Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal Company attending the Annual Ordinary General Assembly Meeting with other officials virtually.
Doha: Aamal Company (Aamal), one of the region’s most diversified companies, held its Annual Ordinary General Assembly Meeting, through the video communication technology. Addressing the shareholders, Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal Company said, “2020 is considered an exceptional year, due to the COVID-19 pandemic and its consequences, but I am happy to say that in light of these unprecedented challenges that the whole world witnessed, not just Qatar, I am proud of the positive developments that Aamal has been able to achieve at all levels, the most important of which is ensuring the public safety of our employees and all stakeholders.”
“Moreover, how brilliantly the Company responds to new business requirements. Our diversified business model once again this year demonstrated its resilience and value, as the Company achieved revenue growth despite the circumstances,” he added.
“The results of Aamal Company are evidence of the resilience and strength of the economy of our beloved Country, Qatar, so I would like to take this opportunity to thank our wise government under the leadership of Amir H H Sheikh Tamim bin Hamad Al Thani, for its inspiring leadership during this pandemic and its continuous support to help us overcome the negative effects of the pandemic and provide the best care for citizens and residents. Thankfully, we were able to overcome this difficult period, but we are looking to the future with hope,” he added.
The General Assembly approved the proposal of the Board of Directors to distribute dividends to the current shareholders at a sum of 4 percent of the nominal value of each share of the Company (i.e. QR0.04 per share). AGM approved the Company’s Corporate Governance Report for the year ended 31 December 2020 and Company’s Internal Controls over Financial Reporting (ICOFR) Report for the year ended 31 December 2020.
Sheikh Mohammed bin Faisal Al Thani, Chief Executive Officer and Managing Director, presented the Chairman’s report. He said, “In the face of unprecedented challenges globally due to the COVID-19 pandemic, I am hugely proud of Aamal Company’s response at every level during 2020. Our employees responded magnificently to the new ways of working, our subsidiaries played their part in supporting local communities through the pandemic, and our diversified business model again demonstrated its resilience and value to our overall performance, delivering year-on-year revenue growth despite the pandemic.”
“Aamal’s financial strength and resilient business model enabled us to continue to perform well at an operational level across our Industrial Manufacturing, Property, and Trading and Distribution segments. Highlights included the completion of the redevelopment work at City Center Doha; the start of production at Senyar Drums Factory, the first specialised cable drum manufacturer in Qatar; investment in a new Glass Reinforced Pipe (GRP) production line at Advanced Pipes and Casts; and the expansion of the Ebn Sina Pharmacy chain,” he added.
He said, “Although the pandemic means that these remain uncertain times, Aamal will continue to capitalize on the opportunities generated by the government’s strategy to prioritize public spending and the many opportunities provided by the Qatar National Vision 2030, leveraging our position as a leading participant across a number of key economic sectors.”
He said that Aamal’s total revenue increased marginally by 1 percent to QR1,306.8m, driven by increased revenue in our Industrial Manufacturing and Trading and Distribution segments demonstrating the resilience of Aamal’s business model in an exceptionally challenging environment. Net profit decreased by 62.2 percent to QR121.7m, heavily impacted by the performance of our Property segment, which was affected by two factors, a drop in property valuations and by our decision to waive rents for tenants at both City Center Doha and Souk Al Harraj. Despite the financial impact, this was absolutely the right decision to take, one that was driven by our desire to support the economy in these challenging times and to support our tenants who we have always regarded as partners.
“I believe that our Government has taken the most effective steps to face the global pandemic. Under the wise leadership of Amir H H Sheikh Tamim bin Hamad Al Thani, the country has managed to control the spread of the virus, enabling the gradual reopening of the majority of sectors and allowing a timely return to almost normal levels of activity in the country.”
