By: Aml Hosny
Doha – Mubasher: The financial statements of eight Qatari-listed companies in the industry sector showed a drop of 22.3% in profits in the fourth quarter of 2016, compared to the same period in 2015.
The profits of the eight companies listed on the Qatar Stock Exchange (QSE) during Q4-16 amounted to QAR 940.63 million ($258.3 million), compared to QAR 1.21 billion ($332.22 million) in Q4-15, according to a statistics gathered by Mubasher.
On an annual basis, the sector’s profits retreated 21.3% to stand at QAR 6.96 billion ($1.91 billion) in 2016, compared to QAR 8.84 billion ($2.43 billion) in 2015.
Qatar Electricity and Water Company witnessed the largest profits in the sector during Q4-16 with QAR 308.41 million, representing 32.79% of the sector’s total profit. The company came in second place in terms of annual profits with QAR 1.54 billion.
Mesaieed Petrochemicals Holding reached QAR 278.56 billion during Q4-16, compared to QAR 300.89 million in Q4-15, showing a drop of 7.42%
The sector’s profits in 2016 were led by Industries Qatar with QAR 2.95 billion, compared to QAR 4.47 billion in the year before, showing a drop of 34%. The company came in third place in terms of quarterly profits with QAR 229.99 million.
Qatar National Cement rose 14.4% in Q4-16 achieving quarterly profits worth QAR 119.62 million, compared to QAR 104.66 million in the corresponding period in the year earlier.
Qatari Investors Group turned to profits in Q4-16 with QAR 56.72 million, against losses of QAR 437.96 million in Q4-15.
Qatari Industrials Manufacturing Company’s profits in Q4-16 were QAR 30.88 million, while Gulf International Services profits stood at QAR 66.96 million.
Aamal’s profits dropped in Q4-16 to QAR 38.63 million, compared to QAR 234.3 million in Q4-15, showing a drop of 83.5%.
Gulf International Services’ losses deepened in Q4-16 by 485.9% reaching QAR 122.1 million, compared to QAR 20.84 million.
The companies distributed cash dividends in varying percentages. Shareholders of Qatar Electricity and Water received 75% in cash dividends, followed by Qatar National Cement and Industries Qatar with 40% each, Qatari Industrials Manufacturing with 30%, Qatari Investors and Gulf International Services with 10% each, and Mesaieed and Aamal with 6% each.
Translated by: Mohamed Hesham Azab
