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 average selling prices and sales volumes.

• Incorporated in 2003, the group is a leading regional producer of petrochemicals, fertilizers, and steel, with operations primarily in Qatar and a diversified global customer base.

• Board proposed total dividends of QAR 4.3 billion (QAR 0.71/share), representing a 100% payout ratio, pending AGM approval.

• S&P reaffirmed AA- credit rating with stable outlook, reflecting strong business and financial position.

Financial highlights

• EBITDA remained stable at QAR 6.4 billion, but margin declined to 34% from 38% in 2024.

• Net profit declined 8% year-over-year to QAR 4.3 billion, mainly due to higher operating costs, lower investment income, and absence of prior-year one-off gains.

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

• No short- or long-term debt as of 31 Dec 2025; total assets QAR 43.1 billion, equity QAR 37.9 billion.

• Non-operating income dropped to QAR 0.9 billion from QAR 1.7 billion in 2024, mainly due to lower investment income.

Outlook and guidance

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

• Full utilization of new PVC facility expected in 2026, targeting 350,000 tons/year.

• Major planned turnaround in fertilizer segment (QAFCO-2) in 2026; no significant impact on overall production expected.

• CapEx guidance of QAR 10.5 billion over five years, with 80% allocated to QAFCO.

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