Home / Knowledge / News / Textiles / Industries Qatar Q1 petrochemical revenues slip 14.7%
Industries Qatar Q1 petrochemical revenues slip 14.7%
28
Apr '14
Industries Qatar, one of the region’s industrial giants with interests in the production of a wide range of petrochemical, fertiliser and steel products, announced its financial results for the three months ended March 31, 2014 with net profit of QR 1.6 billion.
 
Financial Results
Commenting on the group’s first quarter financial performance, Mr. Abdulrahman Ahmad Al-Shaibi, Chief Coordinator, Industries Qatar, stated, “The muted year-on-year financial results can be primarily attributed to reduced sales volumes following extensive planned preventive maintenance and warranty shut-downs in the majority of the group’s key facilities, and tightened operating margins on increased selling expenses and annual cost inflation, which were only partially dampened by the commercial launch of Qatar Steel’s QR 1.2 billion EF-5 facility.”
 
Revenue
Reported revenue for the three months ended March 31, 2014 was QR 1.3 billion, a decrease of QR 0.3 billion, or 20.6%, on the same period of 2013 (2013, Q1: QR 1.7 billion); however, on a like-for-like basis, management reporting revenue - assuming proportionate consolidation - was QR 4.2 billion, a decrease of QR 1.1 billion, or 20.9%.
 
Petrochemical Segment
Petrochemical revenue for the first three months of 2014 was QR 1.5 billion (2013, Q1: QR 1.7 billion), a year-on-year decrease of QR 0.2 billion, or 14.7%. This reduction followed extensive, planned shutdowns across all plants in the segment: Qapco’s ethylene plants lost an average of 36 days per plant, versus planned downtime of 35 days, LDPE units an average of 29 days per plant, against a plan of 34 days, and the LLDPE facility lost 18 days, in comparison to a plan of 11 days, following the general shut-down. 
 
And, the group’s fuel additives joint venture, Qafac, recorded a total of 27 days of downtime across its methanol and MTBE plants following routine, planned maintenance, compared to a budget of 18 days. In total, the segment recorded an adverse volume variance of QR 0.3 billion and a 93,000 MT reduction in sales volume. 
 
Quarterly utilisation rates were similarly affected, with the segment averaging 82% in comparison to its historical average of between 95% and 110%. Product prices, however, were buoyant with strong demand and global supply limitations particularly aiding LDPE, which registered a 9.9% year-on-year increase, and methanol, which closed at a 5-year high of $476 per MT.
 
First quarter revenue was down on the previous quarter by QR 0.7 billion, or 31.1%, following the segment’s planned maintenance during the quarter, and due to strong comparatives as in the prior year production and, accordingly, sales were ramped up to take advantage of favourable market conditions and in anticipation of the impending maintenance shut-down.
 
Click here to view full results.
 

Industries Qatar


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search