DOHA industries Qatar (IQ), one of the industrial giants of the region with interests in the production, distribution and sale of a wide range of petrochemicals, fertilizers and steel products, on Thursday reported a net profit of QR 8.4 billion for the financial year that ended on 31 December 2012. The turnover of the group reached QR 18.7 billion.
"The end of the financial year ended 31 December 2012 marked the end of an era for industries Qatar. The group now has 10 years since its initial public offering in 2003 completed and recorded by the best financial results on record, "Minister of energy and industry, Chairman and Managing Director of IQ, he Mohammad bin Saleh al Sada said in a statement.
Based on the results, the members of the Board recommended a dividend of QR 8.50 per share.
According to the financial statement of IQ, total assets grew by QR 8.7 billion to QR 40.2 billion in the past decade. The group operations soared to new products, new markets and services in new geographical areas. And equity increased from QR30 billion at the start over QR5 billion at the end of 2012.
The previous financial year was also notable as it was to witness the launch of the other group important capital expenditure (Capex) projects, namely Qafco 5 and 6 and LDPE-3.
Elaborating on the results of the income of the group, IQ Chief Coordinator Abdulrahman Ahmad al Shaibi said, "the increase in revenues can be attributed to volume-driven growth across all segments.
In line with international trends, the group experienced price weakness in its main products, with the exception of methanol and MTBE where prices bucked the trend and grew by 9% and 5% respectively-service suite. " He said revenue dipped in the fourth quarter on the previous quarter on reduced urea and steel output and understated steel prices.
Capacity utilisation within the whole group, and the fourth quarter sank marginally on 101 percent closed.
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