Doha-Mubasher: Mohamed Bin Saleh, Chairman of Industries Qatar (IQ), announced the company’s financials in a filing to Qatar Exchange (QE) for the fiscal year (FY) 2014, during which the group posted a net profit of QAR 6.3 billion ($1.7 billion), exceeding 2014 budgeted expectations by 12%. 

He added that IQ made profit following the completion of maintenance planned for the group’s key facilities during the first half of 2014, shrugging off the sharp decline in international oil prices in the last quarter of the year and the challenging results of 2012 and 2013.

The group had reported a profit rise by 21.25% to QAR 6.3 billion during FY14, compared to QAR 8 billion during FY13.