The Minister of State for Energy Affairs, the Group Chairman and Managing Director H E Saad bin Sherida Al Kaabi (second right) and other officials during the AGM of Industries Qatar held at the Sheraton Grand Doha Resort & Convention Hotel yesterday.
Industries Qatar (IG) Group recorded a net profit worth QR8.8bn during its fiscal year in 2022. The vital surge of 9 percent has resulted in an overall growth in profitability mainly connected to improved revenue.
The General Assembly Meeting held yesterday at the Sheraton Hotel Doha was attended by the Minister of State for Energy Affairs, the Group Chairman and Managing Director H E Saad bin Sherida Al Kaabi, Vice Chairman Abdulaziz Mohammed Al Mannai, Board of Directors, and other officials in addition to a number of stakeholders.
The meeting witnessed several agendas including approval of the report by the Board of Directors on 2022’s financial statement, Aproving Auditor’s report, presenting and approving last year’s Corporate Governance Report, and approving the Board’s recommendation for a dividend payment of QR1.1 per share for 2022, representing 110 percent of the nominal share value.
Qatar’s Minister of State for Energy Affairs, Group Chairman, and Managing Director Al Kaabi said: “2022 has been a landmark year Industries Qatar, where the Group took the strategic decision to invest in a new blue ammonia train. Valued at approximately $1.6bn being fully internally funded, the new train will have a designed capacity of up to 1.2 million tons per annum (MPTA) of blue ammonia, making it the World’s largest facility” adding that the year was outstanding in terms of Group’s joint ventures carrying out a solid performance.
Lauding the significant performance in 2022, Al Kaabi added that “We are pleased to report IQ’s strongest financial results since incorporation, in a year that was otherwise defined by volatility and uncertainty.” Acting Manager Privatized Companies Affairs Dept., QatarEnergy Abdulla Yaaqob Al Hay highlighted that “the global economic context remained challenging throughout the year. Where, geopolitical situation enforced a sharp rise in energy prices, challenging plant economics, especially for the European producers and ultimately affecting the supply-side of the global downstream sector.”
