QAMCO posts a net profit of QR 288 million for the six-month period ended 30 June 2021

QAMCO posted the highest half-yearly net profit since incorporation, on the back of improved global aluminum prices, linked to macro-economic recovery and supply constraints

  
  • QAMCO JV’s shift of product mix to 100% of value-added products (VAP) supported margins
  • QAMCO’s share of revenue from the JV amounted to QR 1,353 million for the six-month period ended 30 June 2021
  • QAMCO’s share of EBITDA from the JV stood at QR 558 million, with an EBTIDA margin of 41% for 1H-21
  • Earnings per share amounted to QR 0.052 for the six-month period ended 30 June 2021
  • QAMCO’s closing cash balance (including share of cash in QAMCO’s JV) stood at QAR 812 million 

Doha, Qatar: Qatar Aluminum Manufacturing Company Q.P.S.C. (“QAMCO” or “the Company”; QE Ticker: QAMC), a 50% joint venture partner in Qatar Aluminum Company (Qatalum), today reported a net profit of QR 288 million for the six-month period ended 30 June 2021, with an earnings per share (EPS) of QR 0.052. 

Commenting on the financial and operational performance for the six-month period ended 30 June 2021, Mr. Abdulrahman Ahmad Al-Shaibi, Chairman of the Board of Directors, QAMCO, said:

“We benefitted from a strong sequential macroeconomic recovery coupled with supply constraints, which translated into healthier demand for our premium products, resulting in an improved set of financial results, since QAMCO’s incorporation. While macro-conditions remained buoyant, we continued to rely on our core business values, flexibility of operations, supported by efficient supply chain and persistent cost optimization efforts. Going forward, our competitive advantages coupled with our operational excellence, would position us better for our long-term goals.”

Updates on macroeconomic environment

Prices of aluminium, continue to climb on the back of renewed global demand, whereby sectors such as construction and automotive industries witnessed growth, as the global economies started to show signs of recovery since later part of 2020. With aluminium being a key input for electric vehicles (EVs), wind turbines and solar power, bringing an additional layer of long-term demand for primary aluminium. Furthermore, global climate initiatives are also providing structural support to aluminum markets, given its major role in decarbonization and playing a key part in creating supply deficits. All of these factors translated into a sequential growth in prices of primary aluminium along with improved margins.

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About QAMCO

Qatar Aluminum Manufacturing Company Q.P.S.C. (QAMCO) was incorporated on 3 December 2018 as a Qatari shareholding company. The registered office is located at P.O. Box 3212, Doha, State of Qatar. QAMCO is a 50% shareholder in Qatalum (a joint venture of QAMCO), which is a producer and marketer of primary aluminium. QAMCO owns 50% of Qatalum’s issued capital with the remaining 50% being held by Hydro Aluminium Qatalum Holding B.V. 

For more information about this press release, email qamco@qp.com.qa or qamco.investorrelations@qp.com.qa or visit www.qamco.com.qa 

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