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 a robust financial position with QR 8.8–9.2 billion in cash 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

• Net profit declined 22% year-over-year; adjusted net income rose 20% sequentially after excluding a Q4 2024 one-off gain.

• Revenue fell 3% year-over-year but increased marginally from Q4 2024 due to higher selling prices.

• EBITDA margin for Q1 2025 was 36%, down from 42% in Q1 2024, but remained competitive.

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

• Dividend payout of QR 2.6 billion related to H2 2024 was completed.

Outlook and guidance

• Sales volumes expected to normalize in Q2 and Q3 as shutdowns subside and new steel capacity comes online.

• Fertilizer segment volumes and pricing anticipated to improve in Q2, supported by stable macroeconomic conditions.

• 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.

• Market conditions remain volatile, especially in steel and petrochemicals, with ongoing trade tensions.