Industries Qatar (IQCD) Q3 2025 earnings summary

Executive summary

• Net profit for the nine months ended 30 September 2025 was QAR 3.37 billion, down 12% year-over-year, but nearly flat when excluding prior-year one-offs.

• Q3 2025 was the strongest quarter, with net earnings up 47% sequentially, driven by fertilizer market strength.

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

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

• Maintains a robust financial position with no long-term debt and strong liquidity.

Financial highlights

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

• EPS for the period was QAR 0.56, compared to QAR 0.64 in 2024.

• Blended product prices increased 6% year-over-year, contributing QAR 457 million to net earnings.

• Sales volumes rose 2% year-over-year, adding QAR 620 million to net earnings.

• Operating costs increased, negatively impacting net earnings by QAR 785 million due to higher variable and feedstock costs.

Outlook and guidance

• Fertilizer prices are expected to remain influenced by global supply-demand dynamics, seasonality, and macroeconomic factors.

• Blue Ammonia and PVC plant projects are under construction, with start-ups expected in 2026 and 2H-2025, respectively.

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

• No major unplanned shutdowns are anticipated in Q4; normal maintenance is scheduled.

• Lower interest rates and improved global economic indicators could support commodity prices and demand.