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.

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

• Completed the acquisition and consolidation of QAFAC, resulting in a bargain purchase gain and fair value gain.

• A provision for decommissioning and site restoration obligations was recognized, representing a significant portion of total liabilities.

Financial highlights

• Revenue increased 11% year-over-year to QAR 18.6 billion, supported by higher product prices and sales volumes.

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

• Free cash flow remained strong despite significant CAPEX and dividend payments; cash and bank balances stood at QAR 10.3 billion.

• No short- or long-term debt as of year-end 2025.

• Basic and diluted EPS was QAR 0.71, compared to QAR 0.77 in 2024.

Outlook and guidance

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

• 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 major investments in blue ammonia and PVC projects.

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