Industries Qatar Q1 net profit up 23%

16 April 2007 05:38  [Source: ICIS news]

SINGAPORE (ICIS news)--Industries Qatar on Sunday reported a 23% year-on-year rise in first quarter net profit from the same period a year ago amid higher prices for products such as ethylene.

Net profit for the three months to 31 March 2007 rose to Qatari riyal (Qr) 893m ($241m) from Qr725m in same period a year earlier, it said in a statement on the Doha Securities Market.

The company, 70% owned by Qatar Petroleum, added that sales increased 18% to Qr1.96bn, indicating that the company was able to command higher margins during the period.

Industries Qatar owns 80% of Qatar Petrochemical Co (Qapco), 75% of Qatar Fertiliser (Qafco) and 50% of Qatar Fuel Additives (Qafac).

Its subsidiaries and affiliates produce ethylene, low density polyethylene (LDPE), ammonia, urea, methanol, methyl tertiary butyl ether (MTBE) and steel.

($1=Qr3.64)

By: Abdul Hadhi
+65 6780 4359

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