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Industries Qatar’s net profit down 21% in 2014

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/02/2015 (14:00)
According to a press release on the company’s website, Industries Qatar announced its financial results for the full year of 2014. The company’s net profit decreased 21% to QAR6.3 billion ($1.73 billion) in 2014 from QAR8.01 billion in 2013 due to lower prices for petrochemical products stemming from plunging crude oil prices.

The company’s quarterly net profit was reported at QAR1.60 billion ($440 million) for the October -December period when compared to QR1.67 billion a year earlier, falling below initial estimates from Reuters analysts, which called for a net profit of QAR1.62 billion.

For the petrochemicals segment, the company’s revenue retreated 6.8% on a yearly basis to QAR6.8 billion ($1.86 billion) in 2014 while for the last quarter of 2014, the company reported revenue of QAR 1.8 billion, down 9.2% from the previous quarter. The quarterly decrease was attributed to moderate price deflation across key products resulting from a slump in global crude oil prices.
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