Industries Qatar Reports a Drop in Net Profits; Petchems the Main Profit Contributor

Industries Qatar (IQ; Doha), the Mideast’s second largest company by market capitalization behind Sabic, reported a 9.5% drop in net profit in the first quarter of 2012 compared with the year-earlier period. Net profit reached QR1.9 billion ($522 million) in the quarter ended March 31, 2012 on 10% higher revenues of QR4.4 billion. IQ holds controlling stakes in Qatar’s largest petchems, fertilizers and steel producers. It has an 80% stake in Qapco, a petrochemical joint venture with Total; a 75% share in Qafco, a fertilizer production jv with Yara...

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