Kuwait's PIC posts dinar 353m in net profits for 2013/2014

Kuwait Petrochemical Industries Company (PIC) Tuesday posted KD 353 million in net profits for the Fiscal Year 2013/2014, ending on 31 March. This is a remarkable leap compared with the expected profits and that of the previous year estimated at KD 197 million and KD 229 million respectively, PIC's Chief Executive Officer Asaad Al-Saad said in a press conference. He went on to say that this leap has placed PIC at the top of the most profit-making non-oil affiliates of the Kuwait Petroleum Corporation. He attributed the profits growth to the company's outcome increase, reduction of the operating costs, and surge of petrochemical products prices. He pointed out that PIC continued to apply many cost reducing bids, including Six Sigma which resulted in successfully implementing 420 projects, making cumulative financial surplus estimated at USD140 million over seven years. Ammonia and urea production jumped to 660,000 metric tons and 1.3 million metric ton respectively compared with 599,000 metric tons and 875,000 metric ton a year earlier, Al-Saad unveiled