Bid & Tender
Industries Qatar Mulls Petchem Expansion

Date : Mar 08, 2017

Industries Qatar (IQ), the country's major manufacturing conglomerate, is mulling further expansion, especially in the chemical and petrochemical sectors, a report said.

 

The company is studying plans for expansion in the chemicals and petrochemicals businesses, which will be announced formally in the days to come, said Saad Sherida Al Kaabi, chairman and managing director of IQ.

 

He was speaking at IQ’s Annual General Assembly.

 

Commenting on IQ’s capital expenditure and business development, the chairman said that the group will continue to focus essential investments which will enhance reliability, efficiency, competitiveness and quality of the operating asset base.

 

Al Kaabi also highlighted that since the group’s incorporation in 2003 to-date, IQ has distributed a total dividend of QR41.9bn, or QR75.5 per share, with an average payout ratio of approximately 61 percent. Moreover, 10 percent bonus shares were issued on two previous occasions.

 

IQ had reported a net profit of QR3 billion and a net revenue of QR4.7 billion for the 2016 financial year.