Aamal profit edges up to QR56.7mn in Q1
Capitalising on its strategy to expand industrial manufacturing capacity and take full advantage of Qatar’s modernisation and heavy capital investment in infrastructure, Aamal Company posted a net profit of QR56.7mn in the first quarter of 2013, up 4% on Q1, 2012.
The company’s earnings per share rose 8.3% to QR0.1 in Q1, 2013 compared with 0.09 in the same period last year.
Aamal chairman Sheikh Faisal bin Qassim al-Thani said, “Announcing our full year results for 2012 in March, I said Aamal was successfully repositioning by expanding its industrial manufacturing capacity to take full advantage of Qatar’s modernisation and heavy capital investment in infrastructure. This strategy continues to make progress with net profits at our industrial manufacturing division rising 27.8% in the first quarter of 2013 compared to the corresponding period in 2012 helping to underpin a rise in earnings per share in excess of 8%. Aamal Company has leading market positions, strong finances and a well-balanced strategy. I remain convinced that the Company is well placed to continue to expand both sustainably and robustly.”
Vice-chairman Sheikh Mohamed bin Faisal al-Thani said, “Aamal Company has emerged in the last few years as a proxy for the Qatari economy. This quarter’s results bear out that analysis. Our continued commitment to industrial manufacturing activities, within a broadly diversified group, and our alertness to new opportunities in a fast-growing and increasingly sophisticated Qatari economy, sets Aamal Company apart.”
Managing director Tarek el-Sayed said, “In addition to our focus on the industrial division, Aamal Company will also continue to focus on its other business areas as diversity is one of our key strengths. Earlier this year Aamal signed an agreement to create a joint venture with Vivantes International Medicine (Vivantes), the biggest hospital group in Germany, to build an outpatient medical centre in Doha. This agreement underlines Aamal’s strong position in the medical sector.”
First Gulf Bank
First Gulf Bank, the second-largest bank in the UAE by market value, posted a 12% increase in first-quarter net profit yesterday on the back of higher net interest income, but missed the average forecast of analysts.
FGB made a net profit of 1.05bn dirhams ($285.9mn) in the first three months of 2013, up from 934.7mn dirhams in the same period of last year, it said in a statement.
Five analysts polled by Reuters had expected a profit of 1.1bn dirhams.
The bank attributed the profit increase to a 6% hike year-on-year in net interest and Islamic financing income, which reached 1.38bn dirhams in the opening quarter of 2013. Total revenue was up 12% to 1.87bn dirhams.
Jordan Housing Bank
Jordan’s Housing Bank for Trade and Finance achieved a 5.7% increase in first-quarter net profit to $36.5mn, it said in a statement yesterday.
Assets were $9.9bn at the end of March and customer deposits stood at $6.8bn, said the bank, which gave no comparative figures.
Housing Bank for Trade and Finance is the country’s number-two lender. Its main shareholder is QNB, with a stake of over 35%.
The bank, which has the largest branch network in the country, said it had set aside provisions for bad loans that exceeded central bank requirements, but gave no figures.
Widam Food
Widam Food has posted a first quarter net profit of QR20.69mn compared with QR20.33mn in the same period last year.
The company said its sales grew 19.5%, but the value was not been given.
Earnings per share (EPS) increased to QR1.15 in Q1, 2013 compared with QR1.13 in the same quarter last year.
Ahmed Nasser Sraiya al-Kaabi (pictured), Widam Food managing director and chief executive officer of said, “Such positive results are a strong testament to the company’s continued investments to grow its business, expand workforce, and tap into new industries. This also reflects on our expenditures to upgrade our facilities and business units and therefore enhance the company’s performance across the board.
“We are confident that our new projects will lead to further growth in future.”