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Steel maker Industries Qatar posted a net profit of QAR 6.25m for the first nine months of 2011, more than 50% higher than the same period last year.
The manufacturing giant, which also has business lines in petrochemicals and agrochemicals, produced the earnings against QAR 4.06m the previous year.
Revenue rose 44% to QAR 12.5bn and its cost of sales declined as a proportion of sales, though general expenses rose.
The value of the company’s property, plant and equipment rose to QAR 9.5bn from QAR 8.8bn and total value of non-current assets rose to QAR 23.69bn. Net cash from operations doubled to QAR 6.5bn.
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The company is one of Qatar’s largest industrial holding companies, owning stakes in subsidiaries such as Qatar Steel Company, the billet and rebar maker, and exports its steel around the Gulf to construction projects as well as India and the US, among other markets. Its main market is petrochemicals, however, and is the second-biggest producer in the country.
Shares have been rising most of the week on the back of optimism over the company’s results. Yesterday the company’s stock rose 0.88% to QAR 126.1.
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