Jul 30 2011 |
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Industries Qatar 1H Net Profit At QAR4.2B Vs QAR2.6B A Yr Ago
Saturday, Jul 30, 2011
(This item was originally published Thursday.)
DOHA (Zawya Dow Jones)-- Industries Qatar , or IQ , the second-largest company in the Gulf Arab state by market value, posted Thursday a first-half net profit of 4.2 billion Qatari riyals ($1.15 billion), up from QAR2.6 billion a year earlier.
In a brief statement on the Doha bourse, the steel, fertilizer and petrochemicals conglomerate said earnings per share in the first six months of the year increased to QAR7.58 from QAR4.79 a year earlier. The group didn't give a reason for the rise in earnings.
Shares in IQ closed down 1.2% at QAR138.2 Thursday in a flat market.
"With the advantage of being exposed to high-growth products/markets, IQ 's growth story seems to be on track, offering a good investment opportunity," Beltone said.
Qatar, which will grow at close to 20% this year, according to the International Monetary Fund, is the world's largest exporter of liquefied natural gas and is investing billions of dollars into its petrochemical industry to diversify revenues from hydrocarbons. It sits on the third-largest natural gas reserves behind Russia and Iran.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
30-07-11 0736GMT
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