INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REVIEW REPORT
For the six-month period ended June 30, 2025
INDEX | Page |
Independent auditor's review report | -- |
Interim condensed consolidated statement of financial position | 1 - 2 |
Interim condensed consolidated statement of profit or loss | 3 |
Interim condensed consolidated statement of comprehensive income | 4 |
Interim condensed consolidated statement of changes in equity | 5 |
Interim condensed consolidated statement of cash flows | 6 - 7 |
Notes to the interim condensed consolidated financial statements | 8 - 18 |
Deloitte and Touche - Qatar Branch Al Ahli Bank Building
Suhaim Bin Hamad Street Al Sadd Area
Doha, P.O. Box 431 The State of Qatar
Tel: +974 443-41112
Fax:+974 4442 2131
https://www.deloitte.com
QR. 21398 RN: 308/JK/FY2026 INDEPENDENT AUDITOR'S REVIEW REPORT To The Shareholders Qatari Investors Group Q.P.S.C. Doha - Qatar IntroductionWe have reviewed the interim condensed consolidated statement of financial position of Qatari Investors Group Q.P.S.C. (the "Company") and its subsidiaries (together referred to as the "Group") as at June 30, 2025 and the related interim condensed consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the six-month period then ended, and material accounting policy information and other explanatory notes. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Accounting Standard 34 Interim Financial Reporting. Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of ReviewWe conducted our review in accordance with International Standard on Review Engagements 2410: "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
ConclusionBased on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34.
Doha - Qatar For Deloitte and Touche August 4, 2025 Qatar Branch Joseph Khalife Partner License No. 433 QFMA Auditor License No. 120156
As at June 30, 2025
June 30, | December 31, | ||
2025 | 2024 | ||
Notes | (Reviewed) | (Audited) | |
QR. | QR. | ||
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 4 | 2,068,644,685 | 2,103,569,215 |
Right of use assets | 5 | 75,181,753 | 104,961,573 |
Investment properties | 6 | 860,902,501 | 838,016,722 |
Goodwill | 230,506,403 | 230,506,403 | |
Investment in associates Financial assets at fair value through other | 7 | 24,275,460 | 21,274,863 |
comprehensive income | 9,832,885 | 8,964,576 | |
Derivative financial asset | 8 | 33,376,590 | 50,142,720 |
Total non-current assets | 3,302,720,277 | 3,357,436,072 | |
Current assets | |||
Derivative financial asset | 8 | 11,125,530 | 14,326,492 |
Contract assets | 2,827,159 | 2,444,321 | |
Inventories | 9 | 316,972,644 | 320,279,337 |
Prepayments and other debit balances | 10 | 64,546,871 | 64,914,342 |
Advances to contractors and suppliers | 3,014,661 | 2,967,757 | |
Due from related parties | 10,970,231 | 11,777,591 | |
Accounts receivable | 11 | 130,485,237 | 136,388,044 |
Cash and bank balances | 12 | 554,569,469 | 643,715,564 |
Total current assets | 1,094,511,802 | 1,196,813,448 | |
Total assets | 4,397,232,09 | 4,554,249,520 | |
These interim condensed consolidated financial statements were approved on August 04, 2025 by the Board of Directors and were signed on their behalf by:
Abdulla Bin Nasser Al-Misnad
Chairman
This statement has been prepared by the Group and stamped on by the Auditors for identification purposes only.
