Industries Qatar announced that it achieved a net profit of 1.2 billion riyals for the three-month period ending on March 31, 2023, a decrease of 57% compared to the same period last year.
The group maintained the stability and strength of its operations, as production volumes for the first quarter of 2023 increased by 11% compared to the same period last year, reaching 4.4 million metric tons.
This rise in production is largely attributed to higher factory occupancy rates and generally improved factory availability across all sectors. Factories operating rates for the first quarter of 2023 reached 105%, while the average reliability coefficient reached 99%, which reflects the group’s commitment to operational excellence and maintaining the reliability of all its facilities, and our commitment to health, safety and environmental aspects.
Production volumes increased during the first quarter of 2023 by 1% compared to the previous quarter, in light of the noticeable increase in production volumes at the level of the iron and steel sector. This was partly offset by a slight decline in production volumes in the petrochemical sector.
The group achieved a consolidated net profit of 1.2 billion riyals for the three-month period ending on March 31, 2023, a decrease of 57% compared to the same period last year, and an earnings per share of 0.19 riyals compared to an earnings per share of 0.45 Qatari riyals per share for the same period last year. . Group revenues decreased by 32%, to reach 4.8 billion riyals, compared to revenues of 7.1 billion riyals for the same period last year.
The weighted average product price decreased by 35% compared to the same period last year, and was $494 per metric ton. The decline in product prices resulted in a decrease in the group’s net profit by 2.6 billion riyals.
The decline in product prices is mainly attributed to the downward decline in the prices of the group’s product basket as a result of the adverse macroeconomic conditions since last year.
sales volumes
Sales volumes for the first quarter of this year increased by 3% compared to the same period last year, mainly due to higher plant occupancy rates. The increase in sales volumes contributed to an increase in the group’s net profit by QR 199 million for the first quarter of 2023 compared to the same period last year.
