Market heavyweight Industries Qatar (IQ), one of the region’s industrial giants with holdings in petrochemicals, fertilisers and steel, Monday disclosed that the global credit rating agency, Standard & Poor's (S&P), has reaffirmed its credit ratings at 'A+' with a "stable" outlook.
The reaffirmation of credit rating was based on S&P’s annual review of IQ's current and future financial and operational performance, and financial position, where consideration was given to several factors including, IQ's robust liquidity profile, strong competitive market position, prudent financial policy, product and end-market diversity, along with greater integration with the parent entity (Qatar Petroleum).
S&P considered the business risk to be ‘satisfactory’ with ‘minimal’ financial risk. This underscores IQ's superior profitability margins and robust operating cash flows benefiting from competitively priced feedstock, efficient assets, higher capacity utilisation and synergies among Group companies.
IQ had reported five-fold jump year-on-year in net profit to QR1.5bn in the first quarter (Q1) of 2021, its highest quarterly profit since 2016. The net earnings were fuelled by growth in product prices on the back of improved macroeconomic sentiments. The group revenues witnessed more than 28% jump to QR4.2bn in Q1, 2021.
S&P considered the business risk to be ‘satisfactory’ with ‘minimal’ financial risk. This underscores IQ's superior profitability margins and robust operating cash flows benefiting from competitively priced feedstock, efficient assets, higher capacity utilisation and synergies among Group companies.
IQ had reported five-fold jump year-on-year in net profit to QR1.5bn in the first quarter (Q1) of 2021, its highest quarterly profit since 2016. The net earnings were fuelled by growth in product prices on the back of improved macroeconomic sentiments. The group revenues witnessed more than 28% jump to QR4.2bn in Q1, 2021.