Industries Qatar posts doubling of H1 net profits

11 August 2008 11:38  [Source: ICIS news]

SINGAPORE (ICIS news)--Industries Qatar has posted a more than doubling of its net profits for the first half to Qatar riyals (QR) 4.6bn ($1.26bn) from QR2bn year on year, as it was able to obtain feedstock at competitive rates even in the face of record crude prices, the company said.

 

Crude values surged to historical highs earlier on in May and eroded earnings of global petrochemical players, yet Industries Qatar had a competitive edge, said the second largest chemicals maker in the Middle East by market capitalisation on Sunday.

 

The company's earnings per share (EPS) for the period ended 30 June more than doubled to QR8.35, compared with QR3.72 year on year, it said.

 

Meanwhile, the world’s largest petrochemical producer, Saudi Basic Industries Corp (SABIC), has recently also posted record profits on extreme cost competitiveness.

 

($1 = QR3.64)

 

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By: Bohan Loh
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