Sunday 24 April 2011

Industries Qatar Sees Net Falling to $1.2 Billion in 2012 - Bloomberg

Industries Qatar QSC (IQCD), the Persian Gulf nation’s largest company by market capitalization, said it expects profit to fall 6 percent to 4.6 billion riyals ($1.2 billion) next year as it sets up new plants.

The company with stakes in petrochemicals, fertilizers and steel manufacturing forecasts net income will drop from the 4.9 billion riyals budgeted for this year, before rising to 5 billion riyals in 2013, it said in an e-mailed statement today. Revenue will climb to 15.3 billion riyals in 2012 and 16.8 billion riyals in 2013, from 14.5 billion riyals this year, the company said.

Industries Qatar, the second-biggest petrochemicals company in the Middle East, said it plans to start two fertilizer plants, two steel plants and a polyethylene facility by 2015. It forecasts depreciation costs will nearly double to a “significant” 2.067 billion riyals by 2013, according to the statement.

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