Aamal Cement delivered a strong improvement in profitability, benefiting from changes to raw material specifications and supplier rebates.
Doha, Qatar: The Board of Directors of Aamal Company (“Aamal”), one of the region’s leading diversified companies, yesterday announced its financial results for the six months (H1) ended 30 June 2026.
The total revenue was down by 1.9% to QR1,050.2m (H1 2025: QR1,070.1m) while the gross profit increased by 0.1% to QR262.1m (H1 2025: QR261.8m) and the net profit attributable to Aamal equity holders was down 12.9% to QR192.7m (H1 2025: QR221.3m).
There were no fair value gains on investment properties year-on- year. The reported earnings per share were down 12.9% to QR0.031 (H1 2025: QR0.035). The net capital expenditure increased by 35.6% to QR18.7m (H1 2025: QR13.8m) and gearing increased to 9.77% (H1 2025: 2.93%).
Sheikh Mohamed bin Faisal Al Thani, Vice Chairman and Managing Director of Aamal, commented: “Despite a challenging operating environment during the first half of 2026, Aamal continued to demonstrate the resilience of its diversified business model. The Group maintained solid underlying operational performance across its portfolio, reflecting the strength of its businesses and disciplined approach to managing costs and capital.
Our strategy has always centred on building a balanced portfolio of high-quality businesses capable of delivering sustainable long-term value across different market cycles. This approach continues to underpin Aamal’s resilience and positions us well to capitalise on emerging opportunities as market conditions evolve."
Looking ahead, we remain focused on executing our long-term growth strategy and are actively evaluating investment opportunities, particularly within the healthcare and industrial sectors. These opportunities are aligned with our strategic priorities and are intended to strengthen our portfolio, broaden our earnings base and create sustainable value for our shareholders.”
The Industrial Manufacturing segment recorded a 2.6% increase in revenue to QR94.5m, while net profit declined by 23.3% to QR25.3m. This reduction in profitability was driven principally by slow down of project deliveries at Senyar Industries, alongside margin pressure and higher operating costs across several business units.
Vice Chairman and Managing Director of Aamal Sheikh Mohamed bin Faisal Al Thani (left) and CEO of Aamal Rashid bin Ali Al Mansoori.
Aamal ReadyMix achieved modest revenue growth following the mobilisation of several new projects, although profitability was affected by pressure on gross margins. Aamal Cement delivered a strong improvement in profitability, benefiting from changes to raw material specifications and supplier rebates. Aamal Maritime’s performance reflected the scheduled dry docking of one vessel, which reduced revenue and resulted in higher depreciation and operating costs during the period.
The Trading and Distribution segment recorded a 3.9% decrease in revenue to QR727.4m, while net profit declined by 7.5% to QR49.6m. The reduction reflected the healthcare sector’s ongoing shift from branded to generic medicines, which affected Ebn Sina Medical, alongside subdued market conditions at Aamal Trading.
The Property segment recorded a 3.5% increase in revenue to QR176.0m, while net profit declined by 6.9% to QR129.2m. Revenue growth was supported by the expansion of Aamal Real Estate’s portfolio following the addition of Aamal Tower, while profitability reflected a softer contribution from City Center Doha and costs associated with the portfolio’s expansion.
Aamal Real Estate delivered strong revenue growth during the period, benefiting from the contribution of Aamal Tower and the continued strength of its wider portfolio. Net profit was affected by interest payments on the debt facility used to finance the acquisition. City Center Doha recorded a modest decline in revenue, reflecting a slight reduction in occupancy and delays to several contract renewals, although the asset continued to demonstrate resilience and maintain its strong market position.
Rashid bin Ali Al Mansoori, Chief Executive Officer of Aamal, commented: “The first half of 2026 was shaped by a more challenging operating environment. Regional geopolitical developments contributed to higher shipping and logistics costs, as well as increased costs for imported materials and products. At the same time, evolving healthcare procurement policies, including the increased adoption of generic medicines, affected performance within parts of our Trading and Distribution segment. These factors contributed to lower revenue and net profit year on year, although the underlying performance across much of the portfolio remained resilient.
Aamal’s diversified business model continued to demonstrate its strength, with positive performances across several businesses helping to offset these external pressures. In Property, Aamal Real Estate delivered strong revenue growth, supported by the addition of Aamal Tower and our continued investment in enhancing the portfolio. Within Managed Services, MMS and Aamal Services both performed well, while Aamal Medical benefited from increased demand for medical equipment from government and private sector customers. In Industrial Manufacturing, Aamal Cement delivered a significant improvement in profitability, while Advance Pipes and Casts continued its encouraging turnaround, achieving substantial revenue growth.
Looking ahead, we remain focused on the evolving geopolitical and economic environment, which continues to create some near-term uncertainty. Nevertheless, we are confident in the resilience of Aamal’s portfolio and remain focused on operational improvement, disciplined execution and the delivery of our long-term growth strategy. We also continue to evaluate investment opportunities, particularly within the healthcare and industrial sectors, that can strengthen our portfolio, broaden our earnings base and deliver sustainable long-term value for our shareholders.”
A conference call to discuss the results will be held on Tuesday 28 July 2026 at 2.00pm Doha time.
