Aamal Company 9-month net profit at QR265.4mn

Aamal Company has reported a 3.7% year-on-year increase in net profit to QR265.4mn in the first nine months (9M) of this year.The company's total revenues were up 2.4% year-on-year to QR1.55bn in the review period.Reported earnings per share were up 3.7% to QR0.042 at the end of 9M ended September 2023.Net capital expenditure fell by QR16.2m to QR18.6m, a result of a significant decline in capital expenditure in Aamal’s property segment primarily due to the completion of renovation work at City Center Doha."Revenue and total net profit increased by 2.4% and 1.6%, respectively, driven by the strong performance of our trading and distribution, property, and managed services segments," said Aamal Company chief executive officer Rashid bin Ali al-Mansoori.The segment saw excellent revenue and profit growth due to the continued strong performance of Ebn Sina Medical, which has reinforced its position as the leading pharmaceutical supplier in Qatar, he said."The healthcare sector continues to offer significant opportunities for Aamal and we are focused on further developing our offering to capitalize on these trends," he added.Across the industrial manufacturing sector, its subsidiaries continue to play an important role in key projects. Frijns Structural Steel Middle East completed work on the Lusail International Circuit that hosted the recent 2023 Qatar Grand Prix."The outlook for the sector remains positive with a number of infrastructure projects underway across the region," he said, referring to the recent announcements by the Public Works Authority (Ashghal) and the Qatar General Electricity & Water Corporation (Kahramaa) regarding public tenders worth a staggering $19.2bn, with Qatar preparing for a transformational year in 2024.These tenders aim to overhaul infrastructure, enhance public services, and spur economic growth, benefiting both individuals and businesses across the nation, he said.Aamal’s Property segment continues to perform well, with increasing occupancy rates across both City Center Doha and Aamal Real Estate driving increased revenues.City Center Doha welcomed a number of major new tenants during the period and continues to develop its offering to enhance the overall experience for its customers.The managed services segment maintained its recent positive momentum, securing several new contracts and completing the acquisition of Maintenance & Management Services (MMS), a leading provider of facilities services, to strengthen its position and offset the decline in revenues caused by the completion of contracts related to the FIFA World Cup.Family Entertainment Center and Aamal Travel benefited from an increase in demand for their services over the summer period."Looking ahead, I am excited about the growth opportunities for Aamal as we continue to expand into new and complementary sectors in Qatar and beyond, while the market-leading positions of our subsidiaries makes them the partner of choice for many of Qatar’s innovative projects," al-Mansoori said.