Aamal sees ‘optimistic’ 2019 on upbeat Qatar economic outlook
April 15 2019 09:06 PM
HE Sheikh Faisal presiding over Aamal's annual general meeting held on Monday at the Shangri-La Hote
HE Sheikh Faisal presiding over Aamal's annual general meeting held on Monday at the Shangri-La Hotel Doha. PICTURE: Jayaram

Aamal Company is adopting an optimistic outlook as Qatar’s economy continues to perform well, showing resilience and strength due to the successful implementation of government strategies to drive economic diversification.

Aamal CEO and managing director Sheikh Mohamed bin Faisal al-Thani made the statement on Monday during the company’s annual general meeting, which was presided over by its chairman, HE Sheikh Faisal bin Qassim al-Thani. The meeting approved the board of director’s recommendation to distribute cash dividends equalling 6% of the nominal value of each share.

“Looking ahead, I remain confident in Aamal’s future, with the company’s resilient and diversified business model supported by a clearly defined long-term strategy helping us to achieve sustainable growth for our shareholders.

“We will continue to explore new opportunities, using our first mover advantage to introduce innovative projects and supporting our beloved country in achieving its National Vision under the wise leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani and the government of Qatar,” Sheikh Mohamed stressed.

Supported by Qatar’s economic self-sufficiency and expanding its international trading relationships, Sheikh Mohamed said Aamal will continue to leverage its strong financial position and pursue a successful diversification strategy, building on the company’s leading positions across a number of different sectors and selectively expanding to create long-term shareholder value.

During the meeting, it was reported that Aamal’s net profit stood at QR447.6mn on revenues of QR1.29bn in 2018.

Sheikh Faisal, in his speech, said “We are proud of our performance in 2018. Although the year saw a decline in revenue and net profit compared to the previous year, our performance was in line with expectations and impacted by already known medium-term factors.

“Our 2018 success demonstrates Aamal’s unwavering ability to remain one-step ahead of the competition through our ongoing investment, our ability to take advantage of the opportunities offered by the strength of the Qatari economy and our agility in responding to challenges.”

Sheikh Mohamed added, “We continue to pursue a long-term investment approach and remain alert to new value-creating opportunities to support profitable growth for our shareholders. For example, in early 2018 we embarked on three new major industrial projects through Senyar Industries Qatar Holding subsidiary for the production of copper, aluminium, and drums. These will further strengthen our industrial manufacturing base and facilitate synergies across our operations.

“Our trading and distribution segment delivered a particularly strong performance across the year led by Ebn Sina Medical, a fully owned subsidiary and Qatar’s leading provider of pharmaceuticals, hospital supplies, and consumer health products. Aamal’s managed services segment also saw positive results, particularly in terms of operational efficiency, led by Ecco Gulf and Aamal Services.”

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