IQ logs record sales, nets QR4.4 bn profit

Industries Qatar (IQ) has reported a net profit of QR4.4 billion for the year ending December 31 2015, down QR1.8 billion or 29.9 percent against the same period of 2014.

The IQ board has proposed an annual dividend distribution of QR3 billion, equivalent to a payout of QR5 per share and representing 50 percent of the nominal value, the company said on Thursday.

The group reported the highest sales volumes since its inception, and were significantly up on last year by 10 percent. The group benefitted from a comparatively lower number of maintenance days in the current year since most of the group’s production facilities completed their planned and warranty maintenance programmes in 2014.