Industries Qatar (IQCD) Q1 2025 earnings summary

Executive summary

• Consolidated net profit for Q1 2025 was QR 993 million, down 22% year-over-year, with EPS of QR 0.16.

• Revenue for Q1 2025 was QR 4,141 million, down 3% year-over-year but up 1% sequentially.

• Operates across petrochemicals, fertilizers, and steel, with production facilities in Qatar and a diversified revenue base.

• Maintains strong financial position, robust liquidity, and no long-term debt as of March 2025.

• Ranked #33 in Forbes' 2024 Top 100 Middle East Listed Companies and #2 by market cap among regional peers.

Financial highlights

• EBITDA for Q1 2025 was QR 1.5 billion, with margin at 36%, down from 42% in Q1 2024.

• Gross profit for Q1 2025 was QR 829 million, slightly down from QR 841 million year-over-year.

• Cash and bank balances declined to QR 8.8 billion due to dividend payments.

• Positive operating cash flow of QR 670 million and QR 640 million invested in capex.

• Earnings per share for the quarter were QR 0.16, compared to QR 0.21 in Q1 2024.

Outlook and guidance

• Sales volumes expected to normalize in Q2 and Q3, with additional volumes from restarted steel facilities.

• Blue Ammonia and new PVC projects underway, with Blue Ammonia startup expected in 2026.

• CAPEX planned at QR 12.6 billion for 2025-2029, with flexibility to defer or cancel projects based on market conditions.

• Planned fertilizer plant shutdown expected in Q2 or Q3, with mitigation strategies in place.