Industries Qatar reported a sharp decline in first-half 2026 earnings, with net profit plunging 89% year-over-year to 216 million QAR despite a 24% increase in average selling prices. Revenue totaled 5.9 billion QAR, missing Wall Street estimates of 2.59 billion QAR by approximately 23%, according to the earnings call transcript released on August 19, 2026.
The company, majority-owned by QatarEnergy, attributed the weak performance to a 46% drop in sales volumes and operational disruptions across key segments. EBITDA declined to 1.4 billion QAR from 2.2 billion QAR in the same period last year, with margins contracting to 24% from 35%. Adjusted earnings per share also fell short of expectations, coming in at 0.0854 QAR against a forecast of 0.0919 QAR.
Segment performance varied significantly, with the steel division posting a 39% year-over-year profit increase to 367 million QAR, driven by higher prices and cost reductions. In contrast, the petrochemical segment reported a net loss of 240 million QAR, citing lower revenue, reduced margins, and logistics disruptions. The fertilizer segment also recorded a loss of 49 million QAR, impacted by regional conflicts that curtailed sales volumes.
Management highlighted production challenges, including shutdowns that reduced utilization rates and reliability. Despite the downturn, Industries Qatar emphasized its financial resilience, noting a debt-free balance sheet and robust liquidity. The company holds a AA- rating from S&P Global Ratings and an Aa3 rating from Moody’s, both with stable outlooks.
Shares of Industries Qatar, listed as IQCD on the Qatar Stock Exchange, fell 2.05% in pre-market trading to 10.04 QAR following the results, before recovering to 9.957 QAR, up 0.58% from the prior close. The stock has traded within a 52-week range of 9.685 QAR to 13.2 QAR.
The earnings call, hosted by QNB Financial Services, included participation from QatarEnergy officials and senior management, who underscored the company’s position as the second-largest by market capitalization on the Qatar Stock Exchange.
