FOR IMMEDIATE RELEASE
Industries Qatar close the year with a commendable net profit of QR 4.3 billionThe Board of Directors recommends a dividend for 2H-25 of QR 0.45 per share, bringing the total dividend for the year to QR 0.71 per share. This equates to a full year payout ratio of 100% of net earnings for 2025.
Earnings per share (EPS) of QR 0.71 for the year compared to QR 0.77 (restated) for last year.
Operating income improved due to higher revenue, aided by improved volumes and prices.
Net income was lower against prior year mainly due to lower non-operating income.
Group's operations reached a new milestone with production and sales volumes reaching the highest since inception.
Group operations continued to remain robust amid routine maintenance shutdowns, with improved average reliability factor of around 98%.
Group's Steel Business Segment reached a new milestone by achieving highest sales volume of steel products in its history.
Group's liquidity continues to remain robust with total cash and bank balances of QR 10.3 billion, after paying 2H-2024 dividend of ~QR 2.6 billion and 2025 interim dividend of ~QR 1.6 billion.
Start-up activities for the PVC facility under QAPCO's petrochemical joint venture were initiated, with operations gradually ramping up in line with approved operational plans.
Group's fertilizer subsidiary QAFCO's ammonia project is in its final phase of construction and expected to be operational during Q2-2026.
Doha, Qatar; 11 February 2026: Industries Qatar ("IQ" or "the Group"; QE Ticker: IQCD), today announced a net profit of QR 4.3 billion for the year ended 31 December 2025, representing a decrease of 8% compared to last year.Commenting on the Group's financial and operational performance for the year ended on 31 December 2025, His Excellency Mr. Saad Sherida Al-Kaabi, Chairman of the Board of Directors and the Managing Director, said:
"The global economic landscape remained characterized by a complex environment, where slower growth intersected with moderating inflation, alongside emerging signs of a gradual shift toward more accommodative monetary policies. Global GDP recorded only modest expansion, with advanced economies experiencing subdued growth, while emerging markets demonstrated comparatively greater resilience and capacity to withstand external pressures. Despite these challenges and the volatility of the global economic environment, the Group succeeded in delivering strong operational and financial results, supported by its operational excellence, the strength of its cross-continental logistics networks, and the robustness of its financial position.
In closing, I am honored to extend my deepest gratitude and appreciation to His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, for his wise leadership, continued support, and guidance, which have laid a clear and enduring foundation for the development of the energy sector in the State of Qatar.
I also wish to express my sincere thanks to my fellow members of the Board of Directors, the senior management teams across our Group companies, and our marketing team for their dedication, professionalism, and unwavering commitment, which collectively contributed to the Group's strong operational and financial results despite macroeconomic volatility and global political uncertainty.
Finally, I extend my heartfelt appreciation to our valued shareholders for their continued trust and confidence."
Updates on macroeconomic environment
After navigating a few years of uncertainty underpinned by elevated energy prices, geo-political unpredictability, stricter regulatory requirements led policymakers to maintain tight monetary and fiscal policies to combat inflation. Global macroeconomic environment started to recover and stabilize in 2024 with moderating inflation, resilient growth, and improved supply-chain dynamics. Despite the presence of geo-political uncertainty, the global economy managed to record modest growth. 2025 was characterized by renewed uncertainty and fragilities. Growth slowed across most regions and segments, trade tensions intensified, fiscal pressures mounted, and inflation - while eased - faced renewed risks and challenges from trade and geopolitical fragmentation. The global macroeconomic environment became more uncertain and most of the risks decisively shifted towards the downside.
The petrochemical industry in 2025 operated in a complex macroeconomic environment shaped by trade tensions, geo-political pressures, energy market volatility, all of which directly influenced demand patterns, supply-chains, and pricing dynamics but somewhat aided by sustainability initiatives and circular production models. These macro-level pressures have contributed to regional divergences in competitiveness and tightened operating margins across the global operators. Despite these headwinds and challenges, the industry experiences moderate growth, supported by demand from packaging, automotive, construction, and consumer goods. On an overall basis, the industry expanded moderately with industrial diversification, coupled with resilient end-market demand which more than offset the drag from global slowdown.
The nitrogen fertilizer market moved through two distinct phases across 2024 and 2025 - stabilization and affordability improvement in 2024 following record nitrogen fertilizer prices in 2022 and 2023, then followed by tightened supply conditions and rising pricing pressures in 2025. 2024 saw a recovery in global fertilizer demand as farmer affordability improved and trade routes adjusted successfully despite sanctions and geopolitical disruptions. Nitrogen production broadly remained steady compared with 2023, supported by
lower natural gas price volatility, enabling producers to operate their facilities more profitably and predictably. More stable input conditions contributed to moderate decline in the average nitrogen fertilizer prices, and thereby improving farmer profitability. 2025 brought renewed price volatility driven by strong demand, supply constraints, and trade restrictions - especially from major exporters like China -tightening global nitrogen fertilizer availability. The supply was also further restricted by EU sanctions and tariffs on fertilizers from certain regions. Demand remained firm and slightly rose due to strong consumption and continued global food security concerns. Fertilizer prices thereby rose sharply due to strong demand, supply shortages and export controls which lead to affordability challenges for farmers globally.
