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.
