By Santhosh V Perumal
Fast growing diversified firm Aamal Company is pinning hopes on its advanced pipes and cast unit, which is slated to begin commercial production this year, as Qatar’s robust infrastructure investments has thrown open umpteen opportunities for manufacturing industries.
“We are very excited about the prospect of beginning the commercial production of the Advanced Pipes and Casts Company in 2014. This will allow us to increase our product range and scope to supply a number of new industrial projects,” Aamal managing director Tarek M El-Sayed told shareholders yesterday at the annual general assembly.
The general assembly approved the financial results of the company as well as the board’s proposal to carry forward the profits to the current financial year.
Stressing that Aamal will continue to “look for and appraise new opportunities for further expansion” as the development of Qatar’s infrastructure continues apace, he said, “we are witnessing an unprecedented demand for many industrial products, of which a large proportion is currently being imported.”
Qatar has launched several ambitious, but wholly realistic, initiatives and programmes as it seeks to industrialise and diversify away from a hydrocarbon-based economy. This has afforded a wealth of opportunities to companies such as Aamal, which could not only identify them but also have the resources to capitalise on them, he said.
Highlighting that the company will also continue to look for new value-creating opportunities in the other sectors, El-Sayed said Aamal Company will strive to improve and increase the efficiency as it will help strengthen its already market-leading positions. “Also, we will allocate profits generated during the past year to capture opportunities in the local and regional market,” he added.
Aamal Company vice chairman Mohamed bin Faisal al-Thani said its success has been built upon a strategy designed to identify key growth opportunities, capitalising on them through the early deployment of capital and partnering with industrial leaders.
“Aamal’s corporate strategy is to create long-term shareholder value through the continued profitable operation and expansion of its diversified business platform,” he said.
El-Sayed highlighted that the company has commissioned a feasibility study to re-evaluate profitability under current market conditions of the ‘Vivantes Medical Center’ project it had announced earlier.
