The Board of Directors of Aamal Company announced the financial results for the first quarter ending on March 31, 2023.
Total revenues increased by 12.8%, to reach 511.4 million riyals (compared to 453.5 million riyals in the first quarter of 2022).
Total profits increased by 14.6%, to reach 120.2 million riyals (compared to 104.9 million riyals in the first quarter of 2022).
The net profit attributable to shareholders’ equity in Aamal increased by 18.8% to reach 87.5 million riyals (compared to 73.6 million riyals in the first quarter of 2022).
• Earnings per share increased by 18.8% to reach 0.014 riyals (compared to 0.012 Qatari riyals in the first quarter of 2022).
• Net investments in capital expenditures decreased by 51.7% to reach 6.9 million riyals (compared to 14.3 million riyals in the first quarter of 2022)
• The borrowing rate remains low at 2.6% (compared to 4.1% during the first quarter of 2022).
Mr. Rashid bin Ali Al Mansouri, Chief Executive Officer, said that Aamal Company has made a great start in 2023, with strong performance from the trading and distribution sectors, and the real estate sectors in particular.
He added, “The trading and distribution sector recorded good growth in revenues and profits, driven by an increase in demand for the products and services of this sector. There are great and promising opportunities in the healthcare sector, and we continue to expand the base of our products and services in this sector to take advantage of these opportunities.”
“During the first quarter of this year, the industrial production sector was able to win a number of important contracts, including the contract of El Sewedy Cables Qatar worth 1.2 billion Qatari riyals for a period of 30 months with the Qatar General Electricity and Water Corporation (Kahramaa) for the construction of new cables under The land is of high effort, and “Aamal Readymix” was able to win a contract worth 40 million Qatari riyals from the Public Works Authority (Ashghal) project for the provision of ready-mixed concrete for the rainwater drainage tunnels supply project.
A number of factors affected the revenues and profits of this sector during the first quarter, including the disruption of supply chains in both Aamal Cement Industries and Aamal Readymix, in addition to the decline in global freight rates and its impact on Aamal Maritime Transport Services. However, the outlook for this sector remains positive as there are a number of significant new infrastructure projects in the region.”
“As for the real estate sector, the year-on-year increase in rent levels in Aamal Properties and the signing of new lease agreements in City Center Doha, led to a positive performance across the sector portfolio. Moving forward in 2023, City Center will witness the opening of a number of new stores, which will enhance the visitor experience at City Center Doha and improve its financial performance.”
“This is an important period for the State of Qatar, as the economy is expected to grow strongly during 2023 to 2024. The Qatar National Vision also serves as an important engine for the economy and the development of our country for years to come. We look confidently into the remainder of 2023, to seize the growth and expansion opportunities available to Aamal, and to deliver value to our shareholders, including for the benefit of our country and all our stakeholders.”
