FINANCIAL PERFORMANCE (Consolidated)

In 2022, Qatar Steel experienced a significant surge in revenues (+9.7% year on year), predominantly attributed to a 14% increase in sales volumes, primarily driven by higher production volumes. This was made possible by the successful restart of the DR-2 facility, which provided the segment with enhanced operational flexibility and improved output optimisation. However, despite the overall positive performance, selling prices experienced a marginal decrease of 4%. This decline can be attributed to softening domestic demand and a slowdown in international steel prices.

Moreover, in light of the highly volatile postpandemic market conditions, the availability of high-grade raw materials encountered significant pressure during the initial six months of 2022, leading to a surge in prices.

Regrettably, we were unable to secure additional materials beyond contracted amounts, and our off take was limited
accordingly. Furthermore, on the domestic front, our organization faced logistical hurdles as we strived to complete projects ahead of the commencement of Qatar’s 2022 World Cup. Thankfully, our diligent efforts ensured that no disruptions occurred to our project timelines.

Concerning the economic value distributed (EVD), which is an indication of the financial value generated and distributed among stakeholders through purchases, wages, and more, we saw a significant increase of almost 28%, which signifies the company’s commitment to integrating sustainability and responsible business practices:

Note: 1. GRI 2-4: 2020 data were restated with no significant impact