Doha: Industries Qatar achieved a net profit of QR2.5bn in the first quarter of 2013, the company said yesterday. The Minister of Energy and Industry and Managing Director of Qatar Industries
H E Dr Mohammed bin Saleh Al Sada said yesterday that the company has followed up on its “record-breaking” full year results in 2012 with a strong first quarter of 2013.
Industries Qatar achieved QR0.6bn more in the first quarter of 2013 than it did in the same period of 2012. The launch of the new QR12.8bn new facilities helped produce an additional two million metric tonnes of urea and 240,000 metric tonnes of LDPE production capacity, pushing profit higher in 2013.
Al Sada also expressed the group’s delight with the success of two joint ventures in changing their relevant marketing and distribution activities during the first quarter of 2013. Those two ventures were Qatar Fuel Additives Company Limited (QFAC) and Qatar Fertiliser Company (QAFCO), they transferred their marketing and distribution activities to Qatar Chemical and Petrochemical Marketing and Distribution Company QJSC (Muntajat). Also, the group was pleased with the commencement of commercial operations at Qatar Steel’s associate, SOLB Steel Company, in December 2012.
On Qatar Steel’s 31.03 percent share in SOLB Steel Company. The company is currently constructing a steel factory in Jazan Economic City South-West of the Kingdom of Saudi Arabia.
Industries Qatar’s Board of Directors had held their first meeting of 2013 and approved initial elements of the group’s new 10-year growth strategy. The Minister said that the group had grown immensely over the past decade, adding that net profits have grown by a compound annual growth rate of 16 percent a year since its first full year of operations.
Al Sada stressed that the Board of Directors was committed to continue the growth pattern in responsible manner, saying he was confident the new 10-year growth strategy will help deliver that goal.
The Minister said that the group’s market capitalisation was on its way to reach the benchmark of QR100bn.
His Excellency said he expected the group’s future to be “prosperous,” especially that this year will be the first full year of operation for more than QR12.8bn of new production facilities. In addition to that, this year will see the inauguration of SOLB Steel’s second rolling mill, and Qatar Steel’s EF5 facility.
Chief Coordinator of Qatar Industries Abdul Rahman Ahmed Al Shaibi said that the group’s 5-year business plan forecasts accumulated capital spending and investments of around QR6bn. Especially as the group incurs an initial cost of the Ras Laffan Petrochemical Complex. Industries Qatar own 16 percent of that project, which is worth QR18.2bn.
QNA
