The project is a cornerstone of the company’s strategy to diversify its product portfolio and enhance its position as a leading global producer of nitrogen-based fertilizers.
Al Kaabi further emphasised that IQ’s growth strategy includes significant investments in infrastructure and project developments. The PVC facility partnership, which is progressing according to plan, is poised to bolster local industries by establishing a local PVC production facility.
The company’s investment in capital expenditures reached QR 3.3 billion in 2024, which includes QR 1.9 billion allocated to the Qafco-7 blue ammonia project and QR 178 million for the new PVC facility. Al Kaabi also revealed that Industries Qatar plans to invest QR 12.6 billion over the next five years to prioritize the completion of existing projects and improve asset integrity and operational efficiency.
Industries Qatar reported a slight decrease in revenue, with total group revenue for the year standing at QR 16.8 billion, a 1 percent decrease from the previous year. This reduction in revenue was primarily driven by a 3 percent drop in average realized selling prices, which was partially offset by higher sales volumes.
Net profits for the year stood at QR4.5 billion, a 5 percent decline compared to 2023. Despite the decrease, the company maintained strong operational performance, with production volumes marginally higher than the previous year at 17 million metric tonnes.
Al Kaabi announced that the board of directors proposed a second-half dividend distribution of QR2.6 billion, which equates to QR0.43 per share, bringing the total annual dividend for the year to QR4.5 billion, or QR0.74 per share. This represents a 100 percent payout of net earnings for 2024.
Abdulla Yaaqob Al Hay, manager of privatised companies affairs at QatarEnergy, also spoke at the meeting, providing insights into the broader economic conditions and their impact on IQ’s performance. He echoed Al Kaabi’s sentiments about the challenges of 2024, particularly market volatility, inflation, and rising interest rates.
However, Al Hay highlighted the company’s ability to navigate these pressures through its low-cost operating model, which is based on economies of scale, integration, and operational excellence.
He also noted that the company’s partnership with QatarEnergy Marketing had been essential in finding lucrative markets and safeguarding IQ’s competitive edge. “Despite the market challenges, we have shown remarkable agility, driven by our strategic partnerships and our robust operational framework,” said Al Hay.
