Aamal company Q.P.S.C. financial results for the full year ended 31 December 2020

Resilience of diversification strategy mitigates COVID-19 impact on revenues

  
Aamal company Q.P.S.C.nbsp;financial results for the full year ended 31 December 2020
  • QAR 1.3bn Total Revenue for 2020 marginally ahead year-on-year
  • Proposed cash dividend of 4% (QAR 0.04 a share)

Doha: – the Board of Directors of Aamal CompanyQ.P.S.C. (“Aamal”), one of the Gulf region’s leading diversified companies, today announces financial results for the year ended 31 December 2020. 

Financial Highlights 

  • Total revenue up 1% to QAR 1,306.8m (2019: QAR 1,294.1m), driven by increased revenue in our Industrial Manufacturing and Trading and Distribution segments, and demonstrating the resilience of Aamal’s business model in an exceptionally challenging environment
  • Gross profit down 21.4% to QAR 341.0m (2019: QAR 434.0m)
  • Net profit before share of net profits of associates and joint ventures, accounted for using the equity method and fair value gains/losses on investment properties (“net underlying profit”) down 25.8% to QAR 192.9m (2019: QAR 259.9m)
  • Net underlying profit margins decreased by 5.3 percentage points to 14.8% (2020: 20.1%)
  • Share of net profits from associates and joint ventures accounted for using the equity method decreased 19.0% to QAR 50.4m (2019: QAR 62.3m)
  • Fair value losses on investment properties of QAR 121.6m in 2020. There were no fair value gains or losses on investment properties in 2019
  • Total Company net profit1 down 62.2% to QAR 121.7m (2019: QAR 322.1m), with net profit attributable to Aamal equity holders down 61.7% to QAR 123.3m (2019: QAR 322.3m)
  • Reported earnings per share decreased 61.7% to QAR 0.02 (2019: QAR 0.05)
  • Net capital expenditure down 11.9% to QAR 42.6m (2019: QAR 48.3m)
  • Gearing remains low at 4.20% (2019: 1.06%)

1 Total Company net profit is before the deduction of net profit attributable to non-controlling interests.

Read the full report here.

-Ends-

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