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Industries Qatar’s 2011 net profit up to USD2.16b

14 Feb 2012

(MENAFN) Industries Qatar (IQ) said that net profit for 2011 rose to USD2.16 billion, recording the firm’s best financial result since its IPO in 2003, reported The Peninsula.

The company added that in the period, revenue amounted to USD4.52 billion, on the other hand, quarter-on-quarter revenue for the petrochemical division grew 0.3 percent.

Moreover, revenue for the fertilizer division surged 47.3 percent from the same period a year earlier, to reach USD1.17 billion.

It also said that the year-on-year increase was driven by the rise in ammonia and urea price which started in 2010’s last quarter, and continued to grow to reach more than 70 percent now.

It is worth noting that during the year; profit margins were extremely strong, averaging around 48 percent.

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