The Board of Directors of Aamal Company, one of the most prominent and largest diversified business groups and one of the fastest growing in the region, announced the financial results for the first six months of the current year ending on June 30, 2024.
Net profit attributable to shareholders’ equity increased by 12.9% to QAR 188.4 million (compared to QAR 166.8 million in H1 2023).
Total revenues amounted to SAR 1,045.2 million, total profits increased by 9.7% to SAR 261.3 million and earnings per share increased by 12.9% to SAR 0.030.
The borrowing ratio decreases to 0.69% (compared to 1.7% during the first half of 2023).
His Excellency Sheikh Mohammed bin Faisal bin Qassim Al Thani, Vice Chairman and Managing Director of the Company, said: “Aamal” recorded a strong performance during the first half of the current year 2024, as net profit increased by 12.1% year-on-year, supported by the positive results recorded by most of our sectors and subsidiaries, despite a marginal decrease of 2.1% in revenues year-on-year.
“Throughout the first half of 2024, Aamal has continued to demonstrate the resilience and responsiveness of its diversified business model, successfully navigating changing market dynamics and continuing to drive progress on its strategic growth plans, both organically through its current activities and through various investment mechanisms and vehicles,” he added. “Looking ahead, our diversified business model and strong financial position will continue to enable us to capitalize on a wide range of opportunities in key sectors. In line with the strong economic growth witnessed by the State of Qatar and the Qatar National Vision 2030, we are firmly committed to contributing to the sustainable development and economic diversification of the country. I am confident that Aamal will continue to deliver positive results and add value to all shareholders and stakeholders on a wider scale, God willing,” he added.
“These strong results once again demonstrate Aamal’s resilient business model, market-leading position and strong financial fundamentals,” commented Rashid bin Ali Al Mansouri, CEO of Aamal. “In the industrial manufacturing sector, I would like to highlight the recent acquisition by Aamal of 100% ownership of Ci-San Trading, including its subsidiaries Gulf Rocks and Aamal Marine Services. Under this acquisition, we now have full control over these companies, allowing us to strengthen Ci-San’s market-leading position, expand its operations and increase its competitiveness. In addition, we recently announced the award of a major QAR 1 billion contract for El Sewedy Cables with Qatar General Electricity and Water Corporation (Kahramaa), in addition to our previous QAR 1.2 billion contract in the first quarter of the year. Aamal Readymix’s performance for the period was also strong, with several major projects awarded.
“In the trading and distribution sector, all our subsidiaries witnessed strong financial growth except for Aamal Medical Company, which was affected by delays in contract renewals and new contract awards. Excellent results were achieved in the tires and lubricants companies, driven by successful promotions and price adjustments to renew service contracts. We are particularly grateful for the performance of Ibn Sina Medical Company, which was able to introduce a new gene therapy for Duchenne muscular dystrophy and enable the first patient in Qatar to benefit from this treatment.
“Our real estate segment achieved marginal growth in revenue and net profit, mainly due to periodic rent adjustments and the addition of new tenants at City Center. Both Aamal Real Estate and City Center Doha maintained high occupancy rates, driven by strong and steady demand for our residential and commercial spaces. We will continue to invest in our real estate portfolio through continuous renovation and improvement of our assets,” he added.
“Our Service Management segment has also delivered particularly positive results, with the integration of Maintenance and Management Solutions (MMS) services into the Services business already having a positive impact, including opening up new business opportunities through the introduction of Fit-Out services, which in turn is generating a significant amount of new business.