Industries Qatar (IQCD) Q1 2026 earnings summary

Executive summary

• Net profit for Q1 2026 was QR 734 million, down 26% year-over-year due to lower sales volumes, higher operating costs, and reduced other income, despite higher average selling prices.

• Revenue for Q1 2026 was QR 4,166 million, broadly stable year-over-year as higher prices offset lower volumes; sequentially, revenue declined 14% due to a 25% drop in sales volumes amid regional uncertainty and logistics disruptions.

• The group is a major regional player in petrochemicals, fertilizers, and steel, with production facilities in Qatar and a diversified revenue base.

• Market leader in steel and the world's largest single-site urea producer, supported by strong financials and robust governance.

• Strong financial position maintained with QR 8.4 billion in cash and no long-term debt as of March 31, 2026.

Financial highlights

• Net profit for Q1 2026: QR 734 million, down 26% year-over-year; adjusted net income up 4% sequentially excluding a prior one-off gain.

• Revenue for Q1 2026 was QR 4,166 million, stable year-over-year, but down 14% from Q4 2025.

• Average blended product prices rose 8% year-over-year to $531/ton; sales volumes fell 7% year-over-year and 25% sequentially.

• Free cash flow for the period was QR 0.7 billion after QR 1.1 billion in operating cash flow and QR 0.4 billion in capex.

• Cash and bank balances at March 31, 2026: QR 8.4 billion.

Outlook and guidance

• Regional conflict and closure of the Strait of Hormuz have disrupted supply chains, impacting production, sales volumes, and logistics.

• Demand-supply dynamics and tight market conditions may support higher selling prices, especially in steel and fertilizers.