Ladies and gentlemen, thank you for standing by, and welcome to the Industries Qatar Third Quarter 2022 Earnings Call. I would now like to turn the call over to Bobby Sarkar. Please go ahead. Okay. Thank you, Mandeep. Hello, everyone. This is Bobby Sarkar, Head of Research at QNB Financial Services. I wanted to welcome everyone to Industries Qatar's Third Quarter 2022 Results Conference Call. On this call from QatarEnergy's Privatized Companies Affairs Group, we have Abdulla Al-Hay, who's the Acting Manager. We have Rashed Al-Muhannadi, who's the Head of IR and Communications. Saffan Mohammed, who's the Senior Financial Management Analyst, and Riaz Khan, who is the IR Officer. We will conduct this conference with management first reviewing the company's results, followed by a brief Q&A. I would like to turn the call over now to Rashed. Rashed, please go ahead. Thank you, Bobby. Good afternoon, and thank you all for joining us. Hope you are doing great. Before we go into IQ's business and performance update, I would like to mention that this call is purely for IQ's investors, and no media representatives should be attending this call. Moreover, please note that this call is subject to the disclaimer statement as detailed on slide number two of the IR deck. On the 26th of October, IQ published its financial results for the nine-month period ended 30th of September 2022. Today in this call, we will go through these results and provide you an update on key financial and operational highlights. Today in this call, along with me, I have Abdulla Yaqoob Al-Hay, Acting Manager for Privatized Company Affairs. I have Saffan Mohammed, Acting Assistant Manager for Financial Operation, and I have Riaz Khan, an Investor Relations Officer. We have structured our call as follows. At first, I'll provide you with a quick insight on IQ ownership structure, competitive advantages, and overall governance structure. Secondly, Abdulla will brief you on IQ's key operational and financial performance metric. Later, Saffan will provide you with an update on latest segmental performance. Finally, we'll open the floor for the Q&A. To start with, as detailed on slide number five, IQ's ownership structure compromises of QatarEnergy with 51% stake, and the rest is in the free float, held by various domestic and international corporates and individuals. IQ is a credit-rated entity by S&P with A+ rating and Moody's with A1 credit rating with a stable outlook. QatarEnergy, being the main shareholder of IQ, provides the most of the head office function through a service level agreement. IQ group companies operation are independently managed by its respective board of director along with senior management team. In term of competitive strength, as detailed on slide number eight, the group is well-positioned with several competitive advantages within its own domain, strategically, operationally, as well as financially. These strengths include an efficient and well-maintained asset base, a qualified and highly trained workforce, a sure supply of feedstock and competitively priced energy sources, lower operating costs, a dedicated team in form of Muntajat to market the group petrochemical and fertilizer groups, a reputable joint venture partners, and most importantly, a well-experienced senior management team. As detailed on slide number 10, from competitive positioning perspective, IQ is ranked among top-tier competitors within the regional downstream space across most of the matrices. In term of IQ governance structure, you may refer to slide 50 and 51 of the IR deck, which covers various aspects of IQ's code of corporate governance and further details. I will now hand over to Abdulla. As-salamu alaykum. Thank you, Rashed. Good afternoon, and thank you all for joining us. Starting with macroeconomic environment as detailed on slide number 12, the macroeconomic environment remained volatile mostly throughout the year as a result of geopolitical uncertainty and recessionary fears on account of inflationary pressure and hawkish stance on interest rates by most of the central banks. Also, high energy price in Europe are persistently weighing on most of the European producers. Additionally, Chinese strict zero-COVID policy and related lockdowns, coupled with the slowdown in Chinese construction sector, is bringing further uncertainties to the markets. On overall basis, market price across the group basket of products have declined sequentially due to the continuous cautious consumer demand on account of macro headwinds coupled with comparatively lower crude prices. However, product prices remain strong versus last year on account of post-pandemic recovery phase. Moving on the financial performance of the first nine months of 2022, as detailed on slide number 16 of the IR deck, the group reported a net profit of QAR 7 billion as compared to the net profit of QAR 5.5 billion for the same period of last year, with a growth of 28% on year-on-year basis. This improved financial performance versus same period of last year was largely attributed to the improved product price, which on average inclined by 35% and is translated to an increase of QAR 5.2 billion in the group bottom line earning, as you can see on slide number 17. Sales volume increased by 6% versus first nine months of 2021, primarily driven by higher plant operating rates, leading to improved production volumes and contributed QAR 977 million positively to the current period bottom line earning