Doha: The Board of Directors of Aamal Company (Aamal), one of the region’s leading diversified companies, yesterday announced its financial results for the nine months ended September 30, 2022, and reported an increase of 23.6 percent in net profit attributable to Aamal equity shareholders up to QR256.0m from QR207.2m during the same period last year (9M 2021).
The company delivered strong year-on-year (Y-o-Y) revenue and profit growth, with total revenue up 37.5 percent to QR1.5bn compared to QR1.1bn in the same period last year. While gross profit also grew by 20.0 percent to QR358.7m from QR298.9m for the first nine months of 2021.
Reported earnings per share rose by QR0.008 to QR0.041 from QR0.033 during the same period last year.
Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal
Aamal’s net capital expenditure stood at QR34.8m compared to QR46.3m in the same period last year. Gearing remained low at 4.35 percent.
Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal commented: “I am pleased to report that the growth momentum Aamal generated in the first half of the year has been maintained for the period to September 30, 2022, resulting in a very strong performance with revenue and attributable net profit up 37.5 percent and 23.6 percent respectively.
“All four of our business segments again made solid contributions, with Industrial Manufacturing, Managed Services and Property all delivering significant double-digit year-on-year increases in revenue and net profit. Within Industrial Manufacturing, Aamal Cables’ revenue increased by 133 percent and Senyar Holdings’ revenue rose by 16 percent, while Aamal Cement Industries benefited from increased activity during the third quarter as work continued to complete several infrastructure projects in Qatar. Our Managed Services businesses performed well, continuing to benefit from the easing of COVID-19 restrictions and the imminent FIFA World Cup. Our Property segment benefited from an increase in rental rates and an increase in occupancy levels at both City Center Doha and Aamal Real Estate, while the introduction of two new tyre brands, Fulda and Veltour, contributed to a strong contribution by Aamal Trading and Distribution,” added Sheikh Faisal.
Rashid Al Mansoori, Chief Executive Officer of Aamal
He concluded: “We are excited to see Qatar host the upcoming FIFA World Cup next month. Looking further ahead, the Qatar National Vision 2030 will remain a significant driver of the economy and of our country’s development over the next few years. The strength of Aamal’s offering and financial position make us well placed to benefit from the attractive opportunities it will bring across many different sectors”.
Rashid Al Mansoori, Chief Executive Officer of Aamal added: “Aamal’s impressive performance so far this year demonstrates the benefits of our diversified business model and good progress against our strategic objectives, all underpinned by the Company’s robust financial position, our focus on cost management, and the hard work of our colleagues across the business.
“Moving forward, these excellent results provide the platform for Aamal to explore exciting new opportunities across existing and new sectors that will add further value to our business model and deliver growth to our shareholders. We will also continue to build on Aamal’s many ESG initiatives – for example, I am proud to say that we have partnered with the Qatar Cancer Society as part of our ongoing commitment to supporting our local communities. We remain committed to generating long-term shareholder value and look forward to the remainder of 2022 and beyond with considerable optimism and confidence,” added Al Mansoori.
A conference call to discuss the results will be held today, October 25, 2022 at 2pm Doha time. The details for the conference call are: Meeting link at https://us06web.zoom.us/j/82525992666; and Conference ID is 82525992666. Participants are encouraged to join the conference call 5-10 minutes prior to the start time.
