Industries Qatar Grows Despite Challenge, HE Energy Minister Says

Doha, March 01 (QNA) - HE Minister of Energy and Industry Mohammed bin Saleh Al Sada said Sunday that Qatar Industries recorded profits of QR6.3 billion for the year of 2014, with an increase of 12%. His Excellency added that the profits were made despite of many challenges facing the industry, particularly the sharp decline in oil prices in the final quarter of the year. Speaking during the 12th Annual General Assembly Meeting of Industries Qatar, HE the Minister of Energy and Industry said that the company has turned into one of the region's industrial giants. His Excellency stressed that Industries Qatar was well-placed to face the current downturn in oil and key commodity prices as the group maintains several competitive advantages. The most notable of them is being in an excellent cost positioning, largely due to competitively priced natural gas and, in the case of Qatar Steel, long-dated iron oxide pellet and competitively priced electricity supply agreements, product and end-market diversification, positive debt metrics and a very important public policy role. His Excellency added that such competitive edges were recognized by two international credit rating agencies, Standard & Poors and Moodys, that rated Industries Qatar at AA- and Aa3 respectively, a stable outlook. On the future, HE Al Sada said Industries Qatar is working on maximizing the value of its current operating assets through various efficiency improvement programs. The group has already commenced a number of these initiatives, targeting improving the operational efficiency and effectiveness throughout the entire value chain in order to achieve operational excellence, growth and value for all stakeholders. After the speech, the Board of Directors approved profit dividends the year ended December 31, 2014 worth QR 4.2 billion, equivalent to a payout of QR 7.00 per share and representing 70% of the nominal value. (QNA)