Industries Qatar reported that steel segment net profit was QAR 621 million in H1 of 2022, up by 25% YoY. Improved segmental profit was mainly driven by higher revenues, which increased by 11% YoY to QAR 2.459 billion. Additionally, segment's associate that produces iron oxide pellets, Foulath Holdings, reported commendable financial results against a backdrop of improved operations. Growth in revenue was mainly driven by higher selling prices which increased by 13% on a year-on-year basis, mainly driven by higher steel and iron ore prices prevailing internationally. Sales volumes remained relatively flat, against a backdrop of softening domestic demand.Production – 1.979 million tonne, up 27% YoYSales volumes – 0.968 million tonne, down 1% YoYAverage selling price – QAR 698 per tonne, up 13% YoYOn a quarter-on-quarter basis, segmental profit increased by 38% versus Q1 of 2022 mainly on account of lower operating cost. Segment revenue declined by 11% due to decline in sales volumes which declined by 18% on the back of muted demand. On the hand, selling prices improved by 8%. Improved performance from Foulath Holdings also contributed positively towards segment's current period profits.Industries Qatar is a Qatari conglomerate with subsidiaries and investments in the petrochemicals, fertilisers and steel industries. Mesaieed based Qatar Steel produces DRI, HBI, billets and rebars. Established in 1984, Bahrain Steel, wholly owned by Foulath, is a leading producer of iron-ore pellets used in the production of steel. It operates two pelletizing plants in the Kingdom of Bahrain with a total capacity of 11.0 million tonnes per year.
Industries Qatar reported that steel segment net profit was QAR 621 million in H1 of 2022, up by 25% YoY. Improved segmental profit was mainly driven by higher revenues, which increased by 11% YoY to QAR 2.459 billion. Additionally, segment's associate that produces iron oxide pellets, Foulath Holdings, reported commendable financial results against a backdrop of improved operations. Growth in revenue was mainly driven by higher selling prices which increased by 13% on a year-on-year basis, mainly driven by higher steel and iron ore prices prevailing internationally. Sales volumes remained relatively flat, against a backdrop of softening domestic demand.Production – 1.979 million tonne, up 27% YoYSales volumes – 0.968 million tonne, down 1% YoYAverage selling price – QAR 698 per tonne, up 13% YoYOn a quarter-on-quarter basis, segmental profit increased by 38% versus Q1 of 2022 mainly on account of lower operating cost. Segment revenue declined by 11% due to decline in sales volumes which declined by 18% on the back of muted demand. On the hand, selling prices improved by 8%. Improved performance from Foulath Holdings also contributed positively towards segment's current period profits.Industries Qatar is a Qatari conglomerate with subsidiaries and investments in the petrochemicals, fertilisers and steel industries. Mesaieed based Qatar Steel produces DRI, HBI, billets and rebars. Established in 1984, Bahrain Steel, wholly owned by Foulath, is a leading producer of iron-ore pellets used in the production of steel. It operates two pelletizing plants in the Kingdom of Bahrain with a total capacity of 11.0 million tonnes per year.
