Industries Qatar Q1 profit surges to $714m
Doha, April 22, 2013
Petrochemicals and metals company Industries Qatar (IQ) posted a 36.8 per cent rise in first-quarter net profit on Monday, beating analysts' expectations.
The Gulf's second-largest chemical producer by market value after Saudi Arabia's Saudi Basic Industries (Sabic) made a net profit of QR2.6 billion ($714 million) for the first quarter, it said in a statement, compared with QR1.9 billion during the same period a year earlier.
It did not give any explanation for the increase.
Analysts polled by Reuters on average expected the company to post quarterly profit of QR2.2 billion.
Petrochemical prices have strengthened in recent years, but worries persist over the impact of a global slowdown on industry earnings in the world's top oil exporting region.
Qatar has embarked on a massive domestic building programme 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.
A year ago, IQ said the steel segment was expected to "significantly benefit from the progressive and wide-ranging infrastructure plans of the State of Qatar."-Reuters