Aamal posts QR512m net profit in 2013
February 21, 2014 - 5:51:37 am
DOHA: The annual net profit (after fair value gains on investment properties) of Aamal Company for 2013, ended December 31, decreased to QR512m, down by18 percent compared to QR624.5m in 2012.
The Board of Directors of Aamal yesterday announced the financial results for full year ended December 31, 2013.
Aamal, according to a statement issued yesterday, reported a 14.14 percent decline in the earnings per share (EPS) to QR0.85 in 2013, compared to QR0.99 in 2012.
However, the net underlying profit (before fair value gains on investment properties) of the company, ended December 31, 2013, increased to QR267.2m, up 13.4 percent compared to QR235.7m in 2012. The revenues of the group increased to QR2.12bn in 2013, witnessing a growth of about 2.5 percent compared to QR2.07bn during 2012.
Amal reported net underlying profit margins of 12.6 percent in 2013, which was 11.4 percent in the previous year (2012). The fair value gains on investment properties in 2013 declined to QR245.1m, nearly 37 percent down compared to QR388.8m in 2012.
The adjusted underlying earnings per share in 2013 increased 27 percent to QR0.44 compared to QR0.34 in 2012. Gross investment in capital expenditure of the group fell by 34.8 percent to QR157.6m against QR241.8m in 2012 driven by the completion during the year of Phase 1 of the City Center Doha expansion project and the Advanced Pipes and Cast Company plant.
Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal Company, said: “We have managed to grow both revenues and expand margins, thereby improving the overall quality of earnings.”