As at June 30, 2025
June 30, | December 31, | ||
2025 | 2024 | ||
Notes | (Reviewed) | (Audited) | |
EQUITY | QR. | QR. | |
Share capital | 1,243,267,780 | 1,243,267,780 | |
Legal reserve | 621,653,890 | 621,633,890 | |
Fair value reserve | 6,217,084 | 5,348,775 | |
Hedging reserve | 44,502,120 | 64,469,212 | |
Property revaluation reserve | 4 | 8,660,631 | |
Retained earnings | 1,017,470,879 | 945.749,529 | |
Proposed dividends | 161,624,811 | ||
Equity attributable to the shareholders of the Company | 2,941,752,384 | 3,042,093,997 | |
Non-controlling interests | (6,556,680) | (5,454,621) | |
Total equity | 2,935,195,704 | 3,036,639,376 | |
LIABILITIES | |||
Non-current liabilities | |||
Bank borrowings | 13 | 747,215,162 | 806,612,915 |
Lease liabilities | 14 | 60,347,868 | 88,901,063 |
Employees' end of service benefits | 10,568,028 | 10,516,783 | |
Total non-current liabilities | 818,131,058 | 906,030,761 | |
Current liabilities | |||
Bank borrowings | 13 | 127,237,795 | 126,940,055 |
Lease liabilities | 14 | 20,237,730 | 22,484,427 |
Accounts payable | 34,482,550 | 34,187,021 | |
Due to related parties | 1,548,490 | 2,789,202 | |
Retention payables | 6,313,445 | 6,942,765 | |
Notes payable | 3,571,695 | 2,645,725 | |
Accruals and other liabilities | 450,513,612 | 415,590,188 | |
Total current liabilities | 643,905,317 | 611,579,383 | |
Total liabilities | 1,462,036,375 | 1,517,610,144 | |
Total equity and liabilities | 4,397,232,079 | 4,554,249,520 | |
These interim condensed consolidated financial statements were approved on August 04, 2025, by the Board of Directors and were signed on ther
Abdulla Bin Nasser AI-Misnad
Chairman
This statement has been prepared by the Group and stamped on by the Auditors for identification purposes only.
For the six-month period | |||
ended June 30, | |||
2025 | 2024 | ||
Notes | (Reviewed) | (Reviewed) | |
QR. | QR. | ||
Revenue | 15 | 296,790,696 | 246,731,108 |
Cost of revenue | (185,402,062) | (122,106,023) | |
Gross profit | 111,388,634 | 124,625,085 | |
Income from short-term deposits and saving accounts | 9,505,053 | 12,391,127 | |
Other income | 12,409,129 | 13,080,130 | |
Investment income | 1,615,600 | 1,269,400 | |
Share of profits of associates | 4,282,344 | 5,978,061 | |
Selling and distribution expenses | (1,924,296) | (1,944,957) | |
General and administrative expenses | (47,779,704) | (64,073,938) | |
Finance costs | (17,540,296) | (19,016,112) | |
Net profit for the period before income tax | 71,956,464 | 72,308,796 | |
Income tax expense | (1,337,173) | (2,192,292) | |
Net profit for the period after income tax | 70,619,291 | 70,116,504 | |
Attributable to: | |||
Shareholders of the Company | 71,721,350 | 70,673,580 | |
Non-controlling interests | (1,102,059) | (557,076) | |
70,619,291 | 70,116,504 | ||
Basic and diluted earnings per share | 16 | 0.06 | 0.06 |
For the six-month period | |||
ended June 30, | |||
2025 | 2024 | ||
(Reviewed) | (Reviewed) | ||
QR. | QR. | ||
Net profit for the period after income tax | 70,619,291 | 70,116,504 | |
Other comprehensive income | |||
Net change in fair value of investments designated at FVTOCI | 868,309 | (533,718) | |
Property revaluation surplus | 8,660,631 | -- | |
Change in fair value of cash flow hedging derivatives | (19,967,092) | (1,453,352) | |
Total comprehensive income for the period after income tax | 60,181,139 | 68,129,434 | |
Attributable to: | |||
Shareholders of the Company | 61,283,198 | 68,686,510 | |
Non-controlling interests | (1,102,059) | (557,076) | |
60,181,139 | 68,129,434 | ||
QATARI INVESTORS GROUP Q.P.S.C.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six-month period ended June 30, 2025
Share capital | Legal reserve | Fair value reserve | Hedging reserve | Property Revaluation reserve | Retained earnings | Proposed dividend | Attributable to the shareholders of the Company | Non-controlling interests | Total | ||||||||||
