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Industries Qatar announces financial results for Q4

by ChemOrbis Editorial Team - content@chemorbis.com
  • 06/02/2017 (13:46)
According to media reports, petrochemicals, metals and fertiliser producer Industries Qatar (IQ) posted a net profit of 230 million riyals ($61.3 million) in Q4, down 63% from the same period of last year and fell below the analysts’ expectations which called for a profit of $902.7 million riyals ($240.7 million). The company had announced earnings of 614.5 million riyals ($163.8 million) in the same period of last year.

The company recorded an annual profit of 2.96 billion riyal ($79 million) in 2016, down from 4.47 billion riyal ($1.19 billion) in 2015.

The company did not make any comments about the reasons for the fall. However, its financial results have close connections with oil prices and global economic growth, the reports revealed.
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