The steel segment contracted in 2024 on the backdrop of weak demand in key sectors like construction and automative, along with rising operational costs. During 2024, the political and economic environment heavily influenced the sector, including persistent inflation pressures across major economies, high interest rates early in the year, heightened geopolitical tensions. For 2025, the global metal industry faced delicate balance with stable demand and improving price but overshadowed by geopolitical tensions and protectionist measures for local markets globally.
The regional steel industry stabilized with strong demand, accelerated growth, supply transformation amid presence of geopolitical and trade risks. The demand in the region was driven by a wave of sanctioned giga projects. Steel segment's growth accelerated with oil production normalizing while non-oil sectors expanded rapidly. Supply in the region moved towards self-sufficiency and eventual export expansion.
Operational performance updatesKey Performance Indicators
FY-25
FY-24
Var (%)
[YE-25
v. YE-24]
4Q-25
3Q-25
Var (%)
[4Q-25
v. 3Q-25]
Production (MT' Million)
18.1
17.1
6%
4.6
4.7
-1%
Utilization Rates (%)
95%
99%
-
98%
100%
-
Average Reliability Factor (%)
98%
97%
-
99%
97%
-
Group's operations continue to remain solid, stable, and reliable with a production volume of 18.2 million MT's, a new record for group's production in its operational history since 2003. This record marks group's commitment towards continuous investment in production facilities, its commitment towards its wellbeing via planned preventive maintenance activities and selective acquisition of production facilities.
The increase in year-on-year production was due to improved plant availability within the steel segment. Steel segment restarted its one of the DR facilities in the fourth quarter of 2024 and one of the Steel Melting facilities in the first quarter of 2025. The restart of these facilities supported the availability within steel segment.
On a quarter-on-quarter basis, production volumes marginally decreased versus the previous quarter amid planned shutdowns within the polyethylene segment.
Financial performance updates - FY-25 vs FY-24Key Performance Indicators
FY-25
FY-24
Var (%)
Average Selling Price (USD / MT)
477
457
4%
Sales Volumes (MT'000)
10,969
10,311
6%
Revenue (QR' billion)
18.6
16.8
11%
EBITDA (QR' billion)
6.4
6.4
0%
Net Profit (QR' billion)
4.3
4.7
-8%
Earnings per share (QR)
0.71
0.77
-8%
EBITDA (%)
34%
38%
-
Note: Revenue and EBITDA measures have been reported based on non-IFRS based proportionate consolidation Note: Net profit for 2024 has been restated.
Group reported a consolidated net profit of QR 4.3 billion for the year ended 31 December 2025, with a marginal decline versus YE-24. Despite the decline in net profit, EBITDA, however, remained broadly unchanged due to marginally improved operating profit. Group revenue for YE-25 improved moderately compared to YE-24. This improvement in revenue is primarily due to a combined effect of improved prices and sales volumes. Selling prices have improved marginally mainly driven by fertilizers while sales volumes have also grown with major contribution from the steel segment.
Analysis of IQ's net earnings - FY-25 vs FY-24
Group's financial performance for the year ended on 31 December 2025 was largely attributed to the following factors:
( Amounts in QR millions)Product prices
Blended average product selling prices marginally increased versus last year and contributed significantly to the group's net income. This positive contribution was driven by stabilization of prices over the last few quarters after peaking during second half of 2022. This price stability was supported by supply challenges arising from global and regional geo-political uncertainty, export restrictions by some major exporting economies, and export / trade bans on key commodity producers. On the other
hand, demand for downstream products remained fragmented, notably petrochemical products demand remained uneven due to capacity led pressure particularly in Asia and China. Fertilizer demand firmed up with farmers prioritizing buying due to policy-linked export restrictions and improved supply-chain dynamics. Steel demand remained mixed with demand in India, Asia (ex-China) and GCC showing positive momentum while Chinese steel demand skewed downside due to ongoing housing downturn and real estate concerns. The demand in USA and Europe stabilized with easing of monetary policies during the year.
Sales volumes
Sales volumes for YE-25 improved marginally versus YE-24, primarily owing to improved production (primarily in the steel segment) and stabilization of demand, resulting from gradual easing of macroeconomic challenges although supply challenges persisted due to export restrictions by larger producers, and export bans by some other countries which supported the group to capitalize on these opportunities. Increase in production was a key enabler for increased sales volumes during the year.
Operating costs
Operating costs for YE-25 increased moderately versus YE-24. This year-on-year increase in operating cost was driven by a few factors, namely higher sales volumes, increased feedstock costs those were linked to average product prices, revision to certain contracts, together with hike in general inflation.
Other Non-Operating Income
The financial performance for the year was also impacted due to lower one-off non-operating income in 2025. During this year, the group recorded total non-operating income of ~QR 0.9 billion comprising of interest and investment income of ~QR 0.5 billion, and other non-operating income of ~QR 0.4 billion. This other non-operating income includes QR 222 million relating to reversal of impairment of facilities which were previously mothballed within the steel segment. On a comparable basis, total other non-operating income reported in 2024 was QR 1.7 billion, resulting in a notable reduction in 2025. This reduction was due to lower interest and investment income on account of lower availability of investments funds coupled with lower interest rates. Additionally, the group also recognized ~QR
0.4 billion gain on acquisition of a subsidiary during the year ended 2024.
Analysis of IQ's net earnings - 4Q-25 vs 3Q-25
( Amounts in QR millions)