QR. | QR. | QR. | QR. | QR. | QR. | QR. | QR. | QR. | QR. | ||||||||||
Balance as at January 1, 2024 (Audited) | 1,243,267,780 | 621,633,890 | 5,882,493 | 85,864,500 | -- | 946,225,789 | 186,490,167 | 3,089,364,619 | (5,116,157) | 3,084,248,462 | |||||||||
Net profit for the period after income tax | -- | -- | -- | -- | 70,673,580 | -- | 70,673,580 | (557,076) | 70,116,504 | ||||||||||
Other comprehensive income for the period after income tax | -- | -- | (533,718) | (1,453,352) | -- | -- | -- | (1,987,070) | -- | (1,987,070) | |||||||||
Total comprehensive income for the period after income tax | -- | -- | (533,718) | (1,453,352) | -- | 70,673,580 | -- | 68,686,510 | (557,076) | 68,129,434 | |||||||||
Dividend paid* | -- | -- | -- | -- | -- | -- | (186,490,167) | (186,490,167) | -- | (186,490,167) | |||||||||
Balance as at June 30, 2024 (Reviewed) | 1,243,267,780 | 621,633,890 | 5,348,775 | 84,411,148 | -- | 1,016,899,369 | -- | 2,971,560,962 | (5,673,233) | 2,965,887,729 | |||||||||
Balance as at January 1, 2025 (Audited) | 1,243,267,780 | 621,633,890 | 5,348,775 | 64,469,212 | -- | 945,749,529 | 161,624,811 | 3,042,093,997 | (5,454,621) | 3,036,639,376 | |||||||||
Net profit for the period after income tax | -- | -- | -- | -- | -- | 71,721,350 | -- | 71,721,350 | (1,102,059) | 70,619,291 | |||||||||
Other comprehensive income for the period after income tax | -- | -- | 868,309 | (19,967,092) | 8,660,631 | -- | -- | (10,438,152) | -- | (10,438,152) | |||||||||
Total comprehensive income for the period after income tax | -- | -- | 868,309 | (19,967,092) | 8,660,631 | 71,721,350 | -- | 61,283,198 | (1,102,059) | 60,181,139 | |||||||||
Dividend paid* | -- | -- | -- | -- | -- | -- | (161,624,811) | (161,624,811) | -- | (161,624,811) | |||||||||
Balance as at June 30, 2025 (Reviewed) | 1,243,267,780 | 621,633,890 | 6,217,084 | 44,502,120 | 8,660,631 | 1,017,470,879 | -- | 2,941,752,384 | (6,556,680) | 2,935,195,704 |
* During the period, cash dividends of QR. 0.13 per share amounting to QR. 161.62 million relating to 2024 were approved by the shareholders at the Annual General Assembly Meeting held on March 18, 2025 (June 30, 2024: QR. 0.15 per share amounting to QR. 186.49 million relating to 2023).
This statement has been prepared by the Group and stamped on by the Auditors for identification purposes only.
For the six-month period | ||||
ended June 30, | ||||
2025 | 2024 | |||
Notes | (Reviewed) | (Reviewed) | ||
QR. | QR. | |||
OPERATING ACTIVITIES | ||||
Net profit for the period before income tax | 71,956,464 | 72,308,796 | ||
Adjustments for: | ||||
Depreciation of property, plant and equipment | 4 | 31,055,946 | 31,823,940 | |
Amortization of right-of-use assets | 5 | 10,405,980 | 11,755,890 | |
Accrued finance cost | 33,545,844 | 40,748,400 | ||
Interest expense on lease liabilities | 14 | 3,179,992 | 4,279,938 | |
Share of profits of associates | 7 | (4,282,344) | (5,978,061) | |
Provision for advances to supplier | 74,536 | (46,142) | ||
Net movement in provision for inventory | 9 | -- | (2,515,376) | |
Net movement in provision for impairment of accounts receivable | 11 | (215,194) | 920,471 | |
Gain on lease modification | (1,218,331) | -- | ||
Gain on disposal of property, plant and equipment | (663,880) | (1,712,590) | ||
Employees' end of service benefits | 795,309 | 1,127,216 | ||
144,634,322 | 152,712,482 | |||
Movements in working capital: | ||||
Inventories | 3,306,693 | (23,027,567) | ||
Prepayments and other debit balances | 367,471 | (3,530,217) | ||
Advances to contractors and suppliers | (121,440) | (12,648,141) | ||
Due from related parties | 807,360 | 2,501,959 | ||
Accounts receivable | 6,118,001 | 42,833,763 | ||
Contract assets | (382,838) | 6,182,820 | ||
