Please go ahead. Hi. Hello. Thanks. This is Bobby Sarkar, Head of Research at QNB Financial Services. I want to welcome everyone to Industries Qatar's second quarter 2021 results conference call. On this call from QP's Privatized Companies Affairs Group, we have Mohammed Al-Salehti, who is the Manager in Privatized Companies Affairs. We have Saffan Mohammed, the Acting Assistant Manager in Financial Operations, and Riaz Khan, who is the Head of Investor Relations and Communications. We will conduct this conference with first Manny briefly reviewing the company's results for Q&A. I would like to turn the call over now to Riaz. Riaz, please go ahead. Thank you, Bobby. Good afternoon, and thank you all for joining us. Hope you're all staying safe. Before we go into the business and performance updates of IQ, I would like to mention that this call is purely for the investors of IQ and no media entity will be attending this call. That this call is subject to IQ disclaimer stated as detailed on slide two of the IR deck. On to the call, on 5th of IQ publishes reserve six monthly ended 13th of June 2021. Today in this call, we'll go through these results and provide you an update on key financial and operational highlights. The structure our call is as follows. I will provide you with the quick insight of IQ's ownership structure, competitive advantages, and overall governance structure. Secondly, Saffan will brief you on IQ's key operational and financial performance metrics. Later, I give you with an update on latest segmental performance. Finally, we will open the floor for the Q&A session. To start with, as on slide five, the ownership structure of IQ comprise of Qatar Petroleum with 51% and the rest is in the float held by various corporates and individuals. IQ is credit rated by S&P's with A+ and Moody's with A1 credit rating with a stable outlook. Qatar Petroleum, being the main shareholder of IQ, provides most of the head office functions through a service level agreement. Operations of IQ companies are independently managed by its risk board of directors along senior management team. In terms of competitive strengths, as detailed on slide eight, the group is well-positioned with several competitive advantages it possesses strategically, operationally, as well as financially. These strengths include an efficient well-maintained asset base, a quality and highly trained workforce, a short supply of feedstock and competitive priced energy contracts, lower operating costs, a dedicated marketing team in form of Muntajat to market group's petrochemicals and fertilizers, and most importantly, a well experienced senior management team. As detailed on 10 from competitive positioning perspective, IQ ranks among top tier companies within the region downstream space across most metrics. In terms of governance structure of IQ, you may refer slides 48 and 49 of the IR deck. Covers various aspects of IQ's code of corporate government in detail. I will now hand over to Saffan. Thank you, Riaz. I welcome all for this call. For six months of 2020, IQ reported one of the very strong financial performance. We reported QAR 3.5 billion in terms net profits, which is around almost 400% higher than that of last year, as reported or as detailed in slide number 16 of our presentation deck. This improved financial performance was primarily driven by improved selling price, which contributed around QAR 3.1 billion to the bottom line or 35% increase compared in terms of price increase compared to the previous year. The sales volume also grew more than 40%, primarily driven by the return of QAFCO one to trains, which was reported as sales volume this year, which was not in the case as last year. Last year, QAFCO 1 to 4 was not part of our as it was considered or was reported as GPA, gas processing agreement. Part of this was offset by. We have a small part of Qatar Steel's steel facilities in the current year, which was part fit the benefit we gained from QAFCO trains 1 to 4. As shown in slide number 17, the overall growth in sales volume contributed QAR 1.3 billion positively to the current period's bottom line. On a net-net basis, price variance contributed QAR 3.1 billion to the line, as well as QAR 1.3 billion contribution coming from sales volume. Both selling price and the sales volume resulted in the revenue growing by 69% and reaching to QAR 9.2 billion compared to last year, which had bringing an additional 69% revenue compared to last year. As detailed in slide number 15, the group production levels have marginally declined by 6%. The decline was primarily due to our decision to mothball certain steel facilities in mid of 2020 and the periodic maintenance shutdown at certain QAPCO facilities, specifically for train 1 to 4, and commercial shutdown at MTBE facilities in Q1 of this year. Moving into quarter-on-quarter performance. The quarter-on-quarter performance, if you look at the revenue have improved by 17%, while the net profits have improved by 42%. The primary contributors for the improved performance, again, is the prices. The prices have improved significantly on the back of improved macroeconomic tailwind that is coming from that had started from the second half of 2020. That had been continuing into the first half of 2021 as well. Sales volume has marginally improved on the backdrop of improved production, as we had minimal shutdown during the second quarter of 2021. Our robust business models and the strength of our global supply chains continue to leverage our resilience and provided flexibility