Aamal reports 12.1% rise in net profit for first half

Doha, Qatar: The Board of Directors of Aamal Company ( Aamal ), one of the region s leading diversified companies, yesterday announced its financial r...

Doha, Qatar: The Board of Directors of Aamal Company (“Aamal”), one of the region’s leading diversified companies, yesterday announced its financial results for the six months ended 30 June 2024.

The company reported total revenue of QR1,045.2m for first half of 2024 (H1 2023: QR1,067.4m), with the slight fall driven by the completion of the Aamal Cables contract. The gross profit increased by 9.7% to QR261.3m in H1 2024 (H1 2023: QR238.2m). There were no fair value gains on investment properties in either H1 2024 or H1 2023 and the reported earnings per share was up 12.9% to QR0.030 (H1 2023: QR0.026). While the net capital expenditure increased by QR8m to QR19.9m (H1 2023: QR11.9m) gearing decreased further to 0.69% (H1 2023: 1.7%).

Sheikh Mohamed bin Faisal bin Qassim Al Thani, Vice Chairman and Managing Director of Aamal, commented: “I am proud to report a strong performance by Aamal during the first half of 2024, with net profit up 12.1% year-on-year and positive results recorded across most of our segments and businesses, despite a marginal 2.1% decline in revenue year-on-year.  Throughout the period, Aamal continued to showcase the resilience and agility of its diversified business model, successfully navigating changing market dynamics and steadily advancing its strategic growth plans, both organically through our existing businesses and through new investment avenues.

“Looking ahead, our diversified business model and strong balance sheet will continue to enable us to capitalize on a wide spectrum of opportunities across key sectors.  In alignment with Qatar’s robust economic growth and the Qatar National Vision 2030, we remain firmly committed to contributing to the nation’s sustainable development and economic diversification.  I am confident that Aamal will continue to deliver positive results, adding value for all our shareholders and wider stakeholders.”

Our Industrial Manufacturing segment saw a 43.9% increase in net profit year-on-year, despite a 60.6% drop in revenues which was largely due to the completion of the Aamal Cables contract.