- Earnings per share (EPS) stood at QR 0.58 for the six-month period ended 30 June 2021, as compared to QR 0.12[1] for the same period last year
- Group’s liquidity position continues to remain robust with total cash exceeding QR 11 billion
- Ongoing sequential recovery driving demand, with prices continued its positive trajectory during Q2-21
- IQ’s operations remained resilient, as the Group continue to focus on ensuring safe, efficient and reliable operations
Doha, Qatar: Industries Qatar (“IQ” or “the Group”; QE Ticker: IQCD), today reported a net profit of QR 3.5 billion for the six-month period ended 30 June 2021, representing an increase of 391% compared to the same period last year.
Updates on macroeconomic environment
The economic momentum built upon effective ongoing vaccination campaign and ease of lockdowns in major markets allowed sequential recovery and led to a stronger consumer demand and rising oil prices. In addition, industry supply constraints and global logistical bottlenecks remained evident throughout the period across industrial sectors, especially for petrochemicals and fertilizers. These macro imbalances enabled positive trajectory of commodity prices and led to margin improvements.
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About Industries Qatar (IQ)
Industries Qatar Q.P.S.C. was incorporated as a Qatari joint stock company on April 19, 2003. The business operations of the company comprise the direct holding of shares in the following subsidiary and joint venture companies: (i) Qatar Steel Company Q.P.S.C. (“QS”), a wholly-owned subsidiary, engaged in the manufacture and sale of steel billets and reinforcing bars; (ii) Qatar Petrochemical Company Limited QSC (“QAPCO”), a joint venture owned 80% by IQ, engaged in the production of ethylene, low-density polyethylene (“LDPE”), linear low-density polyethylene (“LLDPE”) and sulphur; (iii) Qatar Fertiliser Company SAQ (“QAFCO”), a subsidiary 100% owned by IQ, engaged in the manufacture of ammonia and urea; and (iv) Qatar Fuel Additives Company Limited QSC (“QAFAC”), a joint venture owned 50% by IQ, engaged in the production of methanol and methyl-tertiary-butyl-ether (“MTBE”).
The operations of the subsidiary and joint ventures remain independently managed by their respective management teams.
For more information about the earnings announcement, email iq@qp.com.qa or visit www.iq.com.qa
© Press Release 2021
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