Accounts payable | 690,152 | (6,090,309) | ||
Due to related parties | (1,240,712) | 1,383,597 | ||
Retention payables | (629,320) | (1,507,441) | ||
Accruals and other liabilities | 5,273,163 | (19,386,497) | ||
Cash generated from operations | 158,822,852 | 139,424,449 | ||
Employees' end of service benefits paid | (744,064) | (1,254,021) | ||
Income tax paid | -- | (535,515) | ||
Interest paid on lease liabilities | (3,179,992) | (4,279,938) | ||
Finance cost paid | (40,288,832) | (43,778,377) | ||
Net cash generated from operating activities | 114,609,964 | 89,576,598 | ||
This statement has been prepared by the Group and stamped on by the Auditors for identification purposes only.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six-month period | ||||
ended June 30, | ||||
2025 | 2024 | |||
Notes | (Reviewed) | (Reviewed) | ||
QR. | QR. | |||
INVESTING ACTIVITIES | ||||
Proceeds from disposal of property, plant and equipment | 1,925,224 | 3,976,782 | ||
Additions to property, plant and equipment | 4 | (9,912,266) | (18,437,681) | |
Additions to investment properties | (2,100,265) | (398,566) | ||
Net movement in term deposits maturing after three months | -- | 165,000,000 | ||
Dividend from investments in associates | 1,281,747 | 400,628 | ||
Net cash (used in) / generated from investing activities | (8,805,560) | 150,541,163 | ||
FINANCING ACTIVITIES | ||||
Proceed from bank borrowings | 3,579,957 | -- | ||
Repayment of bank borrowings | (55,936,983) | (52,419,268) | ||
Payment of lease liabilities | (10,207,721) | (6,279,099) | ||
Payment of social and sports fund contribution | (4,132,014) | (4,662,665) | ||
Notes payable | 925,970 | (1,307,989) | ||
Dividend paid | (161,624,811) | (186,490,167) | ||
Net cash used in financing activities | (227,395,602) | (251,159,188) | ||
Net decrease in unrestricted cash and cash equivalents | (121,591,198) | (11,041,427) | ||
Unrestricted cash and cash equivalents at the beginning of the period | 408,319,260 | 390,936,504 | ||
Unrestricted cash and cash equivalents at the end of the period | 12 | 286,728,062 | 379,895,077 | |
This statement has been prepared by the Group and stamped on by the Auditors for identification purposes only.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
-
INCORPORATION AND ACTIVITIES
Qatari Investors Group Q.P.S.C. (the "Company") is a Qatari Public Shareholding Company incorporated in the state of Qatar on May 4, 2006, in accordance with the Qatar Commercial Companies Laws and the terms of its Articles of Association. The Company operates under commercial registration No. 32831.
The Company is primarily engaged in investing in shares and other financial instruments, managing and providing support to its subsidiaries, ownership, leasing of patent, trademarks and investment properties.
The address of the Company's head office is QIG Tower, Lusail, Qatar.
The interim condensed consolidated financial statements comprise the interim financial statements of the Company and of its subsidiaries (collectively "the Group").
The Group controls the following entities as at June 30, 2025:
Name of subsidiary
Place of
incorporation
Ownership
interest
Principal Activity
QIG Industries L.L.C.*
Qatar
100%
Mechanical and industrial engineering equipment
QIG Technology Company L.L.C.*
Qatar
100%
Information technology services
QIG Projects Development L.L.C.*
Qatar
100%
Industry equipment works
QIG Property L.L.C.
Qatar
100%
Real estate
The Investors Company L.L.C.
Qatar
100%
Trading of construction materials, equipment and
trucks
Qatari Investment Group L.L.C.
Qatar
100%
Investment and other
trading
QIG Marine Services Company L.L.C.
Qatar
100%
Marine services and shipping
QIG Trading Company L.L.C.
Qatar
100%
Various trading activities
QIG Financial Services L.L.C.
Qatar
100%
Financial services
QIG Contracting L.L.C.
