Industries Qatar (IQCD) Q4 2025 earnings summary

Executive summary

• Reported net profit of QAR 4.3 billion for 2025, down 8% year-over-year, with EPS at QAR 0.71.

• Group revenue rose 11% to QAR 18.6 billion, driven by higher selling prices and sales volumes.

• No short- or long-term debt; cash and bank balances at QAR 10.3 billion as of year-end.

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

• The Group completed the acquisition of Qatar Fuel Additives Company Limited (QAFAC), consolidating it as a subsidiary from June 2024.

Financial highlights

• Net profit declined 8% year-over-year, mainly due to lower non-operating income and increased costs.

• Revenue increased 11% year-over-year, supported by a 4% rise in blended product prices and 6% higher sales volumes.

• EBITDA margin decreased to 34% from 38% in 2024.

• Free cash flow generation remained strong despite significant CAPEX and dividend payments; cash balance at year-end was QR 10.3 billion.

• Non-operating income dropped to QAR 0.9 billion from QAR 1.7 billion in 2024, mainly due to lower investment income and absence of prior year acquisition gains.

Outlook and guidance

• CapEx guidance of QAR 10.5 billion over the next five years, with major investments in blue ammonia and PVC projects.

• Blue ammonia (QAFCO-7) project expected to complete in Q1/Q2 2026, ramping up to 1.2 million tons/year.

• Full utilization of new PVC facility targeted for 2026, with 350,000 tons/year capacity.

• The Group is assessing the impact of IFRS 18, effective from 2027, on financial statement structure and disclosures.

• Routine plant turnarounds planned for fertilizer segment in 2026, not expected to materially impact production.