Boubyan Petrochemical posts $7.26m profit in Q1-19/20

Mubasher: Kuwait-based Boubyan Petrochemical Company’s profit jumped 58% year-on-year to KWD 2.2 million ($7.26 million) during the first quarter of the fiscal year 2019/2020.

The company ascribed the increase in profit to the growth of its share in the profit of a newly-acquired unit, according to a bourse statement released on Thursday. 

Boubyan’s revenue soared 135% to KWD 21.87 million in the three-month period ended 31 July, compared to KWD 9.32 million in the year-ago period.

The value of the Boursa Kuwait-listed company’s assets went up to KWD 587.74 million from May 2019 to the end of July, against KWD 530.85 million the year before.

Boubyan Petrochemical reported a 93.2% year-on-year surge in profits in the fiscal year ended 30 April 2019, registering KWD 10.549 million.

Mubasher Contribution Time: 12-Sep-2019 13:42 (GMT)
Mubasher Last Update Time: 16-Oct-2019 12:08 (GMT)