Qatar
100%
Contracting services
Qatari Group for Investment L.L.C.
Qatar
100%
Investment and other
trading
* These entities hold investments in Al Khalij Cement Company L.L.C, International Technical and Trading Company L.L.C., Qatar Security Systems L.L.C. and Mobility Car Rental L.L.C, respectively. The Group has control of these entities and accordingly, accounts for these as subsidiaries. The results of the subsidiaries have been consolidated in these financial statements
During the period, United Marine Service L.L.C. and Smart Logistics L.L.C. ceased their operations and transferred their residual assets to their immediate parent companies, QIG Marine Services Company L.L.C. and QIG Projects Development L.L.C respectively, which are fully owned subsidiaries of the Group.
-
BASIS OF PREPARATION
The interim condensed consolidated financial information for the six-month period ended June 30, 2025, have been prepared in accordance with "IAS 34: Interim Financial Reporting" under the historical cost convention.
The interim condensed consolidated financial information does not include all information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024. In addition, results for the six-month period ended June 30, 2025, are not necessarily indicative of the results that may be expected for the financial year ending December 31, 2025.
The interim condensed consolidated financial information is prepared in Qatari Riyals, which is the Company's functional and presentation currency.
Judgments, estimates and risk management
The preparation of the interim condensed consolidated financial information requires management to make judgments, estimates and assumptions that affects the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Group's annual consolidated financial statements for the year ended December 31, 2024.
-
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024, and the notes attached thereto, except for the adoption of certain new and revised standards as set out below:
New and amended IFRS Accounting Standards in issue but not yet effective and not early adoptedThe Group has not early adopted the following new and amended standards and interpretations that have been issued but are not yet effective.
Topic
Effective for annual periods
beginning on or after
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates titled Lack of Exchangeability
Effective for annual periods
beginning after January 1, 2025.
Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments
January 1, 2026. Earlier application is permitted
IFRS 18: Presentation and Disclosures in Financial Statement
January 1, 2027. Earlier application is permitted
IFRS 19: Subsidiaries without Public Accountability: Disclosures
January 1, 2027. Earlier
application is permitted
Management anticipates that these new standards, interpretations and amendments will be adopted in the Group's financial statements as and when they are applicable and adoption of these new standards, interpretations and amendments may have no material impact on the financial statements of the Company in the period of initial application.
-
PROPERTY, PLANT AND EQUIPMENT
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Net book value at January 1,
2,103,569,215
2,138,581,826
Additions during the period / year
9,912,266
35,556,697
Revaluation surplus during the period*
8,660,631
--
Transfers to investment properties
(20,785,514)
--
Disposals and write off during the period / year - net
(1,655,967)
(4,219,542)
Depreciation for the period / year
(31,055,946)
(66,349,766)
Net book value as at June 30, / December 31,
2,068,644,685
2,103,569,215
Certain plant assets are possessory mortgage to secure the credit facilities (Note 13).
* During the period, the Group transferred a portion owner occupied property to investment properties at fair value, which resulted in a revaluation surplus of QR. 8,660,631 that was recognized to other comprehensive income in property revaluation reserve under equity.
-
RIGHT-OF-USE ASSETS
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Cost:
Balance as at January 1,
167,627,531
170,895,785
Additions during the period / year
1,052,376
469,432
Modification / completion during the period / year
(34,542,623)
(3,737,686)
134,137,284
167,627,531
Accumulated amortization:
Balance as at January 1,
62,665,958
42,658,810
Charge for the period / year
10,405,980
23,744,834
Modification / completion during the period / year
(14,116,407)
(3,737,686)
58,955,531
62,665,958
Net book value as at June 30, / December 31,
75,181,753
104,961,573
-
INVESTMENT PROPERTIES
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Net book value at January 1,
838,016,722
821,050,455
Additions during the period / year
2,100,265
3,948,932
Transfers from property, plant and equipment
20,785,514
--
Net changes in fair value during the period / year
--
13,017,335
Net book value as at June 30, / December 31,
860,902,501
838,016,722
The fair value of the Group's investment properties as at December 31, 2024, are arrived on the basis of a valuation carried out at the date by a qualified, external, independent property valuer certified in the State of Qatar and they have appropriate recognized qualifications and relevant experience in the location and category of the properties being valued.
