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Industries Qatar reports financial results for Q1 2019

by ChemOrbis Editorial Team -
  • 22/04/2019 (16:26)
According to a statement released by the company, Industries Qatar’s (IQ) net profit for the quarter ended March 2019 came in at 700 million Qatari riyals ($192 million), down significantly by 47% from a year-earlier period.

This sharp drop was primarily driven by a combination of factors, such as weaker petrochemical product prices, decreased sales volumes, and higher operating costs.

Poor petrochemical product prices were attributed to muted demand in some major markets, stemming from the unfavorable economic conditions. The company’s overall sales volumes also declined slightly during the Q1 amid lower output resulting from periodic maintenance shutdowns.

The company’s revenue for the first quarter also showed a decrease of 8.4% over the same period of 2018 and stood at 1.3 billion Qatari riyals ($357 million).
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