IQ assets go up over three-fold in 10 years
28 Mar 2014 - 5:53
DOHA: The net assets of Industries Qatar (IQ), the country’s premier blue chip group with 18 companies under its umbrella, increased more than three fold over the last 10 years, registering an annual average growth of 16 percent in its net profit, said H E Dr Mohamed bin Saleh Al Sada (pictured), the Minister of Energy and Industry and Chairman and Managing Director of the group.
Al Sada, in his message at the IQ’s Annual General Meeting, which is also published in the company’s ‘Annual Report 2013’, said that IQ has emerged as one of the best listed companies in Qatar and the region. He said: “By investing over QR20bn ($5.49bn) since incorporation in building and improving facilities, the group has laid the foundation for a continuation of its impressive growth story in 2013.”
On the financial health of IQ for the year ended December 31, 2013, he said that “it was noteworthy for the group”. “2013 marked the first full year of operation by facilities launched during 2012 at a cost of over QR12.8bn.”
He also noted that despite global economic downturn and falling prices of chemical fertilisers, net profit of the group reached QR8bn, and total cash and short-term deposits across all of the group’s companies grew by QR1.6bn to reach QR10.7bn.
Providing an update on the group’s major upcoming projects, Al Sada said: “Industries Qatar intends to build on the foundations of the previous decade and, in this regard, shareholders will be pleased to know that significant progress is being made on all of the group’s confirmed major projects, including Al Sejeel Petrochemical Complex, currently the group’s largest ongoing investment, with an estimated total cost to IQ of nearly QR4bn.”