Aamal Company, one of the Gulf region’s leading diversified companies, has reported a 156.3% year-on-year growth in net profit to QR312mn in 2021.
Total revenue shot up 22% to QR1.59bn, mainly on the back of the industrial manufacturing, property and managed services.
"Underpinned by Aamal’s clear strategy, sustained financial strength, disciplined cost control, and resilient and diversified business model, all four business segments performed well at an operational level and demonstrated the company’s ongoing ability to seize new opportunities as they arise and to adapt swiftly to evolving market demands," said Aamal Chairman HE Sheikh Faisal bin Qassim al-Thani.
The industrial manufacturing revenue rose 113% year-on-year to QR431.7mn and net profit by 74.7% to QR56.6mn, reflecting its success in launching new products, expanding production capacity, and further developing its client base.
Highlighting that the outlook of the segment for 2022 remains “positive”, Aamal said the Qatari government has allocated QR74bn for major projects in 2022, benefiting several of the segment's subsidiaries, including Aamal Readymix which has a strong project pipeline for this year. Furthermore, there is an imperative to accelerate the completion of existing construction projects ahead of the FIFA World Cup.
The property segment revenue increased 38.8% year-on-year to QR262.6mn and net profit by 945.9% to QR197.6mn, reflecting new shop openings at City Center Doha, improved occupancy rates at Aamal Real Estate, and the elimination of negative fair value adjustments made in 2020 at the height of the pandemic restrictions.
In 2022, about 20 new shops are scheduled to open at City Center Doha and will begin the construction of a bridge connecting the second floor of the mall to the metro. The bridge will improve access to the shopping precinct and boost footfall on the second floor in particular.
"By the end of 2022, City Center Doha expects to achieve an occupancy rate of 90%," said Sheikh Mohamed bin Faisal al-Thani, chief executive and managing director of Aamal.
Aamal Real Estate saw the benefits of the renovation work carried out in recent years as occupancy rates increased across the residential and commercial portfolios to 93% and 97%, respectively. Aamal Real Estate expects the FIFA World Cup to drive further momentum in occupancy and rental rates throughout 2022.
The managed services segment, and Aamal Travel in particular, benefited from the gradual easing of Covid-related restrictions in 2021 after the near complete closure of its operations in 2020. As a result, revenue and net profit increased by 45% and 458.8% year-on-year, respectively.
The trading and distribution segment saw revenue decrease 3.2% year-on-year to QR878.5mn and net profit by 12.9% to QR105mn, reflecting particularly the strong performance recorded by the segment in 2020 when the pandemic saw demand peak for healthcare and pharmaceutical products and services.
There is significant market opportunity in building healthcare information solutions, particularly in the areas of oncology, laboratory, women’s health and surgery. As such, Aamal Medical is currently reviewing its business strategy to ensure such growth opportunities are successfully captured and will look to enhance its capabilities and capacity accordingly.
In 2022, Aamal trading and distribution expects to grow its client base through new contract wins, expand its retail footprint, and add more business units focused on the automotive industry.
“We can be proud of Aamal’s 2021 financial results and performance which reflect our continued ability to leverage the company’s position as a leading participant across key economic sectors through our focus on high growth areas, diversification, innovation and operational excellence," Sheikh Mohamed said.
"Underpinned by Aamal’s clear strategy, sustained financial strength, disciplined cost control, and resilient and diversified business model, all four business segments performed well at an operational level and demonstrated the company’s ongoing ability to seize new opportunities as they arise and to adapt swiftly to evolving market demands," said Aamal Chairman HE Sheikh Faisal bin Qassim al-Thani.
 Sheikh Mohamed bin Faisal al-Thani, chief executive and managing director of Aamal. |
Highlighting that the outlook of the segment for 2022 remains “positive”, Aamal said the Qatari government has allocated QR74bn for major projects in 2022, benefiting several of the segment's subsidiaries, including Aamal Readymix which has a strong project pipeline for this year. Furthermore, there is an imperative to accelerate the completion of existing construction projects ahead of the FIFA World Cup.
The property segment revenue increased 38.8% year-on-year to QR262.6mn and net profit by 945.9% to QR197.6mn, reflecting new shop openings at City Center Doha, improved occupancy rates at Aamal Real Estate, and the elimination of negative fair value adjustments made in 2020 at the height of the pandemic restrictions.
In 2022, about 20 new shops are scheduled to open at City Center Doha and will begin the construction of a bridge connecting the second floor of the mall to the metro. The bridge will improve access to the shopping precinct and boost footfall on the second floor in particular.
"By the end of 2022, City Center Doha expects to achieve an occupancy rate of 90%," said Sheikh Mohamed bin Faisal al-Thani, chief executive and managing director of Aamal.
Aamal Real Estate saw the benefits of the renovation work carried out in recent years as occupancy rates increased across the residential and commercial portfolios to 93% and 97%, respectively. Aamal Real Estate expects the FIFA World Cup to drive further momentum in occupancy and rental rates throughout 2022.
The managed services segment, and Aamal Travel in particular, benefited from the gradual easing of Covid-related restrictions in 2021 after the near complete closure of its operations in 2020. As a result, revenue and net profit increased by 45% and 458.8% year-on-year, respectively.
The trading and distribution segment saw revenue decrease 3.2% year-on-year to QR878.5mn and net profit by 12.9% to QR105mn, reflecting particularly the strong performance recorded by the segment in 2020 when the pandemic saw demand peak for healthcare and pharmaceutical products and services.
There is significant market opportunity in building healthcare information solutions, particularly in the areas of oncology, laboratory, women’s health and surgery. As such, Aamal Medical is currently reviewing its business strategy to ensure such growth opportunities are successfully captured and will look to enhance its capabilities and capacity accordingly.
In 2022, Aamal trading and distribution expects to grow its client base through new contract wins, expand its retail footprint, and add more business units focused on the automotive industry.
“We can be proud of Aamal’s 2021 financial results and performance which reflect our continued ability to leverage the company’s position as a leading participant across key economic sectors through our focus on high growth areas, diversification, innovation and operational excellence," Sheikh Mohamed said.