Petrochemicals and metals company Industries Qatar reported a 28.2 percent increase in third quarter net profit on Thursday, beating analysts' forecasts.

The Gulf's second-largest chemical producer by market value made a third quarter net profit of 1.5 billion riyals ($412 million), compared with 1.17 billion riyals a year earlier.

Analysts polled by Reuters had expected a quarterly profit, on average, of 1.27 billion riyals.

The company reported a nine-month net profit of 4.1 billion riyals. Industries Qatar is one of the regional petrochemicals companies that have struggled through the global economic downturn, although market fundamentals have shown signs of recovery since late last year.

The company posted a net profit of 2.6 billion riyals in the first half of the year. - Reuters