Aamal Company reported a QR302.4mn net profit in the first nine months of 2024, a 13.9% year-on-year (y-o-y) increase from QR265.4mn.

Total revenue for the same period showed a 3.2% y-o-y increase to QR1,598.2mn from QR1,549.4mn, while gross profit rose 9.0% to QR392.4mn from last year’s QR359.8mn.

Similarly, reported earnings per share increased by 13.9% to QR0.048 from QR0.042 in the same period last year. Net capital expenditure increased by QR11.4mn to QR30.0mn compared to QR18.6mn in 2023. Conversely, gearing decreased to 0.74% compared to 2.8% last year.

Sheikh Mohamed bin Faisal al-Thani, vice-chairman and managing director of Aamal, said: “Aamal’s strong financial performance during the first nine months of 2024 again highlights the strength of our diversified business model, with revenue up 3.2% y-o-y and net profit up 14.6%.

“It’s a model that provides continued resilience, enabling us to achieve sustainable growth and capitalise on the vast opportunities generated by Qatar’s dynamic economy. I am pleased to report robust net profit growth across the majority of the sectors in which Aamal operates, including property, industrial manufacturing, and managed services.

He added: “Within the industrial manufacturing segment, key contributors were Senyar Industries, driven by higher revenue volumes from the Kahramaa project, along with Aamal Readymix.

“While our trading and distribution segment overall experienced a slight decline in net profit due to delays in deliveries, and the renewal of service contracts for Aamal Medical, our Ebn Sina Medical and Aamal Trading and Distribution subsidiaries performed well. As we look ahead to 2025, Aamal is well-placed to build on this year’s successes, delivering for all our stakeholders.”

Rashid bin Ali al-Mansoori, CEO of Aamal, added: “Aamal’s positive performance this year reflects the strategic initiatives we are successfully implementing to enhance our core operations and support both organic growth and the acquisition of complementary businesses that generate new revenue streams. For example, the refurbishment and upgrade investments we have made in property have led to continued high demand for our properties, while the acquisition of maintenance managed solutions has further strengthened our position in managed services.

He added: “Key highlights include El Sewedy Cables Qatar securing a three-year contract worth over QR1bn from Qatar General Electricity & Water Corporation (Kahramaa) to supply engineering, procurement and construction services, including the installation of 132kV power cables for strategic projects.

“Also in industrial manufacturing, Qatar Development Bank’s recognition of Doha Cables as a leading exporter reflects our ability to expand our market reach, and we are actively exploring the viability of fully acquiring Advanced Pipes and Casts Company. Elsewhere, we expect our property segment to benefit from the enhanced accessibility provided by the opening of the direct bridge between the DECC Metro Station and the second floor of City Center Doha. Aamal remains fully focused on identifying and maximising all business opportunities that will create long-term shareholder value.”