Industries Qatar’s net profit rose 12% in the first half of this year to about QAR 2.3 billion (about $632 million), despite a decline in its revenues due to lower product prices and lower sales volumes.
Revenues fell 7% in the first half to QAR 8.3 billion, amid pressures related to declining demand, geopolitical conflicts and supply chain disruptions.
The company, which has several subsidiaries operating in the petrochemicals, iron and steel and fertilizer sectors, said that average product prices fell by 5% in the first half, while sales volumes fell by 2%, which the company attributed to “weak demand resulting from ongoing challenges at the macro level, supply bottlenecks amid regional unrest, and the time required for shipments to arrive in some sectors.”
On the other hand, the company’s operating costs fell by 11% in the first half with lower raw material costs linked to prices and favorable inventory movement.
The Board of Directors approved the distribution of interim cash dividends of 0.31 riyals per share.م.
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