Industries Qatar 9M net profit falls 29% on weaker product prices

Industries Qatar, a producer of petrochemicals, metals and fertilizers, posted a net profit of QAR 2.7 billion for the first nine months of 2016, a 29 percent year-on-year (YoY) drop on weaker product prices.

“All segments of the group operated under uncertain market conditions that have been prevailing for at least the last 12 to 18 months, where the group’s operations were hampered by a number of variables including volatility in the prices and excess supply of end products in the key markets,” the group said in a statement.

The prices of fertilizers and fuel additives took the biggest hit, the firm said.

The group’s revenue for the nine-month period fell 16 percent YoY to QAR 3.4 billion.