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Industries Qatar Targets Profit of $2.3 Billion This Year

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May 14 (Bloomberg) -- Industries Qatar QSC, the Persian Gulf country’s second-biggest company by market value, raised its targets for profit and revenue growth in a five-year plan.

The producer of petrochemicals, fertilizer and steel forecasts net income to climb to 8.3 billion riyals ($2.3 billion) this year, 3.7 billion riyals more than predicted by the company in December, Industries Qatar said in the e-mailed report today.

Profit will climb to 9.7 billion riyals in 2013, 10.2 billion riyals in 2014, 11.1 billion riyals in 2015 and 11.3 billion riyals in 2016, the company said. Revenue will increase to 23.7 billion riyals in 2016 from 18.3 billion riyals this year. Industries Qatar forecasts the price of its feedstock natural gas prices will rise more slowly than the prices for some of its products, such as low-density polyethylene and urea, according to the report.

Industries Qatar is utilizing the world’s third-largest natural gas reserves to increase output and diversify the Persian Gulf emirate’s economy away from raw petroleum exports. The company said it has 5 billion riyals earmarked for capital expenditure and plans to start a low-density polyethylene plant in the second quarter of this year and a new fertilizer plant in the third quarter.

The company’s assets will rise to 75 billion riyals by 2016, according to the report. Debt will fall with total loans owed dropping to 3.9 billion riyals from 6.9 billion riyals last year, according to the plan.

Industries Qatar’s net income fell to 1.9 billion riyals in the first quarter from 2.1 billion riyals a year earlier, the company said April 19.

The company’s stock fell 1.7 percent to 139.5 riyals on the Qatar Exchange today. Shares have climbed 4.9 percent this year compared with a 3.3 percent decline for the QE Index of Qatari companies.

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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