(MENAFN- The Peninsula) The Minister of Energy and Industry, H E Dr Mohammed bin Saleh Al Sada, said that Qatar Industries recorded profits of QR6.3bn for the year of 2014, with an increase of 12 percent.

He said that the profits were made despite of many challenges facing the industry, particularly the sharp decline in oil prices in the final quarter of the year.

Speaking during the 12th Annual General Assembly Meeting, he said the company has turned into one of the region's industrial giants. He said Industries Qatar was well-placed to face the current downturn in oil and key commodity prices as the group maintains several competitive advantages. The most notable of them is being in an excellent cost positioning, largely due to competitively priced natural gas and, in the case of Qatar Steel, long-dated iron oxide pellet and competitively priced electricity supply agreements, product and end-market diversification, positive debt metrics and a very important public policy role.

Dr Al Sada said such competitive edges were recognised by two international credit rating agencies, Standard & Poor's and Moody's, that rated Industries Qatar at AA- and Aa3 respectively, a stable outlook.

On the future, Dr Al Sada said Industries Qatar is working on maximising the value of its current operating assets through various efficiency improvement programmes.

The group has already commenced a number of these initiatives, targeting improving the operational efficiency and effectiveness throughout the entire value chain in order to achieve operational excellence, growth and value for all stakeholders.

The Board of Directors approved profit dividends the year ended December 31, 2014 worth QR4.2bn, equivalent to a payout of QR7 per share and representing 70 percent of the nominal value.