Sunday , June 7 2020
Breaking News
Home / International Customs / Qatar / Aamal’s net profit rises 23.7% to QR366.7m
Aamal’s net profit rises 23.7% to QR366.7m

Aamal’s net profit rises 23.7% to QR366.7m

DOHA: Driven by strong revenue growth and margin expansion, Aamal, one of the GCC’s fastest growing diversified companies, delivered an impressive QR366.7m total net profit for the first nine months of 2015 (9M, 15). The 9-month net profit is up 23.7 percent compared to the corresponding period in the previous year. Aamal’s revenue for grew by 29.6 percent to QR2.07bn on year-on-year.

Aamal’s reported earnings per share grew by 18.2 percent to QR0.52 (9M, 2014 QR0.44). Capital expenditure was QR108.4m compared to QR84.2m a year ago.

Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal, said: “Aamal has recorded very strong results for the first nine months of 2015…. The principal source of this growth has been from our industrial manufacturing division, which saw an increase in sales in excess of 50 percent. This gradual repositioning of Aamal to be a company with primarily an industrial focus is integral to its strategic longer term vision; as Qatar continues to develop and modernise, significant opportunities are being afforded, particularly in the development of the nation’s infrastructure. It is Aamal’s intention to capitalise on such opportunities and remain at their forefront.”

“Notwithstanding the above, however, we should not overlook the excellent contributions made by our property, and trading and distribution divisions..By retaining strong market positions in these sectors, Aamal offers balanced and high quality exposure to the wider Qatari economy as it continues to diversify away from being hydrocarbon dependent. Aamal is one of the few Qatari companies with the business model to benefit across the economic spectrum, and our proven track record in producing superior returns bears testimony to this,” he said.

Sheikh Mohamed bin Faisal Al Thani, Vice-Chairman of Aamal, said: “The first nine months of 2015 have been very strong for Aamal. Our revenues have grown significantly, as we have consolidated and built on our market leadership positions, yet this has not been at the expense of profitability, as margins have expanded too. We have always had a focus on operational excellence, with a clear focus on capital discipline. The recent decision to expand into maritime transportation through the establishment of a new subsidiary, Aamal Maritime for Transportation Services, is an excellent example of this approach.”

“Aamal has performed very well over this quarter, sustaining the strong momentum that was reported on at our half year results back in July. Growth in revenues has been very strong, which when accompanied by the expansion in margins, has led to very significant earnings growth,” said Tarek M El Sayed, Managing Director of Aamal.