versus the first nine months of 2021. The overall growth in selling price and sales volume led to an overall growth in revenue for the group, which increased by 42% during the first nine months of 2022 to reach QAR 20.1 billion. As detailed on slide 15, the group production levels were up on last year by 6%. Restart of the previously mothballed DR2 facility, having a larger capacity together with higher plant operating days noted within the fuel additive segment, contributed towards an overall increase in production volume during the current period. Moving on quarter-on-quarter performance, as detailed on slide 16. Compared to the second quarter of 2022, the group revenue and net profit declined notably due to the declining in selling prices. Decline in selling prices was mainly linked to softened demand and lower crude oil prices amid macroeconomic uncertainties. Sales volume, on the other hand, increased by 5%, mainly on the back growth of noted production volumes. Our robust business model and the strength of our global supply chain continued to leverage our resilience and provide flexibility to our operations, whereas continued positioning of being a low-cost operator ensured our competitive edge. Moreover, as detailed on slide 19, IQ's EBITDA margin continued to remain robust. Also, we continued to build our strong financial position with improved cash flow generation capabilities, and the group generated QAR 6.9 billion in term of free cash flow during the first nine months of 2022, as detailed on slide 18. I will now hand over to Saffan to cover the segmental performance. Thank you, Abdulla. I'll start with the petrochemical segment. As detailed on slide 25, net profits of petrochemical segment marginally declined by 5% versus the same period of last year. This marginal decrease was mainly due to slight decline in gross margins, as growth in segmental revenues being almost offset against high operating cost. Segment's blended product prices rose by 9% on a year-on-year basis, while the sales volumes increased by 7%. Segmental revenue for the period reached QAR 5.5 billion, with an improvement of 17% versus the same period of last year. As detailed on slide 26, segment's EBITDA margins continue to remain strong. In terms of segment's revenue by geography, as detailed on slide 27, Asia remains a main market for polyethylenes and MTBE, whereas Indian subcontinent remains a key market for methanol and polyethylenes. Fertilizers. Moving on to fertilizer segment. As detailed on slide 31, the segment reported a net profit of QAR 4.2 billion for the current financial period, with an increase of 48% versus the first nine months of last year. This increase was mainly driven by growth in revenues, which increased by 70% to reach QAR 11.1 billion. Selling prices improved by 67% versus the same period of last year, while sales volumes increased by 2%. On the other hand, production volumes remained flat versus the same period of last year. As detailed on slide 32, segment's EBITDA margin continued to remain robust. In terms of segment's revenue by geography, as detailed on slide 33, North and South Americas remain the main markets for fertilizers, along with Indian subcontinent and Asia. Steel. Now let's look at steel segment, and you may refer to slides 35-40. Steel segment reported a net profit of QAR 774 million, up 23% versus first nine months of last year. Improved segmental profits were mainly driven by high revenues, which increased by 21%. Additionally, segment's associate that primarily produce and sells iron oxide pellets, Sulb Holdings, reported commendable financial results on account of improved operations. Growth in revenues was primarily driven by improved sales volumes of 19% due to higher production. Selling prices on average only increased marginally by 2%, mainly due to softening domestic demand, coupled with slowdown in international steel prices. Moving on to slide 38, segment's EBITDA margin continued to remain robust following the mothballing decisions. I'll now hand over to Rashed. Thank you, Abdulla and Saffan, for presenting the financial and operational segmental updates. We will now open the floor for the Q&A. The floor is now open for your questions. To ask a question at this time, please press star one on your telephone keypad. If at any point you would like to withdraw from the queue, please press star one again. We will take a moment to render our roster. Our first question comes from Shashank Lanka from Bank of America. Please proceed. Yes. Hi, thank you for the call and the opportunity to ask questions. I have a couple of questions. The first one is on the fertilizer segment. If I look at the EBITDA margins in the quarter, I think they are at 35%, they're probably the lowest we've seen in a couple of years. Just wondering what drove this. Obviously, prices declined, but any indication you can give us on gas prices? Because our understanding is that gas prices are indexed to urea prices from the beginning of the year. Just wondering if prices of gas can fall in line with urea prices. That's the first question. The second question is more on the demand side of steel. Now with the World Cup soon approaching, just wondering how we should be looking at demand, because if I look at the steel segment as well, it does seem like EBITDA margins were pretty weak in the third quarter. We also saw a decrease in volumes there in Q3 versus Q2. Thank you. Thank you, Shashank. Regarding the first question related to the EBITDA margin. As you are aware, the product price improved during the first and second quarter, where it arrived to its peak. However, in the third quarter you notice the final product price were under pressure and went down to the range of around $600. This is the main driver of the feedstock costing that we have. Just to let you know that we have a feedstock formula where it captures the year-to-date average selling price, since it has a link to it. Year to date versus only the third quarter, you can see the margin is really impacted for that reason. If you want to say anything, Saffan, related to this. Basically, if you look at the third quarter itself, the price is around $531. 