Industries Qatar posted a net profit of QAR 6.25 million for the first 9 months of 2011 more than 50% higher than the same period last year. The manufacturing giant which also has business lines in petrochemicals and agrochemicals, produced the earnings against QAR 4.06 million the previous year.

Revenue rose 44% to QAR 12.5 billion and its cost of sales declined as a proportion of sales, though general expenses rose. The value of the company’s property, plant and equipment rose to QAR 9.5 billion from QAR 8.8 billion and total value of non current assets rose to QAR 23.69 billion. Net cash from operations doubled to QAR 6.5 billion.

The company is one of Qatar’s largest industrial holding companies, owning stakes in subsidiaries such as Qatar Steel Company, the billet and rebar maker and exports its steel around the Gulf to construction projects as well as India and the US, among other markets. Its main market is petrochemicals however and is the second biggest producer in the country.

(Sourced from Construction Week)