Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Industries Qatar posts QR1.6bn net profit in Q1  Join our daily free Newsletter

MENAFN - The Peninsula - 28/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Industries Qatar (IQ), one of the region's industrial giants with interests in the production of a wide range of petrochemical, fertiliser and steel products, recorded a net profit of QR1.6bn for the first quarter of 2014 (Q1, 14), QR0.1bn down from the previous quarter. The drop is mainly due to major maintenance shut-downs.

H E Dr Mohamed bin Saleh Al Sada (pictured), the Minister of Energy and Industry and Chairman and Managing Director of Industries Qatar, said in a filing to Qatar Exchange yesterday: "Industries Qatar closed the first quarter of 2014 with net profit of QR1.6bn, a marginal decrease of QR0.1bn over the fourth quarter of 2013, as the group embarked on a series of extensive, planned major maintenance shut-downs across all segments. These preventive maintenance and warranty shut-downs are an essential requirement for large, industrial plants as they can help minimise unplanned disruption, ensure product quality is maintained and, ultimately, contribute to an extension of the plants' production life."

The closing cash position across all group companies after the first three months of operations and after distributing the previous year's record QR6.7bn dividend, was a robust QR5.9bn.

"We also welcome the completion of the group's latest major project, Qatar Steel's EF-5 facility. The launch of Qatar Steel's QR1.2bn green field steel melt shop project, EF-5, in February, 2014 is an important milestone as the plant's 1.1 million MT PA billets capacity is of strategic and financial importance to both Industries Qatar and the State of Qatar. For IQ, EF-5 is expected to boost Qatar Steel's 2014 earnings through increased domestic sales of billets, and improved supply to the company's wholly-owned subsidiary in the UAE, Qatar Steel FZE. More importantly, this significant increase in billets production capacity will assist the local construction industry's efforts to support the State of Qatar's ambitious construction programme in preparation for the World Cup 2022," Dr Al Sada said.


The group reported a revenue of QR1.3bn for Q1, 14, down 20.6 percent to QR 0.3 billion compared with the same period of 2013. However, on a like-for-like basis, management reporting revenue - assuming proportionate consolidation - was QR4.2bn, a decrease of QR1.1bn, or 20.9 percent.

The group's petrochemical segment revenue for the first three months of 2014 was QR1.5bn against QR1.7bn for Q1, 13, a year-on-year decrease of 14.7 percent. This reduction followed extensive, planned shut-downs across all plants in the segment: Qapco's ethylene plants lost an average of 36 days per plant, versus planned downtime of 35 days, LDPE units an average of 29 days per plant, against a plan of 34 days, and the LLDPE facility lost 18 days, in comparison to a plan of 11 days, following the general shut-down.

The group's fuel additives joint venture, Qafac, recorded a total of 27 days of downtime across its methanol and MTBE plants following routine, planned maintenance, compared to a budget of 18 days.

The fertiliser segment closed the first quarter with a revenue of QR1.4bn, a drop of QR0.5bn, or 26.8 percent. This negative variance was primarily attributable to a 20.4 percent decline in sales volumes as Qafco's two largest production units, trains 5 and 6, commenced mandatory, warranty-related shut-downs in the period.

The Steel revenue was QR1.3bn, a decrease on the same period of 2013 of QR0.3bn, or 20.6 percent, and marginally down on the fourth quarter of 2013 by QR0.07bn or 4.8 percent.

Commenting on the group's net profit for the first quarter, Abdulrahman Ahmad Al Shaibi, Chief Coordinator, IQ, said, "Consolidated net profit in the first quarter was ahead of budgeted expectations as the 30 percent surge in urea prices noted during the first quarter and heightened production levels in the fertiliser segment's unaffected facilities boosted group profits."

 


The Peninsula




  MENA News Headlines
 Aug 24 2016 - Hospitality market in Oman to touch USD1bn by 2020MENAFN
(MENAFN) Oman hospitality market is predicted to increase at an annual growth rate of 6.2 percent from 2015 to USD1bn in 2020.Additionally, the increase is attributed to a 5.3 percent annual increase ...

 Aug 24 2016 - Abu Dhabi passenger traffic grows by 7.9pct in JulyMENAFN
(MENAFN) Abu Dhabi Airports exposed July 2016 passenger numbers, which showed an increase of 7.9 percent at Abu Dhabi Intl" Airport (AUH).Moreover, whole arrivals at the airport were more than 10.4 ...

 Aug 24 2016 - Qatar signs QR7.6bn deal with Turkey for Expressway projectMENAFN
(MENAFN) Qatar signed an agreement with Turkish firm Tekfen in order to construct QR7.6bn highway as part of Al Khor Expressway project.Furthermore, the highway will span 34km, include 12 bridges and ...

 Aug 24 2016 - Egypt approves power grid plan deal with Saudi ArabiaMENAFN
(MENAFN) The Egyptian parliament approved to connect with Saudi Arabia in the power grids plan deal, which are the two biggest systems in the Arab world.Moreover, the grid will help enhance both ...

 Aug 24 2016 - GCC hospitality market to increase by 7.6pctMENAFN
(MENAFN) The GCC hospitality market will increase by 7.6 percent CAGR from USD25.4bn in 2015 to USD36.7bn in 2020, despite slowdown in this year.Accordingly, the key operating metrics of the sector ...

 Aug 24 2016 - UAE- Tefkir stuns Ziyadd in Shaikh Zayed CupKhaleej Times
(MENAFN - Khaleej Times) Tomas Lukasek scored a great victory on Tefkir pushing favourite Ziyadd to second place in the Polish leg of the Shaikh Mansour bin Zayed Al Nahyan Global Arabian Horse Flat ...

 Aug 24 2016 - UAE- Football: Al Ain set for AFC Champions League test todayKhaleej Times
(MENAFN - Khaleej Times) The Garden City is set to witness an explosive match as Al Ain FC will take on Uzbekistan's Lokomotiv in the first leg of the AFC Champions league quarters at the Hazza Bin ...

 Aug 24 2016 - UAE- Yonex, Prime Star set up final dateKhaleej Times
(MENAFN - Khaleej Times) Badminton enthusiasts here have a busy weekend coming up when they will be able to watch the top players battling out for the two titles at stake in the Shuttle Time Dubai ...

 Aug 24 2016 - UAE- Al Habtoor Challenge gets ITF boostKhaleej Times
(MENAFN - Khaleej Times) The Al Habtoor Tennis Challenge (AHTC), recently rated as the highest ranked tournament in the world for 2016 on the International Tennis Federation (ITF) circuit, takes off ...

 Aug 24 2016 - UAE- Now, report minor traffic accidents at gas stationsKhaleej Times
(MENAFN - Khaleej Times) The unique system has been launched in three Enoc gas stations, two of them on Shaikh Mohammed bin Zayed Road and the third one in Al Warqa area opposite Ghoroob Mirdif. ...

more...


 





Google

Easy Forex
 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help