Aamal Company net profit jumps 18% to QR432.5mn in 2024

Aamal Company posted a net profit of QR432.5mn in 2024, up 17.7% on the previous year, the company announced on Tuesday.

The company earned a total revenue of QR2,100.8mn in 2024, up 1.1% on QR2,077.2mn in 2023.

The company’s board of directors proposed a cash dividend of 6%, which translates into QR0.06 a share and subject to the approval of AGM on March 25.

Aamal chairman HE Sheikh Faisal bin Qassim al-Thani commented, “I am pleased to announce a robust set of results for Aamal in 2024, delivering an impressive 18% rise in year-on-year total net profit as well as a 1.1% increase in total revenue.

“Throughout the year, we continued to successfully navigate fluctuating market dynamics while remaining agile to new opportunities and challenges, recording solid performances across our segments, in particular industrial manufacturing and managed services.

“These results are a testament to the resilience of Aamal’s diversified business model, the adept leadership of our management teams, as well as our sustained strategic focus on optimising operational efficiency and targeted investment into new high growth areas.

Sheikh Faisal added, “Looking ahead, I am confident that Aamal’s healthy balance sheet and leading positioning across many key sectors places the company on a strong footing to capitalise on numerous growth opportunities in Qatar and the wider region. Building on this strong set of results, we remain steadfast in expanding and enhancing our diverse portfolio while contributing meaningfully to the National Vision 2030 and growth of the Qatari economy.

“I would like to take this opportunity to express my sincere gratitude to our employees and board members for their talent and unwavering commitment. In light of this pleasing performance, I would like to propose a 6% dividend to be approved by the AGM, scheduled to take place on March 25.”

Aamal vice-chairman and managing director Sheikh Mohamed bin Faisal al-Thani noted, “Aamal’s ability to achieve positive performance is a testament to our disciplined approach in navigating market fluctuations. Throughout the year we have remained dedicated to enhancing operational performance, driving innovation, and capitalising on promising opportunities in both Qatar and the wider region.

“Our continued investments into existing and new markets underscore our confidence in Qatar’s long-term growth potential, as the country continues to work toward the National Vision 2030.

“Aligned with Qatar’s Third National Development Strategy, which emphasises economic diversification, private sector empowerment, and sustainability, Aamal remains committed to driving growth across key industries. Looking ahead, we aim to support Qatar’s economic progress and societal development by expanding our footprint in both local and regional markets, reinforcing our position as a leading diversified company.”

Aamal Chief Executive Officer Rashid bin Ali al-Mansoori commented, "This strong set of results for 2024 reaffirms the strength of Aamal’s diversified business model and growth strategy. Coupled with the sustained focus on innovation and operational excellence, I am pleased to see this once again guide Aamal through a highly dynamic market and continue delivering shareholder value.”

“In industrial manufacturing, I am proud to see Aamal’s ongoing contribution to major national energy and construction projects, including Senyar Industries’ contracts related to North Field and Kahramaa projects. Elsewedy Cables' success in securing major contracts, each valued at over QR1bn, is also a testament to our growing presence in the cables sector, while the recognition of Doha Cables as one of the top exporters by QDB ‘Tasdeer’, further solidifies our leadership in the industry. Elsewhere, Aamal Readymix recorded an improved performance owing to recovering demand from the region’s construction industry.

“In the trading and distribution segment, Ebn Sina Medical further extended its market leading position through signing new distribution agreements and registering new pharmaceutical drugs. In particular, the registering and supplying of an innovative new cancer drug, and Gene Therapy treatment for Duchenne muscular dystrophy, highlighted Aamal’s wider commitment to supporting the health of Qatari society through the provision of the highest quality healthcare technologies and pharmaceuticals.

“The strong performance of Aamal Trading was also noteworthy, and I look forward to seeing the roll-out of its new digital concept, ‘Toolbox’.

“Our property segment achieved marginal growth in revenues, primarily due to periodic lease adjustments and the addition of new tenants at City Center. Both Aamal Real Estate and City Center Doha maintained high occupancy rates, driven by strong and steady demand for our residential and commercial spaces. Following successful upgrades carried out in 2024, such as the City Center metro bridge, we will continue to invest in our property portfolio through ongoing refurbishment and enhancement.

“Our managed services segment reported particularly positive results and the integration of MMS under Aamal Services continued to have a positive impact on the segment. The winning of new business contracts across diverse sectors including hospitality, banking, construction, and government, as well as the development of MMS’ own fit-out team to capture strong demand in the region, were encouraging developments and signal the continued growth potential of this segment into the future.

“Looking ahead, Qatar anticipates robust economic growth in 2025 and beyond, and progress toward the Qatar National Vision remains a major source of growth opportunities across all Aamal’s key sectors. Our strong balance sheet and the targeted growth initiatives carried out in 2024, including the acquisition of Ci-San and APC, position Aamal very well to continue delivering value for all its stakeholders.”