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Qena
Qatar Industries announced its financial results for the first half of this year ending June 30 with a net profit of 1.5 billion SAR, compared with 2.5 billion SR for the same period last year, mainly in Due to the combined effect of the average price decline and the decline Slight decrease in sales volumes, partially offsetting the reduction in operating costs and higher earnings of badociated companies.
Earnings per share for the first six months of this year amount to 0.24 SAR, compared to 0.41 SAR for the same period in 2018. The net profit for the second quarter of 2019 amounts to 0.8 billion RS , a significant increase of 16% compared to the first quarter of this year. Mainly due to the gradual rise in product prices, especially polyethylene and steel products prices.
The Group's financial and operating performance was significantly affected over the period by a number of factors, including difficult market conditions and an uncertain economic environment following the decline in crude oil prices at the end of 2018. As a result, , the demand for many of the Group's products remained low To a certain extent, product prices have fallen under the uncertainty of the global economy.
On average, product prices decreased by approximately 10% compared to the same period last year, which contributed to the decline in the group's net profit since the beginning of the year, at around 0, 6 billion riyals. This has significantly affected the group's net profit.
Revenues for the period ended June 30, 2019 amounted to SAR 2.3 billion, an average decrease of 24% over the same period of 2018, due to the combined effect of lower selling prices and higher sales. volumes. Sales volumes in the steel sector declined slightly Demand on the domestic market collapsed and international competition increased, resulting in a further decline in prices compared to the same period last year.
On the other hand, the revenue recorded in the administrative reports under the badumption of proportionate consolidation amounted to SAR 6.7 billion, a decrease of 1.5 billion, or 18% compared to the same period in 2018. This decrease is due to the combined effect of lower selling prices Sales volumes in all segments of the group, with prices falling by about 10% due to lower crude oil prices sales also fell by about 9% due to lower demand, scheduled maintenance and unplanned downtime.
Prices for petrochemicals were down slightly from the first half of 2018 due to a slight decline in crude oil prices and demand in some major markets.
On the other hand, fertilizer prices have risen slightly compared to 2018, along with the increase in demand from some major agricultural countries, as well as the cost of raw materials and regulatory pressures on producers. that did not meet the environmental requirements. Sales volumes were slightly lower than in the same period last year due to lower production.
All companies in the group recorded cash of 10.7 billion RS after dividends of 3.6 billion and operating expenses and investment for 2018. The total debt was reduced to 10.9 million. RS and should be settled in the second half of 2019.
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