Kuwait-based Qurain Petrochemical Industries Co (QPIC) has said its first-quarter net profit jumped 52% to KD22.61m ($79.3m), compared with KD14.85m in the same quarter a year earlier. “Our net profits exceeded expectations during the final quarter of the financial year, standing at KD18.94m. This is due to the distribution of greater profits from Equate Petrochemicals and The Kuwait Olefins Co. This is in addition to QPIC’s share of profits from Kuwait Aromatics (Karo) and other investments,” said QPIC chairman, Sheikh Mubarak Abdullah Al Mubarak Al Sabah. Total assets as at March 31, 2013, also rose 14% to KD290.71m from KD256.09m a year ago.