Aamal general assembly approves distribution of 5% cash dividend

Aamal Company was able to achieve "outstanding results” in 2022 and in all its sectors, said Aamal chairman HE Sheikh Faisal bin Qassim al-Thani during the Annual Ordinary General Assembly Meeting, which approved the distribution of a 5% cash dividend Tuesday."A number of factors have contributed to this success, including our diversification strategy, the strength of the company's financial position, and the ability to further develop its activities."However, one of the most important factors is the resilience and strength of the Qatari economy, and the keenness of our wise government to create a distinctive and safe environment for investment under the leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani,” Sheikh Faisal said.Sheikh Mohamed bin Faisal al-Thani, vice-chairman and managing director, reported that Aamal’s net profit stood at QR347.8mn or a 14% growth in 2022, while revenue growth increased 29% to reach QR2.05bn."Aamal’s subsidiaries are always seeking to capitalise on new opportunities and maintain their market-leading positions by enhancing and expanding their offerings. This reflects our commitment to creating long-term shareholder value through the continued profitable operation and expansion of our diversified business platform,” Sheikh Mohamed said.On the performance of Aamal’s four sectors, Sheikh Mohamed said the trading and distribution sector has seen a remarkable performance, with revenue growth of 23.5% and net profit growth of 4.8%."Of particular note this year has been Aamal’s further expansion into healthcare and health IT, with major contracts being won to support development, maintenance and equipment installation across the Qatari healthcare sector, including the provision of digital solutions to the e-health portal project,” he said.Similarly, Aamal’s industrial manufacturing sector has seen revenues and net profit increase by 19.9% and 16.6%, respectively."This sector has also played a major role in supplying products to several key national projects. This included work in relation to all eight of the 2022 FIFA World Cup stadiums, the North Field East LNG Facilities (NFE), and the Kharsaah Solar plant, which aims to fulfil local energy supply needs as well as Qatar Energy’s long-term sustainability goals,” he said.Meanwhile, the property sector maintained its leading position, maximising occupancy rates across its portfolio, which has seen revenue and net profit growth of 14.7% and 13.4%, respectively."The sector is benefiting from record levels of footfall at City Center Doha, which proved to be a major attraction for many FIFA World Cup visitors due to its central location and easy accessibility,” he said.Sheikh Mohamed said, the World Cup made a positive impact on the managed services sector, which won contracts related to supplying transport logistics, and saw increased demand for its entertainment services to achieve significant year-on-year revenue and net profit growth of 74.1% and 196.5%, respectively."At a corporate level, we have increased our foreign ownership limit to 100%. This will enhance the company’s attractiveness to foreign investors and should increase the volume of share trading, benefiting Aamal, its shareholders, and the market in general,” Sheikh Mohamed added.