Manufacturing giant Industries Qatar recorded a 44.8 percent rise in profits for 2011, aided by resilient profit margins across all production categories.
The petrochemicals and metals company announced a net profit of QR7.9bn ($2.1bn) for the year ending December 31, up from QR5.4bn ($1.4bn) in 2010.
Revenues for the 12 month period were QR16.5bn, an increase of 34 percent compared with the previous year, boosted by improved petrochemical volumes and high price inflation.
Profits were the highest ever recorded for the firm, beating even its 2008 high.
“The group registered very strong operating rates over the year throughout our production facilities and, along with strong demand from key Asian markets, was able to therefore fully benefit from resurgent product prices,” said Dr. Mohammed Bin Saleh Al-Sada, minister of energy and industry, chairman and managing director of Industries Qatar.
“These are IQ’s best financial results since its IPO in 2003.”
Total assets as of December 31 topped QR36.8bn, an increase on last year of QR4.9bn, or 15.3 percent.
The group said total capital expenditure for year was QR2.9bn, a reduction of QR1.3bn from 2010, under-scoring the “tailoring-off” of the group’s current investment program.
The company also announced that one of its joint venture companies, QAPCO, had inked a 20 percent stake in the QR20bn new mega petrochemical facility in Ras Laffan with state-owned oil and gas firm Qatar Petroleum.
By 2016, the group expects its revenue to reach QR24bn, its net profit to exceed QR11bn and its net assets to surpass QR67bn.
Prices are expected to remain robust throughout the period, and margins broadly consistent with current levels.
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