The Gulf’s second-largest chemical producer by market value made 2.08 billion riyals ($571.2 million), according to Reuters calculations, compared with 1.4 billion riyals a year earlier. 

The company reported a first-half net profit of 4.18 billion riyals ($1.15 billion), it said in a statement posted on Qatar’s bourse website.

Analysts polled by Reuters on average expected the company to post quarterly profit of 2.1 billion riyals.

Industries Qatar is one of the regional petrochemicals companies that have struggled through the global economic downturn, although market fundamentals have shown signs of recovery since late 2009. 

Qatar, whose economy is powering ahead at a double-digit clip, plans to spend over $125 billion in the next five years on construction and energy projects.

IQ shares closed down 1.22 percent at 138.20 on the Qatar bourse before the results were announced.