Investor Presentaiton
Key Highlights
Revenue (QR Billion)
-17%
13.7
YE 2019
11.4
2.6
YE 2020
Q3-20
+27%
3.3
Q3-20
Net profit - normalized (QR Million)'
-19%
2,575
+112%
1,026
2,088
484
EPS of
EPS of
QR 0.43
QR 0.35
YE 2019
YE 2020
Q3-20
Net Cash (Debt) (QR Billion)
-21%
-18%
12.4
9.8
10.7
8.8
Q4-20
Dec-19
Dec-20
IAS 31
Dec-19
Dec-20
IFRS 11
•
2020 Group revenue down on last year mainly driven by lower prices
(petrochemicals and fertilizers), lowered sales volumes, temporary gas processing
arrangement in relation to Qafco trains 1-4. This was partially offset by acquisition
of 25% stake in Qafco with effect from 01 January 2020 and the new GSPA
relating to Qafco trains 1-6 effective 01 August 2020.
Q4-20 revenue significantly up on Q3-20, on account of improved sales volumes,
mainly from fertilizers & steel segments, while selling price continued its positive
trajectory.
2020 vs 2019: results were impacted by:
•
Lower prices;
Lower sales volumes;
One-off booking of impairment loss on steel facilities moth-balled and QMC,
offset by the booking of one-off revaluation gain on account of Qafco's
acquisition.
Q4-20 vs Q3-20: results significantly improved due to:
Selling price recoveries;
Improved sales volumes;
Recognition of additional fair value / bargain purchase gain after amounting
to QR 245 million, after initially recognizing a gain of QR 1.2 billion. This was
partially offset by additional depreciation charge of QR 199 million, on
account of PPA exercise.
• Total cash across the Group stood at QR 9.8 billion (under IAS 31). Cash decreased
from last year mainly due to payment of 2019 dividends and cash paid for the
acquisition of 25% stake in Qafco (net of cash acquired as part of Qafco's
acquisition).
There is no debt across the Group.
Note 1: Normalized profits have been reported after considering 25% profits from Qafco for the first nine months until 30 Sep 2020, amounting to QR 113 million, as the same had
been reported as part of retained earnings in the published financial statements for the year ended 31 December 2020.
Note 2: Quarterly figures for the year 2020 have been restated to show the effects of acquisition of Qafco's 25% stake retrospectively, with effect from 01 January 2020.
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Industries Qatar, IR Presentation, YE 2020View entire presentation