PIC to gain KD 116 mln for 2016-2017 — official

KUWAIT, May 8 (KUNA) — CEO of Petrochemical Industries Company (PIC) Mohammad Al-Farhood expected the company’s profits to reach about KD 116 million for the fiscal year 2016-2017.
The company was faced with multiple economic challenges due to the severe drop in international oil prices, which in turn led to a drop in the prices of PIC’s products, the CEO said in an interview with “Kimia” magazine, issued by the company.
PIC has recorded profits of KD 431 million for the 2015-2016 time period, with a growth of 141 percent and a raise of KD 263 million compared to the previous fiscal year, when it saw a raise of KD 168 million, said Al-Farhood.
He noted that this rise was due to the net profits that were enlisted as part of the company’s performance for the fiscal year 2015-2016, as a result of EQUATE’s full acquisition of MI Global company.
Meanwhile, he added that the company is working on expanding its petrochemical investments in Kuwait, Bahrain, India, Canada and several Asian countries.
The Gulf states contribute to a large part of the international petrochemical industries’ field, because they have an access to low-cost primary substances, said Al-Farhood.(end) osj.ag

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