DI net profit $137.6m

DUBAI Investments (DI) announced a first-half net profit of Dh506 million ($137.6 million) compared with Dh806 million for the same period last year.

Total assets as on June 30, 2015 rose to Dh14.77 billion, net worth increased to Dh10.14 billion and the annualised return was 10 per cent.

Khalid Bin Kalban, MD and CEO, said: “In the previous year, DI had made a profit amounting to Dh472 million on divestment of Globalpharma including fair value gain on retained interest. Excluding this one-off item, the profit for the current period (H1 2015) has increased by Dh172 million on account of growth and better operating results across industrial and property segments of the group.”

IQ announces financial results

INDUSTRIES Qatar (IQ) reported a 20 per cent increase in second-quarter profit, although its half-year profit fell because of declining petrochemicals prices.

The petrochemicals, steel and fertiliser producer made a profit of QR1.5 billion ($412 million) in Q2, up from QR1.25 billion a year ago.

Q2 revenue rose 20 per cent to QR1.6 billion versus Q1 2015 as it sold more steel and petrochemicals.
IQ’s half-year profit was QR2.4 billion, down from QR2.8 billion in the H1 2014. It attributed the drop to declines in petrochemical product prices.

Majan bags nine deals

OMAN’s Majan Electricity Company, part of the Nama Group, recently signed nine agreements for different projects worth more than RO7 million ($18.1 million).

They include establishing a new station, expanding existing stations and developing an integrated supply station in the different wilayats that are covered in the company’s distribution network.

Qurain profit $14m

Qurain Petrochemical Industries Company (QPIC) made a net profit of KD4.2 million ($14 million) for the first quarter of the 2015/2016 financial year.

It was an increase of 354 per cent compared to Q1 of the previous financial year.

Sales revenue increased significantly to reach KD14.6 million.