Industries Qatar 9-month profit up 32% to Qr3.4bn

10 October 2007 13:07  [Source: ICIS news]

LONDON (ICIS news)--Industries Qatar reported a 32% year-on-year rise in net profit for the first nine months of 2007 amid higher prices for key products such as ethylene and urea, the petrochemical and fertilizers producer said on Wednesday.

 

Net profit for the first nine months to 30 September rose to Qatari riyal (Qr) 3.4bn ($934m) from Qr2.57bn in the 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 by 19% to Qr6.78bn.

 

Industries Qatar owns 80% of Qatar Petrochemical Co (QAPCO), 75% of Qatar Fertiliser (QAFCO) and 50% of Qatar Fuel Additives (QAFAC).

 

QAPCO’s net profit increased by 21% over the period to Qr1.36bn, with the company receiving higher prices for its major products.

 

The price of ethylene was up 1% year-on-year, while low density polyethylene (LDPE) rose by 17% and the price of sulphur was up 83%. The price increases offset lower volumes in LDPE and sulphur.

 

QAFCO’s net profit rose by 51% to Qr1.90bn amid large price increases in urea-prilled and urea-granular, and a 9% volume increase for the latter.

 

QAFAC reported a 25% drop in net profit to Qr434m, with price increases in methanol and MTBE offset by drops in volumes sold.

Of the total net profits, QAFCO contributed the major share (42%) due to the rise in urea prices, followed by QAPCO (32%), Qatar Steel (19.5%) and QAFAC (6.5%).

Industries Qatar was incorporated as a Qatari joint-stock company in 2003.

 

($1 = Qr3.64)

By: Mark Watts
+44 20 8652 3214

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