Qatar: Aamal revenue up 6.2% to $149mln in first quarter of 2024

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Doha, Qatar: The Board of Directors of Aamal Company, one of the region’s leading diversified companies, yesterday announced its financial results for the first quarter (Q1) ended 31 March 2024.

The company’s total revenue up 6.2 percent to QR543.3m (Q1 2023: QR511.4m) while the gross profit rose 8.4 percent to QR130.4m (Q1 2023: QR120.2m). The net profit attributable to Aamal equity holders also increased 7.5 percent to QR94m (Q1 2023: QR87.5m).

The reported earnings per share increased 7.5 percent to QR0.015 (Q1 2023: QR0.014); net capital expenditure rose 49 percent to QR10.3m Q1 2023: QAR 6.9m) and gearing decreased to 1.2 percent (Q1 2023: 2.6 percent).

Sheikh Mohamed bin Faisal Al Thani, Vice Chairman and Managing Director of Aamal, commented: “Building on these positive first quarter results, we look ahead to the remainder of 2024 with confidence and optimism, fueled by our ongoing evaluation and pursuit of new opportunities and by the continued enhancement of our existing operations. Aamal’s diversified business model remains highly resilient, positioning us favourably to capitalise on opportunities as they arise and to drive sustained growth, benefiting our shareholders and wider stakeholder community.”

Rashid bin Ali Al Mansoori, Chief Executive Officer of Aamal, also added: “I am pleased to report that Aamal has made a solid start to 2024, showing robust year-on-on year growth with revenue up by 6.2 percent and total net profit up by 8.2 percent, results which underline our ongoing commitment and ability to deliver value for all our stakeholders while navigating through dynamic market conditions.

“Our Trading and Distribution segment saw strong revenue growth, driven in particular by the excellent performance of Ebn Sina Medical. Furthermore, Aamal Medical’s recently signed strategic partnerships and representation agreements with leading healthcare suppliers - such as Austco Healthcare, Gleamer, and Healthometer Professional Scales - underscores our commitment to meeting evolving market demands and to expanding our product portfolio to serve the growth and development of Qatar’s healthcare sector.

“Industrial Manufacturing performed well, led by Elsewedy Cables’ significant QR1.2bn contract win from Kahramaa. Our diversified industrial activities, including Aamal Readymix, Aamal Cement Industries, Senyar Industries, and Frijns Industrial Steel, also all contributed positively to our overall growth.

“Our Property segment saw a marginal increase in rental levels due to higher occupancy rates. At City Center Doha, our initiatives to maintain its market leadership included the recent inauguration of the Gold Souk and infrastructure enhancements such as the direct bridge which will shortly link the metro station to the mall’s second floor, further enhancing accessibility and the customer experience.

“Our Managed Services segment saw a significant increase in revenue due to the contribution of the newly-added Maintenance Management Solutions ‘MMS’ subsidiary. As expected, our Aamal Services and Aamal Travel subsidiaries faced a slight slowdown in their activities."

"We remain committed to optimizing our operations and seizing new opportunities across this sector.”