to our operations. We continue to position as being one of the low-cost operators, which had been evident in our profitability margins. As you can see from our slide number 19, our EBITDA margins continue to remain robust. As you can always see, our cash conversion ratios and the cash positions remain very robust and that has been stated in our cash positions. We had generated an operating cash flow of QAR 1.8 billion, which you can note from slide number 18. On an overall basis, our base case strategy will continue to focus on market development, focusing on capturing new markets, creating market charges and bringing logistical facilities to the group. We'll also continue to focus on productivity and efficiency gains via the ongoing cost optimization programs. Now I will hand over to Riaz to cover the segmental performance. Thank you, Safwan. I will start with petrochemical segment. As detailed on slide 25, performance of petchem segment improved with a net profit of QAR 1.5 billion for the first half of 2020, with an increase of 383% versus last year. This notable increase in profits was primarily driven by improved product prices on the back of improved demand for petrochemical products due to better macroeconomic conditions, while supply remained constrained throughout the period. Segment's blended product prices rose by 69% versus same period last year, while sales volumes were up by 8% compared to the same period last year. The growth in product prices, coupled with sales volumes, led to an overall rise in revenues by 83% within the segment to reach QAR 31 billion for the current period. Production volumes were also up on last year, as the segment had higher operating days the current six-month period compared to that of last year's. As detailed on slide 26, its EBITDA margins continue to remain on a positive trajectory. In terms of segment revenue by geography, detailed on slide 27, Asia remains the main market for PE and Polypropylene, whereas Indian subcontinent remains a key market for methanol and PE products. Moving on to the fertilizers segment, as detailed on slide 31. The segment reported a net profit of QAR 1.5 billion for the first six months of 2021, with an increase of 314% versus last year. This increase was mainly driven by growth in revenues, which increased by 99% during the current period versus last year to reach QAR 3.8 billion. Selling prices also improved by 55% versus same period last year, which reflected positively on the segmental performance. Sales volumes increased by 85% in comparison to first half of 2020. On the other hand, production volumes within the segment declined by 3% versus last year as QAPCO trains one to four underwent higher number of days of maintenance shutdowns during the current period versus the same period of last year. As detailed on slide 32, segment's EBITDA margins continue to remain robust. In segment revenue by geography, as detailed on slide 33, North and South Americas remain main market for fertilizers, along with Indian subcontinent and Asia. Now, finally, let's discuss the steel segment as you move to slide 35-40. During the latest fixed period, the steel segment continued its making trajectory after having a difficult first half of last year and following strategic restructuring initiatives in period. Net profit for the period amounted to QAR 496 million versus a net loss of QAR 1.4 billion during first six months of last year. On overall basis, segment revenue was up by 23%, mainly on the back of increasing selling prices, which increased by 27% on a year-on-year basis. Growth in selling prices was offset by a decline in sales volumes to an extent and declined by 23%. Idling of oil facilities allowed the segment to primarily focus on profitable domestic markets, which led to adjusted cost base. Moreover, due to improvement in international prices, the segment was also able to sell some of the quantities outside the domestic market. Also, by changing the raw material mix, the segment reduced its production costs without affecting quality of the final product. All of this led to a strong sequential recovery in EBITDA margins for the segment as detailed on slide eight. Now I think we can open the floor for the Q&A session. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're on speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, that's star one to ask a question. We'll pause for a moment. Hi, operator. This is Bobby Sarkar. I just wanted to get started with a couple of questions of mine, while we are polling for questions from you guys. Given the strong performance in the first half, especially in the quarter, and what we are seeing on the pricing front in petchems, and some softening. In light of, I believe there's a major maintenance shutdown or turnaround expected in QAPCO, in the third or fourth quarter. Do you still expect, generally speaking, a similar level of profitability in the second half versus the first half? Thank you. Hi, Bobby. Yes, correct. We've noticed at the end of the first half a softening in the petrochemical space with regards to prices. We still see positive movements in steel as well as fertilizers. We expect that to be fully offset. As you rightly mentioned, we do have a major turnaround at CAP, which is ongoing as we speak, on plan, and we expect it to be as well over as per the schedule. Okay, great. Thank you, Mohammed. Operator, we can open up for questions. In general, our forecast for prices for the remainder of the year is we expect it to continue to remain solid and strong. We