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

• Net profit: QAR 4.5 billion, down from QAR 4.72 billion year-over-year, impacted by lower prices and reduced one-off income.

• EBITDA: QAR 6.4 billion, up from QAR 6.2 billion last year.

• Cash and bank balances at QAR 11.4 billion as of year-end; no long-term debt.

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

Outlook and guidance

• No specific price or volume guidance provided due to commodity-driven volatility.

• Blue ammonia project (QAFCO-7) to start in Q2 2026, with commercial ramp-up in Q3/Q4 2026; project fully funded internally.

• Fertilizer and chemical prices expected to stabilize in the second half of 2025, barring major disruptions.

• Maintenance CapEx expected at QAR 400–500 million annually, with major turnarounds in 2027–2028.

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