Industries Qatar reveals $439mn net profit for Q1
Results show 'marginal' decrease of $137mn from Q4 2013
Industries Qatar, one of the region’s industrial giants with interests in the production of a wide range of petrochemical, fertiliser and steel products, has revealed a $439mn (QR1.6bn) profit for the first quarter of 2014.
In comments issued to the Qatar Exchange after the group’s second board of directors meeting for 2014, H.E. Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry, chairman and managing director of Industries Qatar, said: “Industries Qatar closed the first quarter of 2014 with net profit of $439mn (QR1.6bn), a marginal decrease of $137mn (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 $1.8bn (QR6.7bn) dividend, was a robust $1.6bn (QR5.9bn). This strong liquidity position reflects positively on the group’s dividend distribution policy.
“We also welcome the completion of the group’s latest major project, Qatar Steel’s EF-5 facility.”