Tribune News Network
Doha
Industries Qatar (IQ) held its annual general assembly meeting on Tuesday, reflecting on a year of both challenges and achievements.
Minister of State for Energy Affairs and Industries Qatar Chairman HE Saad Sherida Al Kaabi opened the meeting by welcoming shareholders and executives, acknowledging the difficult macroeconomic landscape in which the company operated throughout 2024.
Al Kaabi emphasised that despite the volatile environment, the company demonstrated resilience, delivering a strong performance while staying committed to its core values of operational excellence, sustainability, and long-term growth.
“In 2024, we faced many challenges, including inflationary pressures, supply chain disruptions, and volatile markets,” said Al Kaabi. “However, through our unwavering focus on people, plant reliability, and sustainable practices, Industries Qatar continued to navigate these hurdles and deliver impressive results.”
The company’s ability to adapt to the dynamic environment, invest in key projects, and continue its growth trajectory was highlighted as a key achievement in the speech. Al Kaabi’s address also spotlighted the progress of significant ongoing projects, such as the Qafco-7 (Blue Ammonia) and the PVC facility, both of which are set to enhance IQ’s competitive positioning in global markets.
The financial year 2024 was characterized by significant market volatility driven by high inflation, rising interest rates, and disrupted supply chains. These factors resulted in slower economic growth and reduced demand in the first half of the year. However, the second half saw an improvement as governments and central banks implemented fiscal and monetary policies to stimulate economic recovery. Despite these macroeconomic challenges, Industries Qatar showed resilience, achieving commendable financial and operational results.
Al Kaabi opened the assembly with a welcome message, acknowledging the dynamic economic conditions that shaped the year. He credited the company’s performance to its dedicated approach and commitment to high operational standards, particularly in health, safety, and the environment (HSE), alongside its focus on sustainable growth.
“We faced many challenges in 2024, including inflationary pressures and volatile markets, but our strategy of focusing on our people, ensuring plant reliability, and investing in sustainable growth allowed us to achieve strong results,” said Al Kaabi.
He also highlighted ongoing projects like Qafco-7 (Blue Ammonia), which is on track for completion by 2026, aimed at boosting ammonia production volumes.
