Industries Qatar (IQCD) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 was QAR 1.96–2 billion, down 27% year-over-year, mainly due to lower operating margins, absence of prior year one-off gains, and higher costs.

• Revenue increased 5–28% year-over-year to QAR 7.3–8.7 billion, driven by higher average product prices and stable or higher sales volumes.

• Interim cash dividend of QAR 0.26 per share was approved, representing 80% payout of net profit.

• The period included the full consolidation of QAFAC as a subsidiary, impacting comparability with prior periods.

• Asia remains the largest market, with significant revenue from fertilizers and petrochemicals.

Financial highlights

• EBITDA for H1 2025 was QAR 3 billion with a margin of 35%, compared to QAR 3.4 billion and 41% margin in H1 2024.

• Earnings per share declined to QAR 0.32 from QAR 0.44 year-over-year.

• Group cash and bank balances stood at QAR 9.9 billion as of June 30, 2025, with no long-term debt.

• Free cash flow generated was QAR 0.6 billion after QAR 1.2 billion in capital expenditure.

• Gross margin was 21.6% for H1 2025, down from 23.7% in H1 2024.

Outlook and guidance

• Urea prices expected to remain strong for the next two quarters, supported by high demand and export restrictions.

• Planned 90-day shutdown in Q4 for a petrochemical asset, not expected to significantly impact production.

• Major investments in Blue Ammonia and PVC projects are underway to support future growth.

• CAPEX planned at QAR 12.6 billion for 2025–2029, with flexibility to defer or cancel projects.

• Management notes H1 2025 results are not necessarily indicative of full-year performance.