Aamal Company reports 23.6% jump in profit to QR256mn in January-September

Aamal Company has reported a 23.6% year-on-year jump in net profit to QR256mn in the first nine months of this year.The company's revenues shot up 37.5% on an annualised basis to QR1.5bn in January-September this year.“All four of our business segments again made solid contributions, with industrial manufacturing, managed services and property all delivering significant double-digit year-on-year increases in revenue and net profit," Aamal Company Chairman HE Sheikh Faisal bin Qassim al-Thani said.Within industrial manufacturing, he said Aamal Cables’ revenue increased by 133% and Senyar Holdings’ revenue rose by 16%, while Aamal Cement Industries benefited from increased activity during the third quarter as work continued to complete several infrastructure projects in Qatar."Our managed services businesses performed well, continuing to benefit from the easing of Covid-19 restrictions and the imminent FIFA World Cup," he said.The property segment benefited from an increase in rental rates and an increase in occupancy levels at both City Center Doha and Aamal Real Estate, while the introduction of two new tyre brands, Fulda and Veltour, contributed to a strong contribution by Aamal Trading and Distribution."We are excited to see Qatar host the upcoming FIFA World Cup next month. Looking further ahead, the Qatar National Vision 2030 will remain a significant driver of the economy and of our country’s development over the next few years," he said."The strength of Aamal’s offering and financial position makes us well placed to benefit from the attractive opportunities it will bring across many different sectors,” he added.Rashid al-Mansoori, chief executive officer, said Aamal’s impressive performance so far this year demonstrates the benefits of its diversified business model and good progress against the strategic objectives, all underpinned by its robust financial position, focus on cost management, and the hard work of colleagues across the business."Moving forward, these excellent results provide the platform for Aamal to explore exciting new opportunities across existing and new sectors that will add further value to our business model and deliver growth to our shareholder," he said."We remain committed to generating long-term shareholder value and look forward to the remainder of 2022 and beyond with considerable optimism and confidence," he added.