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DOHA: Aamal Company QSC (Aamal) yesterday announced nine-month and third quarter financial results for the period ended September 30, 2012.
Driven by continuing underlying topl-ine growth and first-time contributions from new branches in the industrial manufacturing and managed service divisions, the company posted a revenue of QR1.6bn, up 27.2 percent, for the first nine months compared with the same period in 2011.
The underlying net profit margin (before fair value gains on investment properties) for the nine month period of 10.6 percent (9M 2011: 12.7 percent), increased to 11.1 percent in Q3 (Q3 2011: 9.4 percent).
This improving trend reflects the growing focus within the sales mix towards industrial manufacturing activities. Although such activities tend to have lower gross margins, the associated higher volumes are now starting to more than compensate, thereby capturing the benefits of operational gearing.
Total net profit attributable to Aamal’s shareholders up 14.9 percent to QR199.5m (9m 2011: QR173.6m) and for the third quarter, up 37.6 percent to QR96.7m (Q3 2011: 70.3m).
Sheikh Faisal bin Qassim Al Thani (pictured), Chairman of Aamal, commented: “Aamal continues to deliver excellent financial performance. Each of our divisions has increased revenues and generated strong, double-digit profit growth, with attributable net profit increasing by almost 15 percent for the first nine months of the year and almost 38 percent for the third quarter along with an expansion in the group margin. Together with strong, additional contributions from our latest ventures, I look forward to this positive trend continuing over the remainder of 2012.”
Sheikh Mohamed bin Faisal Al Thani, Vice-Chairman of Aamal, said: “We are continuing to prioritise expansion in Industrial Manufacturing and related Managed Services as we diversify into selected markets and segments with significant potential for long-term growth and returns. This strategy has again delivered another solid quarter of profitable growth and positions us strongly to further grow our share of our chosen markets over the fourth quarter and into 2013 as consumer demand for products and services of the highest quality continues to evolve in line with the rapid expansion and diversification of the Qatari economy.”