its first full year of production in 2009. The company operates an 850,000 tonne per annum ethylene cracker and produces 600,000 tonnes per annum of Ethylene Glycol.

 

EQUATE"s Polyethylene expansion of 225,000 tonnes was completed in the 2nd Quarter of 2009, bringing EQUATE"s production capacity to 800,000 tonnes of ethylene, 830,000 tonnes of polyethylene, and 400,000 tonnes of ethylene glycol.

 

The Kuwait Aromatics Company (KARO) completed construction and began production of its Paraxylene and Styrene plants.

 

The Paraxylene plant has a capacity to produce 820,000 tonnes of Paraxylene and 400,000 tonnes of Benzene per annum.

 

The Kuwait Styrene Company (TKSC) began commercial production in the 3rd Quarter of 2009 with the capacity to produce 450,000 tonnes of styrene per annum.

 

The Algerian Methanol Company has progressed in the development of its 1 million tonne methanol plant. The final review of all provisions of the partnership agreement with SONATRACH, the Algerian Oil Company, has been complete. The project is expected to commence production by mid-2013.

 

"The year ahead is expected to be a promising year for the petrochemical sector in the region, given the regions lower production cost advantage. With three new projects having commenced production, Al-Qurain is well on its way to meeting its strategy objectives through sustained growth and returns to its shareholders" said Al-Qurain Chairman, Sheikh Mubarak Abdullah Al-Sabah.

 

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