Arab Today, arab today iq posts qr4bn net profit in 1st half of the year
Last Updated : GMT 16:22:08
Arab Today, arab today
Arab Today, arab today

IQ posts QR4bn net profit in 1st half of the year

Arab Today, arab today

Arab Today, arab today IQ posts QR4bn net profit in 1st half of the year

Doha - Arabstoday

Industries Qatar (IQ), a market heavyweight, has reported a 3% decline in its January-June net profit to QR4.04bn, triggered by petrochemical and steel businesses. Its petrochemical subsidiary (Qapco) witnessed a 14% erosion in segment profit to QR1.62bn and steel (Qatar Steel) by 8% to QR899.42mn; whereas fertiliser (Qafco) saw a 14% gain to QR1.47bn, according to its financial statement. Revenues, otherwise, gained 11% to QR9.07bn, chiefly on rising income from its fertilizer and steel units. Revenues from fertilizer and steel rose 28% and 17% to QR2.73bn and QR3.33bn, respectively (which were 30% and 36% of the total revenue); while that from petrochemicals was down 5% to QR3.02bn (33%). With cost of sales surging 22% to QR4.48bn, IQ could report only a 2% rise in gross profit to QR4.59bn. Other income fell 4% to QR173.66mn. General and administrative expenses shot up 35% to QR389.62mn, selling costs by 22% to QR129.22mn, finance costs by 54% to QR125.84mn and other costs by 37% to QR92.75mn. The company had also incurred a loss of QR18.19mn as share of results of associates against QR44mn gain in the year-ago period. Total assets were valued at QR36.15bn comprising current assets of QR11.53bn and non-current assets of QR24.62bn. Total equity stood at QR26.49bn on a capital base of QR5.5bn and earnings-per-share was QR7.34 at the end of June 30, 2012. from gulf times.

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