Aamal Company, one of the leading diversified entities in the region, has reported a 6.6% year-on-year increase in net profit to QR166.8mn in the first half (H1) of 2023.
Total revenues were up 9.5% to QR1.17bn in the review period.
"We have once again seen the benefits of our diversification strategy which so successfully underpins Aamal’s resilience and growth," its chairman HE Sheikh Faisal bin Qassim al-Thani said, adding “our diverse business strategy and proven resilience is driving Aamal’s further development, and I have no doubt that we are very well positioned to embrace the future with confidence.”
Aamal Company chief executive officer Rashid bin Ali al-Mansoori said its strategy continues to deliver.
"We are successfully capitalising on the growth prospects presented by the Qatar National Vision 2030 and leveraging our prominent position as a key player in diverse economic sectors. By enhancing the financial robustness of specific existing ventures and acting with agility to seize a variety of new business opportunities as they arise, we are well-equipped to generate long-term value for our shareholders," he said.
The industrial manufacturing segment’s revenue and net profit fell 22.7% and 33.5% respectively on an annualised basis, primarily on lower deliveries and reduced shipping rates.
"Moving forward, we anticipate more contract wins as new industrial projects are announced and we are also enhancing our export business through Senyar Industries," Aamal Company said.
Trading and distribution witnessed a 30.9% and 20.9% year-on-year increase in revenue and net profit respectively in H1-2023, primarily attributed to substantial increase in sales at Ebn Sina Medical, following the successful implementation of enhancements to its business model.
Ebn Sina Pharmacy, which now has five branches in total, is opening outlets in Lusail City and the Duhail area by the third quarter.
"The outlook for trading and distribution is promising, particularly in the healthcare sector where we continue to expand our offerings in IT healthcare solutions, expand our distribution agreements through adding new products to our portfolio, and consider new opportunities aligned with our business strategy for the sector," Aamal said.
The property segment saw revenue increase by 8.7% to QR154.3mn with both City Center and Aamal Real Estate delivering positive results. This performance translated into a 6% growth in net profit.

City Center reported increased revenue and net profit growth, driven by regular rental uplifts, the addition of new tenants, and the continued recovery from the Covid-19 pandemic.

Aamal Real Estate also saw growth in revenue and net profit on improved occupancy rates and higher commercial property rents during the period.

The managed services segment saw a 14.8% decline in revenue year-on-year, owing to the end of FIFA World Cup-related service contracts. However, the segment’s net profit rose 37.6% to QR7.3mn.

The outlook for the managed services segment is encouraging as it secured two contracts worth QR45mn over three years with the Ministry of Municipality and two contracts worth QR100mn over five years with Mowasalat.

“Our business model's diversity and this resolute pursuit of organic and non-organic growth opportunities have played a pivotal role in strengthening our market position in critical sectors. In line with this, we have recently announced plans for Aamal Services to acquire Maintenance Management Solutions," al-Mansoori said.