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FINANCIAL NEWS
Industries Qatar reports USD2.1b profit in 2011
19 Feb 2012
(MENAFN) Industries Qatar reported its highest profits ever in profits in 2011, driven by strong profit margins in all its production sections, Arabian Business reported.
The company said its profits rose by 44.8 percent to USD2.1 billion last year, compared to USD1.4 billion in 2010. Revenue for the year rose 34 percent to USD4.5 billion.
Total assets of the petrochemical and metals company rose 15.3 percent to USD10.01 billion last year.
Qatar Industries expects revenue to reach USD6.6 billion, its net profit to exceed USD3.02 billion and its net assets to surpass USD18.4 billion by 2016.
The company’s petrochemical unit QAPCO recently inked a USD5.5 billion venture deal with in Ras Laffan with state-owned oil and gas firm Qatar Petroleum.
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