Doha - Mubasher: Industries Qatar (IQ) recorded a 47.2% year-on-year decrease in profits in the third quarter of 2016, to QAR 755 million ($207.2 million) from QAR 1.43 billion ($392 million) in the third quarter last year.
Profits also dropped 28% in the first nine months of 2016 to QAR 2.725 billion, compared to QAR 3.830 billion in the same period of 2015.
This decrease in profit was driven entirely by the lower revenues due to a notable price deflation across all operating segments most notably in the fertiliser segment, according to the company’s statement on Sunday.
The reduction in revenues was somewhat offset by the operating costs improvements due to the benefits gained on account of ongoing cost optimisation initiatives, the statement added.
IQ maintained a solid financial position with assets totalling QAR 39.4 billion including cash of QAR 10.6 billion and debt of only QAR 3.2 billion.
Earnings per share decreased by nearly 29% to QAR 4.5, compared to QAR 6.3 in the same period of 2015.
