* Aamal AGM held virtually on Tuesday approved distributing cash dividends equaling 4% of the nominal value of each share
Aamal’s diversified business model demonstrated its resilience and value once again this year as the company achieved revenue growth despite the pandemic circumstances, said chairman HE Sheikh Faisal Bin Qassim al-Thani.
Addressing company shareholders at Aamal’s annual ordinary general assembly meeting held virtually on Tuesday he said, “The results of Aamal Company are evidence of the resilience and strength of the economy of our beloved country Qatar. So I would like to take this opportunity to thank our wise government under the leadership of HH the Amir Sheikh Tamim bin Hamad al-Thani for its inspiring leadership during this pandemic and its continuous support to help us overcome the negative effects of the pandemic and provide the best care for citizens and residents.”
Delivering the chairman’s report, Sheikh Mohamed bin Faisal al- Thani, CEO and managing director said, “Aamal’s total revenue increased marginally by 1% to QR1,306.8mn (2019: QR1,294.1mn), driven by increased revenue in our industrial manufacturing and trading and distribution segments demonstrating the resilience of Aamal’s business model in an exceptionally challenging environment.
“Net profit decreased by 62.2% to QR121.7mn, heavily impacted by the performance of our Property segment, which was affected by two factors, a drop in property valuations and by our decision to waive rents for tenants at both City Center Doha and Souk Al Harraj. Despite the financial impact, this was absolutely the right decision to take, one that was driven by our desire to support the economy in these challenging times and to support our tenants who we have always regarded as partners.”
He said, “Aamal’s financial strength and resilient business model enabled us to continue to perform well at an operational level across our industrial manufacturing, property, and trading and distribution segments.
“Highlights included the completion of the redevelopment work at City Center Doha; the start of production at Senyar Drums Factory, the first specialised cable drum manufacturer in Qatar; investment in a new Glass Reinforced Pipe (GRP) production line at Advanced Pipes and Casts; and the expansion of the Ebn Sina Pharmacy chain.
“I would also like to thank our government for its inspiring leadership during the pandemic and for their continuous support, including the QR75bn stimulus package to support the private sector, which has helped companies withstand the impact of the pandemic. I believe that our Government has taken the most effective steps to face the global pandemic. “Under the wise leadership of HH Sheikh Tamim Bin Hamad Al Thani, the Amir of Qatar, the country has managed to control the spread of the virus, enabling the gradual reopening of the majority of sectors and allowing a timely return to almost normal levels of activity in the country.”
The AGM approved distributing cash dividends equaling 4% of the nominal value of each share.
The AGM approved Aamal's Corporate Governance Report for 2020 and approved the Company’s Internal Controls over Financial Reporting (ICOFR) Report for the year that ended in December last year.
