DOHA, QATAR: Industries Qatar (IQ), one of the region’s industrial giants with interests in the production of a wide range of petrochemical, fertilizer and steel products, announced its financial results for the period ended 31 March 2019 with net profit of QR 0.7 billion and earnings per share of QR 1.11, compared to net profit of QR 1.3 billion and earnings per share of QR 2.10 for the same period of 2018.[the_ad id=”31605″]Cash and bank balances across the group stand at QR 9.9 billion after paying 2018 dividends of QR 3.6 billion.
During the current reporting period, the group operated under tightened trading conditions, as demand for products remained somewhat low and the product prices have softened. Product prices on average have declined by 9% which has contributed for a QR 0.4 billion reduction in the group’s net earnings.
Overall sales volumes, on the other hand, were also slightly down on the backdrop lower production on account of periodic maintenance.
The cash position across the group remained strong with total cash across the group of QR 9.9 billion after paying the 2018 annual dividend of QR 3.6 billion, and total debt of only QR 25.5 million, reflecting the group’s strong liquidity position.