Industries Qatar (IQCD) Q3 2025 earnings summary

Executive summary

• Net profit for the nine months ended 30 September 2025 was QAR 3.4 billion, down 12% year-over-year, but nearly flat when excluding prior-year one-off gains.

• Revenue for the nine months rose 8% year-over-year to QAR 13.7 billion, supported by higher average selling prices and sales volumes.

• Third quarter was the strongest of the year, with net earnings of QAR 1.4 billion, up 47% sequentially from Q2, driven by fertilizer market strength.

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

• Ranked #37 in Forbes' 2025 Top 100 Middle East Listed Companies, with strong market positioning and robust liquidity.

Financial highlights

• EBITDA for the nine months was QAR 5 billion, with a margin of 36% (down from 39% last year).

• Earnings per share for the period was QAR 0.56, compared to QAR 0.64 in 2024.

• Cash and bank balances stood at QAR 9.5 billion after dividend payments totaling QAR 4.2 billion.

• No long-term debt; total assets QAR 41 billion, equity QAR 37.1 billion as of 30 September 2025.

• Positive operating cash flow of QAR 3.4 billion and free cash flow of QAR 1.9 billion.

Outlook and guidance

• Management expects continued operational resilience and is well-positioned for Q4, with fertilizer prices and margins dependent on market dynamics and seasonality.

• No major unplanned shutdowns anticipated; normal maintenance activities expected.

• Blue Ammonia project construction is progressing as planned, with updates to be provided closer to completion.

• New PVC plant under construction, with start-up expected in 2H-2025.

• Both major projects are fully funded and expected to enhance product portfolio and sustainability profile.