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
 Feb 27 2015 - UAE's Etisalat posts USD13.28b revenue in 2014MENAFN
(MENAFN) UAE's Etisalat , or Emirates Telecommunications Corporation, posted USD2.42 billion net profit on revenues of USD13.28 billion in 2014, Gulf News reported.The telecommunications company said ...

 Feb 27 2015 - Oman's economic growth projected at USD75b in 2015MENAFN
(MENAFN) Oman's real gross domestic product (GDP) growth is projected at about 3.2 percent and 3.4 percent in 2015 and 2016, respectively, by global rating agency Standard & Poor's, Times of Oman ...

 Feb 27 2015 - UAE's Meraas gets USD588.8m contracts for advanced Dubai property projectsMENAFN
(MENAFN) UAE's Meraas was awarded USD588.8 million worth of contracts to Al Futtaim Carillion to build its ambitious Le Mer and Dubai Creek Waterfront schemes, The National reported.The project is ...

 Feb 27 2015 - Lebanon-born Syrian refugees risk stateless legal limboAFP
(MENAFN - AFP) Syrian refugee Yasmine Khalaf lies next to her day-old daughter Israa in a Lebanese hospital, worrying that her tiny newborn risks life without a legal identity. Israa, sleeping ...

 Feb 26 2015 - Jordan- King departs for CairoJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)- His Majesty King Abdullah II on Thursday left for Cairo on a visit to Egypt during which he will hold talks with Egyptian President Abdul Fattah ...

 Feb 26 2015 - Jordan- 688 dead 14000 injured in traffic accidents in 2014Jordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Statistics issued by the Central Traffic Department (CTD) Thursday showed that the number of traffic accidents and deaths had declined in 2014 ...

 Feb 26 2015 - Jordan- Conference on women in Sharia concludes meetingsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb.26 (Petra) - The closing session of Women in Sharia" conference which concluded meetings Wednesday evening discussed challenges faced by workers in the defense ...

 Feb 26 2015 - Jordan condemns burning of church in Jerusalem by Jewish extremistsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Minister of State for Media Affairs Mohammad Al Momani Thursday condemned the burning of a church by Jewish extremists in occupied Jerusalem earlier ...

 Feb 26 2015 - Jordan NATO discuss ties counter- terrorism effortsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Secretary-General of the Ministry of Foreign Affairs and Expatriate Affairs Mohammad Bani Yaseen and NATO Assistant Secretary General for Emerging ...

 Feb 26 2015 - Lebanese economy to grow 2.2 percent in 2015MENAFN
(MENAFN) Lebanon anticipates its economy to grow 2.5 percent in 2015, according to finance minister, after reporting a Eurobond of USD2.2 billion, the largest issue in the country's history, ...

more...


 






Google

Click to Apply

 
 

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