Aamal Company reported a 20.8% jump in net profit for the first six months of 2022 to reach QR156.4mn over QR129.5mn during the same period last year.
Total revenue increased 37.1% to QR974.4mn over QR710.7mn in H1 2021, with particularly strong performances by the industrial manufacturing, managed services, and trading and distribution segments.
Gross profit also increased 19.3% to QR229.7mn compared to QR192.4mn in H1 2021. There were no fair value gains on investment properties in either H1 2022 or H1 2021. Earnings per share grew by 20.8% to QR0.025 over QR0.021 in the same period last year.
Net capital expenditure decreased by QR13.5mn to QR27.4mn compared to QR40.9mn in H1 2021, while gearing decreased to 4.1% (H1 2021: 4.8%).
Aamal chairman HE Sheikh Faisal bin Qassim al-Thani said: “I am very pleased to report that Aamal has continued its excellent start to the year with all four segments delivering significant top-line growth. With revenue growth of 37% and net profit growth of 21% year-on-year, these are a very strong set of financial results.
“Our industrial manufacturing, managed services, and trading and distribution segments all performed particularly well. Managed services benefited from the lifting of Covid-19 restrictions and the return of travel, while Aamal Maritime performed especially well within our industrial manufacturing segment. Ebn Sina and Aamal Medical continued their strong performance within our trading and distribution segment, and our property segment benefited from the high occupancy rates at Aamal Real Estate and City Centre Doha.”
He added: “In June, we were delighted to welcome Rashid al-Mansoori as our new chief executive officer. He brings with him a wealth of experience, which will add considerable value as we continue to deliver our strategic objectives. Transparently separating the roles of CEO and managing director is fully in line with Aamal’s ongoing commitment to maintaining the highest standards of corporate governance.
“Qatar National Vision 2030 will be a significant driver of the economy and of our country’s development over the next few years and Aamal’s diversified business platform and strong financial position make us well placed to benefit from the many opportunities it will generate. We remain committed to generating long-term shareholder value and look forward to the remainder of 2022 and beyond with considerable optimism and confidence.”
Aamal managing director Sheikh Mohamed bin Qassim al-Thani said, “Aamal’s diversified business model, robust financials, and clear strategy for growth continue to deliver a strong performance for all our shareholders.
“This is an exciting time for Qatar with the economy expected to be the fastest growing in the GCC in both 2023 and 2024, according to the World Bank. I strongly believe that Aamal’s market-leading position and exposure to Qatar’s growth story position us favourably to benefit from the opportunities that we will see in the next few years. I am looking forward to this exciting next phase of Aamal’s growth story.”
Al-Mansoori added: “I am delighted to have joined Aamal’s leadership team. The company’s performance in the first half of 2022 was particularly impressive and I look forward to working with my new colleagues to build on this success as we continue to expand our operations and explore new opportunities to deliver shareholder value.
“The upcoming FIFA World Cup is an important milestone that will provide a further economic boost to Qatar, showcasing to regional and international investors our country’s exceptional capabilities, modern infrastructure, economic diversity, stability, and safety. Moving forward, in line with our diversified business model, we have identified several new opportunities across infrastructure, natural resources, healthcare, and technology. We will also continue to build on Aamal’s ESG initiatives, identifying new ways to deliver value to our communities and further embed our sustainable business practices.”
Total revenue increased 37.1% to QR974.4mn over QR710.7mn in H1 2021, with particularly strong performances by the industrial manufacturing, managed services, and trading and distribution segments.
Gross profit also increased 19.3% to QR229.7mn compared to QR192.4mn in H1 2021. There were no fair value gains on investment properties in either H1 2022 or H1 2021. Earnings per share grew by 20.8% to QR0.025 over QR0.021 in the same period last year.
Net capital expenditure decreased by QR13.5mn to QR27.4mn compared to QR40.9mn in H1 2021, while gearing decreased to 4.1% (H1 2021: 4.8%).
Aamal chairman HE Sheikh Faisal bin Qassim al-Thani said: “I am very pleased to report that Aamal has continued its excellent start to the year with all four segments delivering significant top-line growth. With revenue growth of 37% and net profit growth of 21% year-on-year, these are a very strong set of financial results.
“Our industrial manufacturing, managed services, and trading and distribution segments all performed particularly well. Managed services benefited from the lifting of Covid-19 restrictions and the return of travel, while Aamal Maritime performed especially well within our industrial manufacturing segment. Ebn Sina and Aamal Medical continued their strong performance within our trading and distribution segment, and our property segment benefited from the high occupancy rates at Aamal Real Estate and City Centre Doha.”
He added: “In June, we were delighted to welcome Rashid al-Mansoori as our new chief executive officer. He brings with him a wealth of experience, which will add considerable value as we continue to deliver our strategic objectives. Transparently separating the roles of CEO and managing director is fully in line with Aamal’s ongoing commitment to maintaining the highest standards of corporate governance.
“Qatar National Vision 2030 will be a significant driver of the economy and of our country’s development over the next few years and Aamal’s diversified business platform and strong financial position make us well placed to benefit from the many opportunities it will generate. We remain committed to generating long-term shareholder value and look forward to the remainder of 2022 and beyond with considerable optimism and confidence.”
Aamal managing director Sheikh Mohamed bin Qassim al-Thani said, “Aamal’s diversified business model, robust financials, and clear strategy for growth continue to deliver a strong performance for all our shareholders.
“This is an exciting time for Qatar with the economy expected to be the fastest growing in the GCC in both 2023 and 2024, according to the World Bank. I strongly believe that Aamal’s market-leading position and exposure to Qatar’s growth story position us favourably to benefit from the opportunities that we will see in the next few years. I am looking forward to this exciting next phase of Aamal’s growth story.”
Al-Mansoori added: “I am delighted to have joined Aamal’s leadership team. The company’s performance in the first half of 2022 was particularly impressive and I look forward to working with my new colleagues to build on this success as we continue to expand our operations and explore new opportunities to deliver shareholder value.
“The upcoming FIFA World Cup is an important milestone that will provide a further economic boost to Qatar, showcasing to regional and international investors our country’s exceptional capabilities, modern infrastructure, economic diversity, stability, and safety. Moving forward, in line with our diversified business model, we have identified several new opportunities across infrastructure, natural resources, healthcare, and technology. We will also continue to build on Aamal’s ESG initiatives, identifying new ways to deliver value to our communities and further embed our sustainable business practices.”