22 April 2013 16:26 [Source: ICIS news]
LONDON (ICIS)--Industries Qatar’s net profit in the first quarter of 2013 rose to Qatari riyal (QR) 2.55bn ($701m) from QR 1.91bn ($522m) in the same period a year before, the petrochemicals and metals producer said on Monday.
A reason for the increase was not disclosed.
Industries Qatar’s earnings per share during the quarter rose to QR 4.21 from QR 3.15 from the same period a year before, while its gross profit rose to QR 531.4m from QR 491.9m, the group said.
Industries Qatar is a public shareholding company, incorporated in the state of Qatar. The structure of the group includes Qatar Steel Company, Qatar Petrochemical Company, Qatar Fertiliser Company (QAFCO) and Qatar Fuel Additives Company Limited (QAFAC). Segment financials were not disclosed.
In related news, Qatar's new petrochemical distribution company Muntajat announced on Sunday it has assumed sole responsibility for the sales and marketing of vinyl and caustic soda products from Qatar Vinyl Company (QVC). Financial details were not disclosed.
Through gaining the sales and marketing responsibilities, Muntajat's export portfolio now covers nearly 80% of the 10m tonnes/year of chemicals, petrochemicals and fertilizers produced in Qatar.
Abdulrahman Ali Al-Abdulla, CEO of Muntajat, said: “Adding QVC’s high-quality products to the Muntajat sales portfolio widens our footprint in the marketing and sales of chemicals and petrochemicals worldwide. As the second largest selling plastic, PVC [polyvinyl chloride] is a product in demand around the world in areas ranging from medical applications to pipes and building materials."
Muntajat was established in 2012 by the Qatari government as part of a move to consolidate the marketing and distribution of the country's chemicals.
The group has been finalising the necessary approvals as well as consulting all nine operating entities in Qatar’s chemical and petrochemical industry to prepare for a full transition of its sales, marketing and distribution functions to Muntajat.
Since 1 February 2013, Muntajat has taken over all marketing and distribution functions of QAFAC, QAFCO, and SEEF, earlier this month. Muntajat is on track to complete the full consolidation of all nine entities by mid-2013, it said.
QVC is jointly owned by Qatar Petroleum (55.2%), Qatar Petrochemical Company (31.9%) and France-based Arkema (12.9%).
($1 = QR3.64)
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