expect the second half performance to be pretty much in the range. Oh, great. Thank you, Mohammed. Operator, we can open up for external questions, please. Thank you. Thank you. As a reminder, please press star one to ask a question. We'll now take our first question. It's from Abdul Al-Ruwaita, Jadwa Investment. Please go ahead. Good afternoon, gentlemen. First of all, thank you for the press conference. I have a few questions, if you don't mind. Firstly, what are the scheduled shutdowns during the second half of 2021, and what's the expected CapEx for the remainder of the year? Saffan, you can take that question. Yeah, the major shutdown as we speak comes from QAPCO, which is basically primarily in Q4, the plant shutdown or the general shutdown, which is happening after a quite long period. This is primarily the main shutdown. Primarily the general shutdown for the entire QAPCO plant. Other than that, the rest of the one, QAPCO, the fertilizer plant, the shutdown was over in Q1, Q2. The primary shutdown is in QAPCO. Other than that, unless otherwise there are unplanned shutdowns happening, we are not expecting any major shutdowns. In terms of capital expenditure, there aren't any major capital expenditure other than the major capital expenditure associated with the QAPCO's GSB turnaround, which is in the investor relation presentation, correct? Yes. In the slide- Forty-two. Slide number 42, we have given the breakdown of that, the shutdown expenditure, the capital expenditure. Abdul Rahman. Okay, just a couple more questions if you don't mind. How are the operating rates for the MTBE plant, and how's the pricing environment in terms of profitability? The MTBE plant, as you know, we had a commercial shutdown in Q1 primarily due to the spread was not that great. We had a commercial shutdown because the spread was negative or was almost not great. Now the prices have recovered very well, so the plant is operating, and now the margins are quite positive, and we are making good return on them. That's what we have started operating the plant. True. Now the margins are quite viable and the MTBE prices are quite impressive and the plants became prices and the oil has been recovered, which is the MTBE is very much correlated to oil and which is doing very well. Plant is continued to be operated, and it is operating at almost at full capacity. Okay. Your question was on MTBE, correct? Yes, the MTBE plant. Yeah. It is operating at capacity. At capacity. Okay. Because on a commercial sample in Q1. Okay. Understood. Thank you. Did the second quarter relatives to the first quarter benefit from selling to regions with higher net backs? There were no shifting region. We have not seen any major shift in terms of moving from region to region. Overall, the price movements were pretty much same. It was a general shift across all regions, so there were no major shifts in terms of regions. It was a blend like the basket of prices on across every day. If you look at the speaker notes there you have seen for BRIAS, we have seen the fertilizer, the major sales were in North America and South America. It is the region they have been selling. Petchems, it is the Asia. They are the primarily sell. There were no shifting, only one benefit we have seen, still we have sold some outside Qatar, correct, Riaz? Yes. That benefit partially came. I see. Finally, what's your outlook on the steel segment margins? Steel margin, as you see in the recent past, shot up significantly. Very recently we heard iron ore have shot up to even $340 per metric ton. Also partly, in the first half of the year, we benefited because of the iron ore we had been holding from the last year. Obviously, that benefit has been moved into your volumes and you benefited from that as well. Obviously with the iron ore prices shooting up, obviously, you will have a bit of margin pressure coming in the second half of the year. Definitely your margins are not going to be same as before. I see. Thank you so much. Once again, if you would like to ask a question, please signal by pressing star one on your telephone keypad. We'll now take our next question. It comes from Meet Bhatt of Axiom. Hi, this is Meet. My question is regarding the prices outlook. Any color on where oil prices are headed for the next 12 to 18 months and how will the overall commodity price will pan out over the next 12 to 18 months? Thank you so much. In terms of commodity prices, especially petchem prices as the boss said, the prices rise in the second half. Actually, there is some form of softening has started taking place with the prices have peaked in the second half. Still it will hold a bit with vaccination is at full swing. The second half of the year, we expect especially petchem prices to hold very well so as fertilizer. Very long term, 18 months, it will be very difficult to make a prediction because it's so many factors that will drive the prices. At least for the next six months, we expect prices to remain at a relatively stable range at the current level plus or minus. Okay. Thank you so much. It appears we have no further questions at this time. Hi, everyone. Marco again. If we have no further questions, then I guess we can end the call for today. I want to thank Mohammed, I want to thank Saffan, and I want to thank Riaz for taking the time for answering our questions, and we will pick this up next quarter. Thank you so much. Thank you all. Thank you for joining us. Thank you very much. This concludes today's call. Thank you for your participation. You may now disconnect.