-
INVESTMENTS IN ASSOCIATES
The Group has interests in associate companies which are all incorporated in Qatar with a profit-sharing percentage varying between 20% to 50%. Despite holding more than 50% of the shareholding of these companies, based on contractual arrangements, the Group does not have control over the financial and operating policy decisions and hence has a significant influence only over the associate companies as of June 30, 2025. Movement in the investments in associates balance during the period/ year is as follows:
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Balance as at January 1,
21,274,863
29,094,355
Share of profit from investments in associates
4,282,344
(4,121,903)
Dividend received from investment in associates
(1,281,747)
(3,697,589)
Balance as at June 30, / December 31,
24,275,460
21,274,863
-
DERIVATIVE FINANCIAL ASSET
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Interest rate swaps- cash flow hedges
44,502,120
64,469,212
Classified as:
Current portion
11,125,530
14,326,492
Non-current portion
33,376,590
50,142,720
44,502,120
64,469,212
-
INVENTORIES
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Finished goods
3,466,106
3,382,189
Semi-finished goods
234,403,133
239,083,955
Raw materials
26,691,554
18,598,868
Goods-in-transit
--
145,376
Spare parts
54,893,994
61,551,092
319,454,787
322,761,480
Less: provision for inventories
(2,482,143)
(2,482,143)
316,972,644
320,279,337
The movement in the provision for inventories is as follows:
Balance as at January 1,
2,482,143
3,542,262
Net movement during the period / year
--
(1,060,119)
Balance as at June 30, / December 31,
2,482,143
2,482,143
-
PREPAYMENTS AND OTHER DEBIT BALANCES
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Accrued income
5,314,341
4,268,171
Prepayments
5,953,606
4,337,236
Refundable deposits
28,905,366
28,569,985
Due from staff
1,638,323
1,751,861
Others*
22,735,235
25,987,089
64,546,871
64,914,342
*This mainly include the amount of accrued interest recoverable as a result of hedging.
- ACCOUNTS RECEIVABLE
June 30, | December 31, | |
2025 | 2024 | |
(Reviewed) | (Audited) | |
QR. | QR. | |
Accounts receivable | 154,543,217 | 160,661,218 |
Less: loss allowance | (24,057,980) | (24,273,174) |
130,485,237 | 136,388,044 |
The aging of accounts receivable was as follows:
June 30, 2025 | Less than 90 Days | 91 to 180 Days | 181 to 270 days | 271 to 365 days | More than 365 days | Total |
QR. | QR. | QR. | QR. | QR. | QR. | |
Expected credit loss rate | 1.65% | 1.47% | 2.43% | 34.27% | 100.00% | |
Estimated total gross carrying amount at default | 107,774,207 | 15,503,276 | 6,044,344 | 5,042,178 | 20,179,212 | 154,543,217 |
Lifetime ECL | (1,775,705) | (228,224) | (146,710) | (1,728,129) | (20,179,212) | (24,057,980) |
105,998,502 | 15,275,052 | 5,897,634 | 3,314,049 | -- | 130,485,237 | |
December 31, 2024 | Less than 90 Days | 91 to 180 Days | 181 to 270 days | 271 to 365 days | More than 365 days | Total |
QR. | QR. | QR. | QR. | QR. | QR. | |
Expected credit loss rate | 1.64% | 8.78% | 8.30% | 23.29% | 100.00% | |
Estimated total gross carrying amount at default | 105,579,174 | 20,393,289 | 11,125,162 | 4,873,766 | 18,689,827 | 160,661,218 |
Lifetime ECL | (1,734,995) | (1,790,326) | (923,112) | (1,134,914) | (18,689,827) | (24,273,174) |
103,844,179 | 18,602,963 | 10,202,050 | 3,738,852 | -- | 136,388,044 |
-
ACCOUNTS RECEIVABLE (CONTINUED)
The movement in the provision for loss allowance was as follows:
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Balance as at January 1,
24,273,174
18,690,369
Net movement during the period / year
(215,194)
5,582,805
Balance as at June 30, / December 31,
24,057,980
24,273,174
-
CASH AND BANK BALANCES
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Cash on hand
527,112
532,566
Bank balances:
Current accounts
174,265,871
125,854,466
Saving accounts
6,231,511
13,269,113
Term deposits with maturity of three months or less *
105,703,568
268,663,115
Unrestricted cash and cash equivalents
286,728,062
408,319,260
Restricted cash / Margin deposits **
267,841,407
235,396,304
Cash and bank balance
554,569,469
643,715,564
* Term deposits and saving accounts are placed with various local banks and earn an effective profit rate ranging from 0.80% to 5.8% per annum (2024: ranging from 0.80% to 5.8% per annum).
