Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal Company (R) and Rashid bin Ali Al Mansoori, Chief Executive Officer of Aamal Company (L).
The Board of Directors of Aamal Company Q.P.S.C. (“Aamal”), one of the Gulf region’s leading diversified companies yesterday announces financial results for the year ended 31 December 2022.The company’s total revenue was up 29.2 percent to QR2,058.9m (2021: QR 1,594.1m) while the Gross profit up 13.9 percent to QR484.7m (2021: QR425.5m). The Net profit attributable to Aamal equity holders was up 14.1 percent to QR347.8m (2021: QR 304.9m).
The company reported earnings per share increased 14.1% to QAR 0.06 (2021: QAR 0.05). Net capital expenditure was down 27.5 percent to QR 48.3m (2021: QAR 66.6m) and gearing was even lower at 2.04 percent (2021: 4.54 percent).
Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal, commented:“2022 was a year of growth and recovery for Aamal and the Board is pleased to report a strong set of financial results, with double digit growth in revenue and net profit. Year after year, Aamal’s diversified strategy and solid financial position allows it to take advantage of opportunities as they arise across different economic sectors and provides its balance sheet with impressive financial resilience. I am especially proud of our business units’ ability to be nimble and innovative in an ever-changing market environment and to contribute to the Company’s impressive levels of organic growth, all under the stewardship of our talented leadership team.
“Aamal’s Board of Directors is pleased to recommend a 2022 cash dividend of 5 percent (QR 0.05 a share) for approval at Aamal’s Annual General Assembly Meeting which will take place on 7 March 2023."
“We are blessed to be operating in Qatar, a country that is blessed with a wealth of natural resources, stability and security while being so effectively led by the government and Emir the H H Sheikh Tamim bin Hamad Al Thani. I am proud of the contribution that Aamal has made over the years to the sustained development of the Qatari economy, and I am excited by the opportunities for growth as we look to 2023 and beyond."
"The unprecedented success of the World Cup in Qatar provided a significant economic boost to the country and raised Qatar’s international profile and investor confidence. We expect this to create many business opportunities which, alongside all the opportunities generated by the Qatar National Vision 2030, we look forward to maximising as we strive to deliver sustainable growth and profitability, enhancing value for all our stakeholders.”
Industrial Manufacturing revenue increased 19.9 percent year-on-year to QR 517.6m while net profit increased 16.6 percent to QR 66.0m. This strong performance was mainly driven by Doha Cables, which significantly expanded its export business and signed several significant new contracts including a contract to supply high-voltage cables to the North Field East LNG facilities, the world’s largest LNG project, and a contract to supply overhead transmission line conductors and smart meters to Kahramaa. Doha Cable also supplied cables to all the eight stadiums used for World Cup.
Rashid bin Ali Al Mansoori, Chief Executive Officer of Aamal, commented:
“I am very proud of Aamal’s achievements in 2022 and the strong set of results reported. This performance reflects Aamal’s continued ability to leverage its resilient and diversified business model to capitalise on opportunities and deliver value for our shareholders."
