Industries Qatar sees 50% earnings increase in Q3
For the third quarter, consolidated net profit was up by 50.1% compared to the second quarter. Strong key petrochemical product prices and the launch of Qatar Steel’s EF-5 facility in the first quarter as well as Qafac’s CDR plant in the third quarter helped the company’s earnings to climb.
The petrochemical segment saw quarter over quarter growth of 73.3%. The strong growth in the third quarter was attributed to plant shutdowns due to planned maintenance earlier in the year. The company noted in its release, “Strong key petrochemical product prices, particularly LDPE, LLDPE and methanol, largely compensated for the impact of the extensive, planned shut-downs experienced across all plants within the segment during the first six months of 2014.”
EBITDA for the three quarters of the year through September decreased to QR 4.9 billion posting a decrease of 1.6 billion compared to the same period of 2013. This decrease is attributed to reduced sales volumes due to planned preventive maintenance shutdowns during first half of the year and higher operating costs in the petrochemical and steel segments.
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