** Restricted cash mainly composed of dividends to be paid to shareholders, held at a dedicated local bank account in addition to bank margin kept as pledged account to secure bank guarantees and letter of credits.
Balances with banks are assessed to have low credit risk of default since these banks are highly regulated by the Qatar Central Bank. Accordingly, the management of the Group have assessed that there is no material impairment and hence have not recorded any loss allowances on these balances.
- BANK BORROWINGS
Facility I (i) 864,477,510 924,035,295
Facility II (ii) 9,975,447 9,517,675
874,452,957 933,552,970-
BANK BORROWINGS (CONTINUED)
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Classified as:
Current portion - Gross
188,112,570
188,716,863
Less: deferred charges
(60,874,775)
(61,776,808)
Current portion - Net
127,237,795
126,940,055
Non-current portion - Gross
857,898,765
942,342,607
Less: deferred charges
(110,683,603)
(135,729,692)
Non-current portion - Net
747,215,162
806,612,915
874,452,957
933,552,970
The Group has a syndicated term loan facility agreement with two local banks. The facility amount of USD 407.9 million is currently carrying the average interest rate of 3.35% (2024: 3.35%) per annum. The final maturity date of this facility is 10 years from the date of first drawdown and the repayments are to be made in 19 semi-annual instalments of USD 25 million starting from January 02, 2020, with final settlement of the balance loan value in July 2029. The credit facilities are to be secured by a possessory pledge over the cement plant, routing of revenue proceeds of the cement factory to the bank accounts, assign cement plant insurance, assign usage right over plant leasehold land favoring the bank to cover the limits including the profit and corporate guarantees from Qatari Investors Group Q.P.S.C. and a subsidiary company.
The Group has a facility with a local bank amounting to QR. 40,000,000 to finance 75% of the cost of the vehicle's purchases. The loan bears an interest rate of 5.35% per annum and is secured against the vehicles purchased. The loan amount will be repaid in 48 equal monthly installments for each drawdown after a six-month grace period.
The table below details changes in the Group's liabilities arising from financing activities, including cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group's consolidated statement of cash flows as cash flows from financing activities.
As at January 1, 2025 | Financing cash flows | Non cash changes | As at June 30, 2025 | ||||
QR. | QR. | QR. | QR. | ||||
Bank borrowings | 933,552,970 | (92,645,858) | 33,545,845 | 874,452,957 | |||
Lease liabilities | 111,385,490 | (13,387,713) | (17,412,179) | 80,585,598 | |||
Notes payable | 2,645,725 | 925,970 | -- | 3,571,695 | |||
Dividend payable | 230,545,103 | (161,624,811) | 197,520,308 | 266,440,600 |
-
BANK BORROWINGS (CONTINUED)
As at January 1,
2024
Financing cash
flows
Non cash
changes
As at December
31, 2024
QR.
QR.
QR.
QR.
