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Qatari industrial sector’s H1 profits down 8%

Qatari industrial sector’s H1 profits down 8%
Three companies suffered a fall in their profits for H1-16 (Photo credit: Arabianeye - Reuters)
National Cement
QNCD
-0.06% 3.45 -0.00
Industries Qatar
IQCD
0.38% 13.10 0.05
MPHC
MPHC
0.37% 1.37 0.01

QIMC
QIMD
-0.85% 2.56 -0.02
Aamal
AHCS
0.60% 0.83 0.01
Mannai
MCCS
3.61% 6.09 0.21

Gulf International
GISS
0.98% 3.31 0.03

By: Waleed AbdelSalam

Doha – Mubasher: Total profits of the industrial sector of the Qatar Stock Exchange (QSE) declined in the first half of the fiscal year 2016 by 7.8% to QAR 4.7 billion ($1.2 billion), versus QAR 5.1 billion ($1.4 billion) for the same period of 2015.

Three companies suffered a fall in their profits for H1-16, while six others posted a growth in their earnings for the period.

Industries Qatar recorded the highest net profit of QAR 1.96 billion for H1-16, 18.9% down from QAR 2.4 billion for H-15.

Meanwhile, Qatar Industrial Manufacturing Company posted the lowest profits of QAR 113.8 million for Q1-16, rising 33% compared to QAR 85.4 million for H1-15; the highest growth rate during the six-month period.

Qatar National Cement Company made the lowest growth of 3.7% in its profits for H1-16 to QAR 251.6 million, versus QAR 242.6 million for Q1-15.

Gulf International Services reported the biggest fall in profits for the period as earnings declined by 73.64% to QAR 160.7 million from QAR 605.4 million for H1-15.

Translated by: Elwy el-Manzalawy