31. $531, Shashank, comparing year-to-date urea price of plus $600. Your feedstock price is calculated on the year-to-date price, which is around $600, whereas your Q3 margin is based on $531. The respective quarter's margin is on a lower price, whereas feedstock computation is on the year-to-date price. Obviously that is the reason why on that quarter's margin is lower. You might have an opposite situation, whereas your quarter's pricing may be higher, whereas your feedstock may be calculated on a lower price. Both ways it could work. Okay. Thank you. I hope this is clear for you. Yeah, this is clear. Thank you. We can move to the second price related to the steel demand. Yeah. You had mentioned that most of the World Cup facility and assets been really completed. I would like to inform you that the entire World Cup assets been already completed for the last 11 months. Exactly the current year performance and sales and production was not impacted of the completion of the FIFA assets. In the state of Qatar, we still have a construction activities related to a different projects. We have the actually the new Qatar Economic Zones. We have the development of Lusail City, and we have the Al Wakra City that is still under construction. In addition to that, the North Field expansion would also contributed in the demand of the steel. Basically the 2022 World Cup facilities, they are there for the last 11 months. This year, what you see right now for the first three quarter production and sales of the steel has not been impacted by the completion of that facility. Clear? Yeah. Thank you very much. That's clear. Thank you. Thank you. Our next question comes from Faisal Aslam from Goldman Sachs. Please proceed. Yeah. Hi, thanks for the opportunity to ask questions. My first question is really on the realized prices in the fertilizer segment. We've noticed that it's somewhat lower than what we're seeing with other companies. Maybe if you can shed some color on why it's lower than the benchmarks that we track. Maybe if you can also give us some color in terms of how to think about the margin framework into next year. I guess if you have a repetition in terms of the pricing dynamics where you have a strong first half versus a weak second half, should we expect margins for 2023 to be somewhat in line with what we saw this year? Okay. Related to our fertilizer segments where the pricing you said it's not in line with what you track. We believe that our product been sold in the market based on the market prices. As you can see, our product been sold in different regions, and we believe different regions have a different pricing. Europe is different from Asia and different from North America. Maybe if you are following a certain indexation, it does not mean that we are way afar from that. However, we always target to sell in a premium geographic locations, which is reflected in our margin and it's reflected in our profit. The second part, maybe, of the question. We just answered that the margins and the feedstock things are always has a relationship between that. How we see it in the next year, we're going to have the same relationship, I would say. It depends on the final product price. Maybe if I can squeeze in another question just on, in terms of the growth prospects of the business, do you feel that there is more potential for feedstock allocation from the government on the petrochemical side, similar to what we saw with the new blue ammonia project? Do you think QAFCO could also see something similar? We are always looking to see the opportunities. As of now, as we talk right now, we have not seen anything coming to us from QatarEnergy as additional quantity. When we have something in our hand and we are sure about it, of course, we're going to announce it to the market. You can see that we have announced two projects so far, the blue ammonia, which we are expecting an additional feedstock coming to it. We have the PVC projects. In case we have any other availability of the new feedstock, we're going to announce it to the market. Thank you very much. That does conclude today's questions. I would now like to turn the call over to Bobby Sarkar for closing remarks. Hi. If we're done with the questions for today, we can end the call. I want to thank Abdulla, Rashed, Saffan, and Riaz for taking the time to answer our questions. We will pick this up next quarter. Thank you very much. Thank you so much. Thanks a lot. I really would like you to go onto the full deck of our presentation. If you have any question, you can approach our team. We have Rashed, Riaz. They are here always to help you. Thank you. Thank you, ladies and gentlemen. This does conclude today's call. Thank you for your participation. You may now disconnect.