Industries Qatar’s net profit was 1.2 billion riyals

Industries Qatar’s net profit was 1.2 billion riyals

Doha – East

Industries Qatar reported a net profit of 1.2 billion Qatari riyals for the three-month period ended March 31, 2023, a 57% decrease compared to the same period last year. Challenges at the macroeconomic level continued in the first quarter of the year, as a result of geopolitical uncertainty and inflationary pressures as a result of the Russian-Ukrainian war, and recessionary fears as a result of most central banks raising interest rates. Low demand for most basic commodities.

In the chemical fertilizer sector in particular, unlike in the first quarter of 2022 when fertilizer prices hit a decade high, prices continued to fall in the first quarter of 2023. Energy and other commodities. Some European producers are expected to return to production after cutting their production capacity in 2022 due to the energy crisis.

For petrochemicals, the sector’s performance in the first quarter of 2023 was affected by market expectations of China’s reopening, fluctuations in crude oil prices and adverse uncertainty in the global economy. Products registered a slight improvement compared to the previous quarter and this should improve supply and demand dynamics.

Internationally, the iron and steel sector was fairly stable as a slow recovery phase began in China after the gradual lifting of strict lockdown measures to combat the coronavirus pandemic. Last year. Locally, the iron and steel sector has seen signs of improvement, while the market has seen a slowdown in construction activity since the middle of last year.

After the dividend distribution of 6.7 billion Qatari riyals for the 2022 financial year, the Group maintained its financial position strength as its recorded cash and bank balance stood at 13.9 billion Qatari riyals as of March 31, 2023. The Group currently has no long-term debt.

The Group’s total assets and total registered equity stood at QR 39.1 billion and QR 36.5 billion, respectively, as on March 31, 2023. The Group achieved positive cash flows from operations of QR 1.2 billion and free cash flows of QR 0.8 billion. in the quarter. First of 2023.