Industries Qatar net profit surges by 56% in H1 - The Peninsula Qatar

Industries Qatar net profit surges by 56% in H1 - The Peninsula Qatar:

Industries Qatar (IQ), one of the region’s industrial giants with interests in the production of a wide range of petrochemical, fertilizer and steel products, has reported a net profit of QR2.5bn and earnings per share of QR4.15 for the first half of 2018 (H1, 18). This compares with net profit of QR1.6bn and earnings per share of QR 2.66 for the corresponding period of 2017.

The results are also well ahead of the group budget expectations for 2018. Improved product prices, stable sales volumes, efficiently managed operating assets base and continued focus on cost improvements were the driving forces behind this impressive performance, the group stated yesterday.

The group’s sales volumes have moderately improved on last year, despite a number of planned and unplanned shutdowns in some facilities. Polyethylene sales improved through higher production, as the segment was on an extended unplanned shutdown during the first half (specifically during Q1, 2017) of 2017. Recovery in the global demand has aided the group’s fertilizer segment, while the sales of steel products have improved due to the change of geographical mix.