Aamal Company, one of the Gulf region’s most diversified conglomerates, has reported an 8.4% jump year-on-year in net profit to QR73.6mn in the first quarter (Q1) of this year.
Total revenue shot up 45% to QR453.5mn due to the particularly strong performance of the industrial manufacturing segment.
“We look forward to the remainder of 2022 with confidence and remain committed to generating long-term shareholder value through the continued profitable operation and expansion of our diversified business platform and leveraging the opportunities provided by the 2030 National Vision," said HE Sheikh Faisal bin Qassim al-Thani, Aamal chairman.
Highlighting that the upcoming FIFA World Cup is slated to provide a further economic boost to Qatar this year, he said it is well positioned to grab the opportunities.
The reported earnings-per-share was up 8.4% year-on-year to QR0.012 at the end of March 31, 2022.
Net capital expenditure grew QR7.2mn to QR14.3mn, mainly due to investments in the property segment, it said, adding gearing decreased to 4.1% (Q1 2021: 4.7%).
Sheikh Mohamed bin Faisal al-Thani, chief executive officer and managing director of Aamal, said Aamal’s strong performance in Q1, 2022 is testament to the clear sector focus of its strategy, with a particular focus on industrial manufacturing, healthcare and real estate.
“Our industrial manufacturing segment performed particularly well, with revenue up more than 125% year-on-year. This performance was achieved despite challenges faced by Aamal Readymix stemming from rising direct materials costs, fierce price competition, and a slowdown in demand as projects conclude ahead of the FIFA World Cup," he said.
Aamal Maritime Transportation Services performed very well, thanks to sustained high demand and increased global shipping rates.
In the trading and distribution segment, Ebn Sina Medical – one of the largest business units in the segment – delivered a sustained positive performance throughout Q1, 2022, signing agreements with five new healthcare distributors, which provide a range of medications.
These distributors include well-known names as Novartis Gene, Durbin, Baxter AG, Tabuk Pharmaceuticals, and SAJA Pharmaceuticals.
Ebn Sina Medical also diversified its business through the addition of a “medical detailing” offering, through which a team of pharmacists provide medical and scientific support for healthcare professionals.
Sheikh Mohamed said the outstanding revenue and net profit performance of its managed services segment is largely attributable to the easing of pandemic-related restrictions on the entertainment and printing businesses, as well as a significant contract win for Aamal Services.
On the launch of ‘Aamal for Car and Truck Maintenance’, a new business unit within the managed services segment, which will provide maintenance services for the group’s fleet of vehicles; he said permits are currently being finalised and construction of the business unit’s workshop is scheduled to start in June.
"We look forward to this new business unit commencing operations in late 2022 or early 2023," he said.
The property segment City Centre Doha continued to perform exceptionally well, with the opening of six new shops, totalling an area of 3,838sq m, including Debenhams, and other restaurants at the East Food Court.
“We look forward to the remainder of 2022 with confidence and remain committed to generating long-term shareholder value through the continued profitable operation and expansion of our diversified business platform and leveraging the opportunities provided by the 2030 National Vision," said HE Sheikh Faisal bin Qassim al-Thani, Aamal chairman.
Highlighting that the upcoming FIFA World Cup is slated to provide a further economic boost to Qatar this year, he said it is well positioned to grab the opportunities.
The reported earnings-per-share was up 8.4% year-on-year to QR0.012 at the end of March 31, 2022.
Net capital expenditure grew QR7.2mn to QR14.3mn, mainly due to investments in the property segment, it said, adding gearing decreased to 4.1% (Q1 2021: 4.7%).
Sheikh Mohamed bin Faisal al-Thani, chief executive officer and managing director of Aamal, said Aamal’s strong performance in Q1, 2022 is testament to the clear sector focus of its strategy, with a particular focus on industrial manufacturing, healthcare and real estate.
“Our industrial manufacturing segment performed particularly well, with revenue up more than 125% year-on-year. This performance was achieved despite challenges faced by Aamal Readymix stemming from rising direct materials costs, fierce price competition, and a slowdown in demand as projects conclude ahead of the FIFA World Cup," he said.
Aamal Maritime Transportation Services performed very well, thanks to sustained high demand and increased global shipping rates.
In the trading and distribution segment, Ebn Sina Medical – one of the largest business units in the segment – delivered a sustained positive performance throughout Q1, 2022, signing agreements with five new healthcare distributors, which provide a range of medications.
These distributors include well-known names as Novartis Gene, Durbin, Baxter AG, Tabuk Pharmaceuticals, and SAJA Pharmaceuticals.
Ebn Sina Medical also diversified its business through the addition of a “medical detailing” offering, through which a team of pharmacists provide medical and scientific support for healthcare professionals.
Sheikh Mohamed said the outstanding revenue and net profit performance of its managed services segment is largely attributable to the easing of pandemic-related restrictions on the entertainment and printing businesses, as well as a significant contract win for Aamal Services.
On the launch of ‘Aamal for Car and Truck Maintenance’, a new business unit within the managed services segment, which will provide maintenance services for the group’s fleet of vehicles; he said permits are currently being finalised and construction of the business unit’s workshop is scheduled to start in June.
"We look forward to this new business unit commencing operations in late 2022 or early 2023," he said.
The property segment City Centre Doha continued to perform exceptionally well, with the opening of six new shops, totalling an area of 3,838sq m, including Debenhams, and other restaurants at the East Food Court.