Bank borrowings
1,044,053,886
(106,406,135)
(4,094,781)
933,552,970
Lease liabilities
132,506,718
(21,891,958)
8,770,730
111,385,490
Notes payable
6,674,655
(4,028,930)
--
2,645,725
Dividend payable
174,570,111
(186,490,167)
242,465,159
230,545,103
-
LEASE LIABILITIES
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Balance as at January 1,
111,385,490
132,506,718
Additions during the period / year
1,052,376
469,432
Modification during the period / year
(21,644,547)
--
Interest expenses for the period / year
3,179,992
8,301,298
Payments during the period / year
(13,387,713)
(29,891,958)
80,585,598
111,385,490
Classified as:
Payable not later than one year
25,620,058
29,294,803
Less: deferred interest expenses
(5,382,328)
(6,810,376)
Current portion - Net
20,237,730
22,484,427
Payable later than 1 year but not later than 5 years
66,238,924
93,226,557
Payable later than 5 years
2,972,270
9,356,693
Less: deferred charges:
(8,863,326)
(13,682,187)
Non-current portion - Net
60,347,868
88,901,063
80,585,598
111,385,490
-
REVENUE
The Group derives its revenue from contracts with customers for the transfer of goods and services overtime and at a point in time in the following major product lines:
For the six-month period
ended June 30,
2025
2024
(Reviewed)
(Reviewed)
Revenue- at a point in time
Revenue from industrial activities
225,287,049
179,117,935
Revenue- over the period
Contracting revenue
22,541,792
11,977,559
Services revenue - marine and logistics services
13,846,562
20,260,655
Services revenue - vehicle rental
20,432,149
19,831,106
Lease income from investment properties
14,683,144
15,528,253
Services revenue - maintenance and other services
--
15,600
296,790,696
246,731,108
-
BASIC AND DILUTED EARNINGS PER SHARE
For the six-month period
ended June 30,
2025
2024
(Reviewed)
(Reviewed)
Net profit for the period after income tax attributable to shareholders of the Company (QR.)
71,721,350
70,673,580
Weighted average number of shares
1,243,267,780
1,243,267,780
Basic and diluted earnings per share (QR.)
0.06
0.06
The basic and diluted earnings per share for the period are the same as there are no diluted effects on earnings.
QATARI INVESTORS GROUP Q.P.S.C.NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six-month period ended June 30, 2025
-
SEGMENT INFORMATION
The Company and its subsidiaries are organized into below main business segments and operate only in Qatar. Details of each segment as of and for the six-months period ended June 30, 2025, are stated below:
Real estate
Marine Services
Industrial
Contracting and technology
Other segments
Consolidated
QR.
QR.
QR.
QR.
QR.
QR.
As of June 30, 2025
Total assets
917,483,013
132,530,011
2,900,256,676
41,727,547
405,234,832
4,397,232,079
Total liabilities
(16,436,875)
(81,106,006)
(1,065,035,109)
(16,640,885)
(282,817,500)
(1,462,036,375)
For the six months period ended June 30, 2025
Revenue
14,269,642
15,712,835
227,209,171
22,445,130
23,051,862
302,688,640
Net profit / (loss)
7,926,557
(2,054,092)
71,061,146
2,873,359
(9,187,679)
70,619,291
As of December 31, 2024
Total assets
921,748,210
141,931,555
3,048,388,287
41,966,831
400,214,637
4,554,249,520
Total liabilities
(18,716,639)
(89,807,213)
(1,142,754,803)
(14,110,654)
(252,220,835)
(1,517,610,144)
For the six months period ended June 30, 2024 *
Revenue
14,726,083
20,933,010
181,601,154
11,852,651
24,865,671
253,978,569
Net profit / (loss)
11,656,830
(1,763,554)
64,984,696
1,571,347
(6,332,815)
70,116,504
* The segment revenue includes revenues, rental income, investment income and share of profit from associates.
QATARI INVESTORS GROUP Q.P.S.C.NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six-month period ended June 30, 2025
-
CONTINGENT LIABILITIES
June 30,
December 31,
2025
2024
(Reviewed)
(Audited)
QR.
QR.
Letters of bank guarantees
31,925,194
35,073,217
Letters of credit
--
1,318,811
Secured cheques
6,541,283
8,851,663
-
LEGAL CASES
As of June 30, 2025, there are no ongoing lawsuits that would negatively or financially affect the Group.
The lawsuits previously filed against the group, some of which have expired with final court rulings, while others are either suspended or courts decided to stop the case temporarily.
- APPROVAL OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
These interim condensed consolidated financial statements of the Group for the six-month period ended June 30, 2025, were authorized for issue by the Board of Directors on August 04, 2025.