04.08.2015, 14:12
Industries Qatar disclosed its reviewed financial statements for the period ended on 30.06.2015
OREANDA-NEWS. Industries Qatar
(“IQ” or “the group”; QE: IQCD)
, one of the region’s industrial giants
with interests in the production of a wide range of petrochemical, fertiliser and steel products, announced
its financial results for the
period
ended
30 June
,
2015
with net profit of QR
2.
4
billion.
The group record ed commendable financial results across all segments during the second quarter following the strong recovery in petrochemical product prices and improved sales v o lumes across all segments . The group also reported a strong year - on - year sales growth of 17.1 % as most of the group’s production facilities were on extensive planned and warranty maintenance shutdown during the first half of 2014 . As for the group’s current projects, Qatar Steel has opted to sell its 50% stake in the joint ven ture Qatar Steel International to Qatar Mining Company, the other joint v enture p artner. Qatar Steel will, however, continue to be involved in the project by providing technical services and support.
Financial Performance
Revenue
Reported revenue under IFR S 11 for the period ended June 30 , 2015 was QR 2.9 billion, a modest decrease of 8.1%, over the first half of the previous year . H owever , on a like - for - like basis, management reporting revenue - assuming proportionate consolidation under IAS 31 - was QR 8.2 billion, a decrease of 4,8%, versus the same period of 2014 . This year - on - year reduction in revenue was primarily driven by a significant reduction in petrochemical product ’ s selling prices following the oil price decline that began in early Q4, 2014 a nd moderate reduction in the fertiliser product prices driven by favorable market conditions primarily for some of the key supplier markets. Sales volumes nevertheless were significantly up on last year as the group benefited by comparatively lower number of planned maintenance days in the current year since most of the group ’s production facilities completed their planned and warranty maintenance shutdown in 2014 resulting in a significan tly higher maintenance days in the first half of 2014.
Reported revenue for the second quarter was QR 1.6 billion, significantly up by 20.1% on the last quarter , while management reporting revenue , assuming proportionate consolidation, was significantly up by more than 16%. The quarter - on - quarter revenue improvement was primarily driven by the improved product prices, notably in the petrochemical segment and improved sales volumes in the petrochemical and steel segments.
Net Profit
Net profit for the period under review was QR 2.4 billion , a reduction of 14 .6%, against the same period of 2014. This reduction in net profit was primarily driven by the reduced revenues resulting from the petrochemical product price deflation following the significant fall in global oil price s that started to impact group’s products in late 2014 and weaker fertiliser prices driven by favorable market conditions primarily for some of the key supplier markets.
Net profit for Q2, 2015 was QR 1.5 billion, up QR 0.5 billion or 54.9% on last quarter . This robust increase in the quarterly net profit was aided by the strong recovery in the product prices most notably in the petrochemical segment and improved sales volumes in the petrochemicals and steel segments.
ABOUT IQ
Industries Qatar QSC was incorp orated 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 QSC (“QS”), a w holly - 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 joint venture owned 75% 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.
The group record ed commendable financial results across all segments during the second quarter following the strong recovery in petrochemical product prices and improved sales v o lumes across all segments . The group also reported a strong year - on - year sales growth of 17.1 % as most of the group’s production facilities were on extensive planned and warranty maintenance shutdown during the first half of 2014 . As for the group’s current projects, Qatar Steel has opted to sell its 50% stake in the joint ven ture Qatar Steel International to Qatar Mining Company, the other joint v enture p artner. Qatar Steel will, however, continue to be involved in the project by providing technical services and support.
Financial Performance
Revenue
Reported revenue under IFR S 11 for the period ended June 30 , 2015 was QR 2.9 billion, a modest decrease of 8.1%, over the first half of the previous year . H owever , on a like - for - like basis, management reporting revenue - assuming proportionate consolidation under IAS 31 - was QR 8.2 billion, a decrease of 4,8%, versus the same period of 2014 . This year - on - year reduction in revenue was primarily driven by a significant reduction in petrochemical product ’ s selling prices following the oil price decline that began in early Q4, 2014 a nd moderate reduction in the fertiliser product prices driven by favorable market conditions primarily for some of the key supplier markets. Sales volumes nevertheless were significantly up on last year as the group benefited by comparatively lower number of planned maintenance days in the current year since most of the group ’s production facilities completed their planned and warranty maintenance shutdown in 2014 resulting in a significan tly higher maintenance days in the first half of 2014.
Reported revenue for the second quarter was QR 1.6 billion, significantly up by 20.1% on the last quarter , while management reporting revenue , assuming proportionate consolidation, was significantly up by more than 16%. The quarter - on - quarter revenue improvement was primarily driven by the improved product prices, notably in the petrochemical segment and improved sales volumes in the petrochemical and steel segments.
Net Profit
Net profit for the period under review was QR 2.4 billion , a reduction of 14 .6%, against the same period of 2014. This reduction in net profit was primarily driven by the reduced revenues resulting from the petrochemical product price deflation following the significant fall in global oil price s that started to impact group’s products in late 2014 and weaker fertiliser prices driven by favorable market conditions primarily for some of the key supplier markets.
Net profit for Q2, 2015 was QR 1.5 billion, up QR 0.5 billion or 54.9% on last quarter . This robust increase in the quarterly net profit was aided by the strong recovery in the product prices most notably in the petrochemical segment and improved sales volumes in the petrochemicals and steel segments.
ABOUT IQ
Industries Qatar QSC was incorp orated 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 QSC (“QS”), a w holly - 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 joint venture owned 75% 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.
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