Industries Qatar Q3 net profit jumps 23.7 pct

Reuters, Sunday 14 Oct 2012

Gulf's second largest chemical producer sees net income of $703.2m, raising its nine-month figure to $1.76 bn

Petrochemicals and metals company Industries Qatar posted a 23.7 per cent jump in third-quarter net profit on Sunday, Reuters calculations show, beating average analysts' forecasts.

The Gulf's second-largest chemical producer by market value behind Saudi Basic Industries (SABIC) made a net profit of 2.56 billion riyals ($703.2 million) for the third-quarter, according to Reuters calculations, compared with 2.07 billion riyals a year earlier.

Analysts polled by Reuters on average expected the company to post quarterly profit of 2.2 billion riyals.

The company did not provide third-quarter numbers in a bourse statement. Reuters calculated the profit figure for the third quarter from past financial statement.

IQ made a nine-month net profit of 6.6 billion riyals compared to 6.2 billion riyals a year ago, a company statement said without giving further detail.

In August the company posted a first-half net profit of 4.04 billion riyals.

Petrochemical prices have strengthened in recent months, but worries persist over the impact of a global slowdown on industry earnings in the world's top oil exporting region.

In February, IQ inaugurated Qafco 5, a 1 million tonne urea facility while Qatar Petrochemical Co (QAPCO) - which is 80 per cent owned by Industries Qatar and 20 per cent held by France's Total - began operating its polyethylene 3 plant during the second quarter.

Qatar has embarked on a massive domestic building program in preparation to host the 2022 World Cup soccer tournament, with plans to spend $11 billion on a new international airport, $5.5 billion on a deepwater seaport and $1 billion for a transport corridor in the capital, Doha.

In April IQ said the steel segment was expected to "significantly benefit from the progressive and wide-ranging infrastructure plans of the State of Qatar".

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