Boubyan petrochemical company posts $96.9m profits

Boubyan Petrochemical Company (BPC) has announced net profits worth KD 27.32 million (USD 96.9 million) in the fiscal year ending in April 2013.
The figure was announced by the company's board chairman Dabbous Mubarak Al-Dabbous during a general assembly meeting held the Ministry of Commerce and Industry here on Wednesday.
The net profits, which mean 57.2 fils per share, came in comparison with KD 26.2 million or 54.68 fils per share last year, a growth of 4.6 percent, he added.
Shareholders' equity hit KD 286.9 million compared to KD 287.7 million last year, he added.
Given overall global economic indications, petrochemical prices remained steady and that's why the company could maintain its positive performance, Al-Dabbous pointed out.
Boubyan Petrochemical Company K.S.C. (BPC), a Kuwaiti shareholding company listed on the Kuwait Stock Exchange, is the first private-sector company in Kuwait that invested in the government-controlled petrochemical sector.
The company was established in 1995, and started its business by taking a 10 percent equity stake in Equate Petrochemical Company, the world-scale petrochemical joint venture between the government-owned Petrochemical Industries Company and Union Carbide Corporation (now a wholly-owned subsidiary of the Dow Chemical Company) of the United States.