Boubyan Petrochemical Company

Investor Update - July 31st, 2023 results

Boubyan Petrochemical Company - 1Q23/24 results

Business

Highlights

Financial

Highlights

  • Boubyan achieved a net profit of KWD 3.2 mn in 1Q23/24, despite a significant decline in dividend income from the Equate Group and the performance of the petrochemical sector subsidiaries.
  • During the quarter, income from Boubyan's education portfolio reached KWD 2.63 mn, marking a 24% increase from KWD 2.12 mn during the same period last year.
  • Boubyan has entered into an agreement, through one of its wholly-owned subsidiaries, to fully acquire a company providing early years and K-12 education. The completion of the transaction is pending regulatory approvals.
  • Boubyan reported net income of KWD 3.2 mn in 1Q23/24 compared to KWD 10.1 mn in 1Q22/23 (EPS of 5.92 fils in 1Q23/24 vs 19.45 fils in 1Q22/23).
  • The value of the investment portfolio as of 1Q23/24 amounted to KWD 435.0 mn, with core investments (excluding Equate) accounting for 24.7% of the portfolio.

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Core Investments' Update (1/2)

  • EYAS reported net profit of KWD 1.57 mn in 3Q22/23, compared to a profit of KWD 1.91 mn in 3Q21/22.
  • The decline in profit during the quarter was primarily due to an increase in administrative expenses, mainly resulting from increased advertisement and marketing efforts. On a positive note, the newly developed College of Engineering & Architecture is now open for registration for academic year 2023-2024.
  • Al Kout posted a net income of KWD 1.94 mn in 2Q23, compared to KWD 3.62 mn in 2Q22.
  • The decrease in net income during the quarter was mainly due to a 26% decrease in sales of Chlor Alkali, driven by declining prices of caustic soda.
  • In 1Q23, Nafais' net income reached KWD 2.62 mn from KWD 2.95 mn during the same period last year. The slight decrease in net income is a result of increase in direct staff costs at Mowasat Hospital.

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Boubyan Petrochemical Company KSC published this content on 20 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2023 10:56:05 UTC.