ECONOMY

Industries Qatar Q4 net profit falls 63 pct, misses forecasts

Industries Qatar results are closely tied to oil prices and global economic growth because its products are used extensively in construction, agriculture, industry and manufacturing. (Reuters)

Petrochemicals, metals and fertilizer producer Industries Qatar (IQ) posted a 63 percent drop in fourth-quarter net profit on Sunday, missing analysts’ forecasts.

The Middle East’s second-biggest petrochemicals company by market value reported a profit of $63.2 million (230 million riyals) for the three months to Dec. 31, Reuters calculated based on financial statements in lieu of a quarterly breakdown.

This compares with the 614.5 million riyals which the company posted in the corresponding period of last year. The
average forecast of three analysts polled by Reuters was for a quarterly net profit of 902.7 million riyals.

Industries Qatar had reported falling profits in the preceding five quarters; it did not cite a reason for the latest profit drop. Its results are closely tied to oil prices and global economic growth because its products are used extensively in construction, agriculture, industry and manufacturing.

The firm’s annual net profit was 2.96 billion riyals, down from 4.47 billion riyals in 2015, it said in a statement.

The board recommended a cash dividend for 2016 of 4 riyals per share, the statement said. That is less than a proposed dividend of 5 riyals in 2015 and 7 riyals in 2014.

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Last Update: Sunday, 5 February 2017 KSA 17:49 - GMT 14:49
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Industries Qatar Q4 net profit falls 63 pct, misses forecasts
Results are closely tied to oil prices and global economic growth
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