Industries Qatar beats analysts' expectations with third-quarter earnings

Industries Qatar (IQ; Doha) reported a 23% increase in third-quarter net income, to QR2.6 billion ($719 million), well above consensus estimates of QR2.1 billion. Earnings were among the highest in the company’s history. Consolidated revenue, at QR5.2 billion, was up 18% year-on-year and 9% quarter-on-quarter, driven by contributions from fertilizer unit Qafco-5 and the startup of Qafco-6. Ammonia witnessed very strong pricing momentum in the third quarter, says Hassan Ahmed, an analyst with Alembic Global Advisors (New York). IQ is the Gulf's...

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