Industries Qatar reports financial results for Q2 2024

According to a statement released by the company, Industries Qatar (IQ) reported a net profit of 1.1 billion Qatari riyals ($302 million) for the second quarter of 2024, an 18% decline from the previous quarter’s 1.3 billion Qatari riyals ($356 million).

For the six-month period ended 30 June 2024, the company reported a consolidated net profit of 2.3 billion Qatari riyals ($630 million), marking a moderate 12% improvement compared to the same period in 2023.

The petrochemicals segment’s performance showed a slight improvement over the last quarter, supported by an improved net margin. The segment recorded a net profit of 367 million Qatari riyals ($100 million) for the second quarter, up by 4% quarter-over-quarter.

For the six-month period ended 30 June 2024, the segment reported a net profit of 721 million Qatari riyals ($198 million), down by 13% compared to 1H-23. This decrease was primarily due to a decline in the segment’s revenue and margins during the current period.