Aamal reports 9-month net profit of QR338.3mn

Aamal Company, one of the region’s fastest-growing diversified companies, has reported net profit of QR338.3mn on revenues of QR953.1mn during the first nine months of this year.
The company’s net underlying profit margins have increased by 2.1 percentage points to 27.9% in the third quarter of 2018 against 25.8% in the year-ago period. Its earnings-per-share was QR0.53.
The nine-month group revenues were down 24% on yearly basis due to reclassification of two business entities within the industrial manufacturing segment from subsidiaries to joint ventures from April 1, 2017.
“This change will continue to impact our financial results until after fourth quarter 2018, at which point the change will have fully annualised,” Aamal chairman HE Sheikh Faisal bin Qassim al-Thani.
He said the company’s financial performance to date demonstrates the resilience of the private sector and its ability to take advantage of the opportunities by the strength of the Qatari economy.
Sheikh Mohamed bin Faisal al-Thani, vice-chairman and managing director, Aamal, said revenue and net profit of its trading and distribution division, increased by 15% and 4%, respectively.
“This is largely attributable to Aamal’s success in establishing alternative supply chains. It has also been an exciting quarter for the segment as it has expanded its network of business partnerships to introduce new products and services to the market,” he said. In the property segment, the redevelopment work at City Centre Doha is progressing and the East Food Court is due to open by year end, the company said.
Furthermore, several of the refurbished areas are now available for leasing and it is now looking for new tenants to further enhance City Centre.
The company’s net capital investment expenditure grew 9% on an annual basis to QR78.9mn at the end of nine-month ended September 30, 2018.