MEED top 100 listed companies 2013: Industry

01 April 2013

The industrial sector should have a major role to play in the region

With economic diversification a key challenge facing the Gulf countries in particular, the industrial sector should have a major role to play in the region. Nonetheless, just three industrial groups have made it into the rankings this year, lead by Industries Qatar (IQ) in 3rd place.

The IQ group currently consists of four major companies, of which only Qatar Steel Company is wholly owned. The other three, Qatar Fertiliser Company (Qafco), Qatar Fuel Additives Company and Qapco , are all joint ventures with international firms such as France’s Total Petrochemicals in the case of Qapco and Yara Netherland in the case of Qafco. In 2012 IQ’s assets grew by 3.4 per cent to reach QR40.2bn ($11bn) by the end of the year. Revenues were up 2 per cent to QR18.7bn and the net profit grew 6 per cent to QR8.4bn.

The other two industrial companies in the list are both from Saudi Arabia and both dropped places in the list this year. The National Industrialization Company (Tasnee) fell by 12 places in the list this year to 43rd position. The company, which is involved in petrochemicals, chemicals and metals, saw its revenues fall last year to SR5.8bn ($1.5bn), compared to SR7bn in 2011. Its net profit also dropped, from SR2.4bn in 2011 to SR1.8bn in 2012.

In contrast, the revenues of Saudi Industrial Investment Group rose by 23 per cent, from SR845.8m in 2011 to just over SR1bn in 2012. The company’s net profit also rose, albeit at a far slower rate, from SR528.5m in 2011 to SR538.7m last year. However, that performance did not prevent the company slipping back in the Top 100 rankings by 6 positions to 80th place.

One heavy industry company, Iran’s Gol e Gohar Iron Ore, dropped out of the Top 100 this year, having been in 94th position in last year’s table.

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