Industries Qatar (IQCD) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 declined 27% year-over-year to between QAR 1.955 billion and QAR 2 billion, mainly due to lower operating margins, absence of one-off gains, and higher costs.

• Revenue increased year-over-year, with figures reported as QAR 8.7 billion (5% growth) and QAR 7.3 billion (28% growth), driven by higher average product prices and sales volumes, especially in fertilizers and steel.

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

• The group maintains a robust financial position with QAR 9.9 billion in cash and no long-term debt as of June 2025.

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

Financial highlights

• EBITDA for H1 2025 was QAR 3 billion (35% margin), down from QAR 3.4 billion (41% margin) in H1 2024.

• Earnings per share for H1 2025 was QAR 0.32, compared to QAR 0.44 in H1 2024.

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

• Total assets reached QAR 41.4 billion and equity QAR 357.3 billion as of June 30, 2025.

• Cash and cash equivalents at June 30, 2025, were QAR 3,112 million.

Outlook and guidance

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

• Market conditions remain volatile due to geopolitical tensions, trade shifts, and tight monetary policy.

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

• Blue Ammonia and PVC projects are expected to enhance future growth and sustainability.

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