Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out
Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

PRESS RELEASE - Industries Qatar

VIEWS: 3 PAGES: 10

									                          PRESS RELEASE
                                        CONTACT DETAILS:
                Name                            Mr. Abdulrahman Ahmad Al-Shaibi
                Title                              Chief Coordinator
                Company                            Industries Qatar QSC (“IQ”)
                Telephone Number                   (974) 430-8688
                Fax Number                         (974) 429-1064


                                        DOCUMENT DETAILS:
                Document Reference              IQ/PR/090418 Eng.DOCX
                For Immediate Release              April 18, 2009




 RESTATED CONSOLIDATED FINANCIAL STATEMENTS, Q1
                                              2009

DOHA, QATAR – With reference to the above subject and in line with Industries
Qatar’s (“IQ”) keenness in ensuring transparency and disclosure in accordance with
the Doha Securities Market internal regulations, we would like to advise you that IQ
received on Thursday, April 16, 2009 the Government’s approval for a settlement of
price difference amounting to QR 800 million.

Therefore, the interim consolidated financial results for the 3 months ended March 31,
2009 of IQ will be restated to include the QR 800 million. Accordingly, the net profit
increased to QR 1.4 billion (one billion four hundred million Qatari Riyal), reflecting
an earnings per share of QR 2.57.
Kindly find attached the restated financial statements. Also, be advised that we will
publish the restated consolidated financial statements in local newspapers on Sunday,
April 19, 2009.
                                       ###
Industries Qatar Q.S.C.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 31 March 2009

                                              31 March       31 March
                                                2009           2008
                                               QR’000        QR’000


Sales                                           2,176,224     3,466,002

Cost of sales                                 (1,472,719)    (1,496,035)

Gross Profit                                     703,505      1,969,967

Share of results from associates                   (6,573)      23,710
Other income                                      147,720      113,367
Income from investments                          (20,933)       11,059
Selling expenses                                 (27,489)      (45,770)
General and administrative expenses             (115,853)     (119,864)
Finance costs                                    (67,679)      (29,267)

Profit for the period                            612,698      1,923,202

Basic and diluted earnings per share
(Expressed as QR per share)                          1.11          3.50

Other Comprehensive Income
Available for sale investment                    (80,812)       (79,324)
Cash flow and currency hedges                    (10,590)       (45,917)
Other Comprehensive Income for the period        (91,402)     (125,241)
Total Comprehensive Income for the period         521,296     1,797,961

Profit Attributable to:
Equity holders of the parent                     612,322      1,922,777
Minority interest                                    376            425
                                                 612,698      1,923,202

Total Comprehensive Income Attributable to:
Equity holders of the parent                     521,296      1,797,961
Minority interest                                      -              -
                                                 521,296      1,797,961
1
Industries Qatar Q.S.C.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 March 2009

                                         31 March     31 December
                                           2009           2008
                                          QR’000        QR’000

ASSETS
Non-current assets
Property, plant and equipment             6,344,124     6,137,619
Projects under development                5,980,209     5,186,479
Investment property                         124,347       124,347
Intangible assets                            71,707        71,707
Investment in associates                  1,480,587     1,487,160
Available-for-sale investments              166,960       247,773
Catalysts                                   114,925       118,981
Other non current assets                        731             -

                                         14,283,590    13,374,066
Current assets
Inventories                               1,865,755     2,520,907
Accounts receivable and prepayments       1,386,358     1,297,557
Due from related parties                    345,892       566,119
Held for trading investments                 90,111       125,051
Other financial assets                       37,029       120,755
Cash and short term deposits              9,909,146     9,445,207

                                         13,634,291    14,075,596

TOTAL ASSETS                             27,917,881    27,449,662

EQUITY AND LIABILITIES
Equity
Share capital                             5,500,000     5,500,000
Legal reserve                               141,832       141,832
Cumulative changes in fair value             60,400       141,213
Hedging reserve                           (645,255)     (634,665)
Retained earnings                         9,306,910     8,694,589
Proposed dividends                        4,400,000     4,400,000

Equity attributable to the parent        18,763,887    18,242,969
Minority interest                            10,744        11,493

Total equity                             18,774,631    18,254,462

Non-current liabilities
Interest bearing loans and borrowings     3,885,969     3,369,025
Employees’ end of service benefits          176,253       177,080
Other financial liability                   528,854       589,668

                                          4,591,076     4,135,773
2
Industries Qatar Q.S.C.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 March 2009


                                                                    31 March               31 December
                                                                      2009                     2008
                                                                     QR’000                 QR’000

Current liabilities
Accounts payable and accruals                                         1,502,906                 1,367,321
Due to related parties                                                  353,387                   858,279
Other financial liability                                               153,430                   165,751
Interest bearing loans and borrowings                                 2,542,451                 2,668,076

                                                                      4,552,174                 5,059,427

Total liabilities                                                     9,143,250                 9,195,200

TOTAL EQUITY AND LIABILITIES                                         27,917,881                27,449,662


..........................................................   .………………………………………
Abdulla Bin Hamad Al- Attiyah                                Yousef Hussain Kamal
Deputy Premier                                               Minister of Economy and Finance
and Minister of Energy and Industry                          Vice Chairman
Chairman and Managing Director
3
Industries Qatar Q.S.C.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
At 31 March 2009

                                                           Attributable to the equity holders of the parent
                                                           Available -                                        Proposed
                                       Share      Legal      for sale           Hedging          Retained     dividend                   Minority
                                      capital    reserve    financial           reserves         earnings                     Total      interest      Total
                                                              assets
                                     QR’000      QR’000      QR’000             QR’000            QR’000      QR ‘000       QR’000       QR’000       QR’000

Balance at 1 January 2009            5,500,000   141,832         141,213       (634,665)         8,694,589     4,400,000   18,242,969       11,493   18,254,462
Total comprehensive income for the
 period                                 -          -            (80,812)      (10,590)           612,322         -             520,920         376       521,296
Dividends paid                          -          -              -                    -            -            -               -         (1,125)        (1,125)
Balance at 31 March 2009             5,500,000   141,832          60,401       (645,255)         9,306,911     4,400,000   18,763,889      10,744    18,774,633




                                                                                 4
                                                       ABOUT IQ:

Industries Qatar QSC (“IQ”) was incorporated as a Qatari joint stock company on April 19, 2003. The business operations of
the company comprise the direct holding of shares in the following subsidiary and joint venture companies: (i) Qatar Steel
Company QSC (“QS”), a wholly-owned subsidiary, engaged in the manufacture and sale of steel billets and reinforcing bars;
(ii) Qatar Petrochemical Company Limited QSC (“QAPCO”), a joint venture owned 80% by IQ, engaged in the production
and sale of ethylene, low-density polyethylene (“LDPE”), linear low-density polyethylene (“LLDPE”) and sulphur; (iii) Qatar
Fertiliser Company SAQ (“QAFCO”), a joint venture owned 75% by IQ, engaged in the manufacture and sale of ammonia
and urea; (iv) Qatar Fuel Additives Company Limited QSC (“QAFAC”), a joint venture owned 50% by IQ, is engaged in the
production and export of methanol and methyl-tertiary-butyl-ether (“MTBE”); and (v) Fereej Real Estate Company, a joint
venture owned 34% by IQ, engaged in investing in residential and commercial buildings, and the provision of facilities
management and construction project management services.

The operations of the subsidiary and joint ventures remain independently managed by their respective management teams.

								
To top