Industries Qatar records QR2.8bn profits for H1, 2014
Industries Qatar (IQ), the region’s industrial giant with interests in the production of a wide range of petrochemical, fertiliser and steel products, registered QR2.8bn net profit for the first six months of 2014, The Peninsula Qatar reported. IQ’s net profit for second quarter of 2014 slipped by QR0.3bn to QR1.2bn over the previous quarter due to a series of major shutdown programme. The group’s revenue for the six months was recorded at QR3.1bn, an increase of QR0.05bn, or 1.6%. On the same period of 2013, however, on a like-for-like basis, management reporting revenue was QR8.6bn, a decrease of QR1.3bn, or 13.4%. Reported revenue for the second quarter of 2014 was QR1.8bn, an increase of QR0.5bn, or 37.5%, compared to first quarter, which was primarily driven by the operation of EF-5.