DOHA: Aamal Company recorded QR240m net profit for the first nine months of 2013 (9M 2013) compared to a net profit of QR199.5m reported for the corresponding period last year.
The company’s earnings per share (EPS) amounted to QR0.40 for the period ended September 30, 2013 versus QR0.33 for the corresponding period in 2012.
Revenue was down marginally at 2.4 percent to QR1.5bn reflecting delays in key projects to be commissioned in the Industrial Manufacturing division, along with a deferment of orders from an existing client. These trends are starting to reverse however, as witnessed by the 18.1 percent increase in Q3 Sales, the company revealed yesterday.
Underlying net profit margin ie before fair value gains on investment properties, for the nine month period strengthened to 12.2 percent compared to 11.3 percent reported during nine months in 2012.
Capital expenditure of QR97.3m (9M 2012: QR193.6m) driven by the completion of Phase 1 of the City Center Doha expansion project and construction of the Advanced Pipes & Cast Company, which is nearing completion. Financial gearing remained low at 9.9 percent at September 30, 2013.
Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal, commented: “For the first nine months of 2013, Aamal has managed to grow its earnings per share in excess of 21 percent, which is a wonderful result. This is testimony to the very strong foundations that we have put in place for the Company and how we are positioned to capitalize on Qatar’s rapid industrialization and diversification away from an economy predominantly based on hydro-carbons.”
Sheikh Mohamed bin Faisal Al Thani, Vice-Chairman of Aamal, added: “2013 has seen Aamal continue to make great strides in consolidating and building on its market-leading positions across many areas of the rapidly evolving Qatari economy. What is also heartening to see is the turnaround that is starting to emerge in the Industrial Manufacturing division, which is the principal driver to Aamal’s future growth, where certain key projects are now starting to come back on-stream: this is borne out by the 18 percent sales growth for Aamal in the third quarter.”
Tarek M. El Sayed, Managing Director of Aamal, said:“This is another excellent performance from Aamal and bears testimony to the endeavours of everyone concerned at the Company, from the strategic to the operational level. However, there is no question that we shall become complacent and sit on our laurels but will continue to strive to seek ways in which Aamal can create additional further value, from both existing and new operations.”