Industries Qatar (IQCD) Q4 2024 earnings summary

Executive summary

• Reported consolidated net profit of QAR 4.5 billion for 2024, with EPS of QAR 0.74, reflecting a marginal decline year-over-year.

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

• Ranked #33 in Forbes' 2024 Top 100 Middle East companies, with strong market leadership in urea and steel.

• Major business events included the acquisition of Al Qataria and gaining control over QAFAC, both recognized as business combinations.

• Maintains a robust financial position, no long-term debt, and solid liquidity.

Financial highlights

• Revenue for 2024 was QAR 16.8 billion, down 1% year-over-year due to lower average selling prices, partially offset by higher volumes.

• Net profit for 2024 was QAR 4.5 billion, down from QAR 4.72 billion in 2023.

• EBITDA reached QAR 6.4 billion (38% margin), up from QAR 6.2 billion (37% margin) in 2023.

• Free cash flow remained strong despite significant CAPEX and dividend payments.

• Cash and bank balances at year-end ranged from QAR 3.43 billion to QAR 14.4 billion, reflecting dividend payouts and liquidity management.

Outlook and guidance

• No specific price or volume guidance provided due to market-driven volatility; fertilizer and chemical prices expected to stabilize in the second half of 2025.

• Blue ammonia project (QAFCO-7) to be operational in Q2 2026, with production dedicated to blue ammonia and expected to attract a premium.

• CAPEX of QAR 12.6 billion planned for 2025–2029, including major projects like QAFCO-7 and a new PVC plant.

• Management expects the impact of global minimum tax and new IFRS standards to be immaterial.