IQ net profit jumps five-fold to QR1.5bn in first quarter

An aerial view of Qapco facilities in Mesaieed. The performance of IQ's petrochemicals segment improved with a net profit of QR608mn for Q1, 2021.

Industries Qatar (IQ) – the holding company of Qatar Petrochemical, Qatar Steel and Qatar Fertiliser – has reported five-fold jump year-on-year in net profit to QR1.5bn in the first quarter (Q1) of 2021, its highest quarterly profit since 2016. The net earnings were fuelled by growth in product prices on the back of improved macroeconomic sentiments. The group revenues witnessed a more than 28% jump to QR4.2bn in Q1, 2021. The product prices on average inclined by 21% year-on-year, translating into an increase of QR1bn in group’s bottom line earnings. The improvement was noted across most of the segments, with the fertiliser segment reporting the highest contribution of QR0.5bn, while the petrochemical segment reported a contribution of QR0.4bn. Earnings-per-share amounted to QR0.24 in Q1, 2021 versus QR0.04 the same period in 2020.