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Industries Qatar posts 36.8% rise in Q1 profit

23 Apr 2013

(MENAFN) Industries Qatar (IQ) announced that its net profit grew by 36.8 percent during the year’s first quarter, reported Gulf Daily News.

The petrochemicals and metals firm added that quarterly profit reached USD714 million, up from USD521.4 million in 2012’s same period.

Although petrochemical prices have grown in recent years, however, concerns continue to persist over the effect of the global slowdown on the industry earnings.

In 2012, IQ said that the steel division was projected to see notable benefit from the progressive and wide-ranging infrastructure plans of Qatar, which will host the 2022 World Cup soccer tournament.

It is worth noting that Industries Qatar is the Gulf’s second-biggest chemical producer by market value, after Saudi Basic Industries Corporation (SABIC).

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