Industries Qatar, the petrochemicals and fertilizer company, reported an 87 percent jump in first quarter net profit to 2.7 billion riyals product prices rose year-on-year amid the Russia-Ukraine conflict.

Average selling price was 55 percent higher y-o-y at $747 per metric ton, the most valued company on the Qatar Stock Exchange said in a filing.

Revenue for the period rose 69 percent to reach 7.1 billion riyals as compared to 4.2 billion riyals reported for 1Q-2021,

Earnings per share (EPS) for the first quarter was 0.45 riyals, versus 0.24 riyals for the same period last year.

(Writing by Brinda Darasha; editing by Seban Scaria)