(MENAFN- QNA) Riding on a third quarter net profit of QR 1.9 Billion, Industries Qatar (QE: IQCD) posted a net profit of QR 4.7 Billion for nine-month period ended September 30 this year, the company announced.
This revenue is an increase by QR 200 Million (5.4%) over the same period of 2013.
The petrochemical, fertiliser and steel major's quarterly earnings rose 50% compared to the second quarter and over 6% compared to the same quarter in 2013.
Petrochemical and fertiliser segments registered quarter-on-quarter growth of 73.3% and 86.7% respectively. Earnings were also up against the third quarter of 2013 with a creditable 6.3%, the company said.
The launch and ramp-up of Qatar Steel's EF-5 facility in the first quarter, and Qatar Fuel Additives Company's (QAFAC) CDR plant in the third quarter, as well as by strong key petrochemical product prices boosted the Group's earnings, the company said.
The company admitted the group faced significant challenges during the first half of the year, weak urea prices, and heightened operating costs.
The company said it anticipated challenging market conditions, planned maintenance and other contingencies which it accounted for in the group's 2014 budget.
The group's liquidity position remained strong during the year with cash held across all group companies after distributing the previous year's record QR 6.7 Billion dividend, of approximately QR 8 Billion.
The group would welcomed new members to the Board of Directors - HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim Al-Thani (Vice Chairman), HE the Minister of Finance Ali Shareef Al Emadi, and Dr. Ibrahim Al Ibrahim. It thanked outgoing members and congratulated new Managing Director Saad Sherida Al Kaabi on his appointment.
The company said it is optimistic and believes the current board and senior management will build on the successes of their predecessors for the benefit of IQ's shareholders.
Set up as a Qatari joint stock company on April 18, 2003, IQ's business operations comprise the direct holding of shares in subsidiary and joint venture companies Qatar Steel Company, Qatar Petrochemical Company Limited, Qatar Fertiliser Company and Qatar Fuel Additives Company Limited.
The operations of these subsidiaries and joint venture companies are independently managed by their respective management teams.
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