Industries Qatar declares QR6.3bn profit for 2014

Industries Qatar (IQ, QE: IQCD) has announced a net profit of QR 6.3 Billion for the financial period ended December 31, 2014.
Directors of the petrochemical, fertiliser and steel products company have proposed a cash dividend pay-out of QR 4.2 Billion at the rate of QR 7 per share.
IQ attributes the results to strong close to 2014 with second half profits up 24% following return to normal operations after extensive maintenance downtime.
The consolidated net profit improved by QR 0.7 billion, or 23.5%, with the petrochemical and fertiliser segments registering growth of 48.7% and 31.9% respectively, IQ said.
2014 second half earnings matched the second half of 2013 despite difficult international market conditions experienced during the latter part of this year.
Earnings in 2014 were supported by the launch and subsequent ramp-up of Qatar Steel's EF-5 facility in the first quarter and QAFAC's CDR plant in the third quarter, as well as by strong full year average key petrochemical product prices, the company said.
Consolidated EBITDA for the year ended December 31, 2014 was QR 6.6 Billion, a decrease of QR 1.6 Billion, or 19.4%, on the prior year.
On a like-for-like basis, EBITDA - assuming proportionate consolidation under IAS 31 - was QR 8.0 Billion, a decrease of QR 1.5 Billion, or 16.2%, compared with 2013.
The company's petrochemical arm closed the year with revenue of QR 6.8 billion, a year-on-year decrease of QR 0.5 Billion, or 6.8%.
The fertiliser segment closed the year with revenue of QR 5.5 Billion, a reduction of QR 0.7 Billion, or 11.2%, against the same period of 2013.
Revenue in the steel segment totalled QR 6.0 Billion for the year, a moderate increase of QR 0.1 Billion, or 2.5%, compared to the same period of 2013.
Net profit for 2014 is a decrease of QR 1.7 billion, or 20.8%, compared with 2013, IQ said.