(MENAFN) Industries Qatar, one of the region's industrial behemoths which specializes in the production of a wide range of petrochemical products, reported financial results for the period ended Dec, 2015 with net profit of USD1 billion.
Gross profit for the period under review fell by USD443 million from 2014's same timeframe, due to the reduced incomes resulting from price deflation across all sections despite the group vastly benefitting from boosted sales volumes.
However, the group reported rigorous financial and operating performance across all business sectors over the current year driven by adverse economic and trading conditions as the group's sales volumes rose in excess of 9pct on last year.
In line with the lower oil prices, petchem prices closed the year with a fall of nearly 28pct drop on 2014, plus fertilizer prices saw a notable decrease of circa 15pct on last year due to excess supply in some of the top producing nations.
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