Aamal has posted a net profit of QR367.5mn in 2023, up 4.7% on the previous year.Aamal chairman HE Sheikh Faisal bin Qassim al-Thani said, "I am pleased to announce a robust overall performance by Aamal in 2023, with a marginal year-on-year increase in revenue and a 4.7% rise in total net profit. The excellent performance of both our Trading and Distribution segment and our Property segment was particularly noteworthy, while Aamal's diversified strategy and strong financial position enable us to capitalise on diverse opportunities across different sectors and demonstrate notable financial resilience."The agility and innovation demonstrated by our business units in a dynamic market have contributed to Aamal’s growth during the year, a testament to the adept leadership provided by our talented team."Despite the 2023 slowdown in Qatar's construction industry, stemming largely from the conclusion of FIFA-related projects, our businesses displayed resilience. Strategic initiatives were taken to address specific challenges, ensuring sustained long-term growth. While the Board evaluates several encouraging business opportunities, the Board of Directors will propose to the general assembly on March 12 to retain the profits from 2023."Aamal chief executive officer Rashid bin Ali al-Mansoori commented, "Aamal’s accomplishments throughout 2023 give me great pride and underline the Group’s ongoing capacity to harness its resilient and diversified business model, seizing opportunities to generate value for our shareholders and benefit all our stakeholders."Aamal's Trading and Distribution segment excelled in 2023, with substantial revenue and net profit increases driven by heightened sales in Ebn Sina Medical. We were particularly pleased to launch Aamal Information Technology and look forward to the continued success of this venture through 2024. Our property segment also reported a robust performance with revenues and net profit growing 5.7% and 14.3% year-on-year, respectively. City Center Doha saw rental uplifts and the opening of 40 new shops, while Aamal Real Estate recorded increased occupancy rates and is aiming for full occupancy across all key locations by the end of 2024. Aamal’s Managed Services segment exhibited resilience in 2023, despite a decline in revenue and net profit primarily due to the conclusion of FIFA-related contracts."Despite the challenges faced by our Industrial Manufacturing segment, businesses within the segment demonstrated commendable resilience by implementing cost optimisation initiatives, enhancing production facilities, expanding product portfolios, exploring new markets, and successfully securing projects with major clients. Moving forward, we are optimistic about a recovery in the construction industry, anticipating potential government announcements of new development projects that will contribute to this rebound. Furthermore, businesses operating in this segment have robust pipelines for 2024."Aamal’s unwavering commitment to our ESG drive has continued, with notable initiatives including Aamal Ride. Moving forward, we remain dedicated to discovering innovative ways to contribute value to our communities and further integrate sustainable business practices."This solid set of results underscores Aamal's adeptness in navigating challenges across diverse markets and sectors. Our resilience and innovative strategies position us well to explore opportunities in existing and new sectors, enhancing our business model and delivering growth for shareholders. Aligned with our diversified approach, we are actively pursuing opportunities in energy, IT, and logistics. In line with these plans, Aamal Energy was established for potential investments opportunities within this sector."As Qatar anticipates robust economic growth in 2024 and 2025, in line with the Qatar National Vision, Aamal stands well-prepared to leverage these opportunities. Our robust business model and financial strength mean we are in a strong position to support Qatar's growth, to benefit all our stakeholders, and to generate enduring value for our shareholders."
February 18, 2024 | 07:42 PM