Sheikh Faisal bin Qassim Al Thani Chairman of Aamal
Aamal Company QPSC (Aamal), one of the GCC’s fastest growing diversified companies, has reported a gross profit of QR184.2m for the first quarter ended March 31, 2017 (Q1,2017), up 6.4 percent compared to QR173.2m for the corresponding quarter previous year (Q1 2016).
The Group’s net profit for the quarter has declined by 9.1 percent to QR 139.7m compared to QR153.7m in Q1, 2016. There were no fair value gains on investment properties in either Q1, 2017 or Q1, 2016.
Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal, said: “The first quarter of 2017 has seen our revenues grow very strongly, by more than 22 percent; this has been driven by a combination of both organic and acquisition means following an upping of our stake in El Sewedy Cables through our 50 percent owned joint venture, Senyar Industries. Offsetting this revenue growth has been a contraction in our margins, particularly within the Industrial Manufacturing division.
Sheikh Faisal said: “Looking ahead to the rest of 2017, we remain very upbeat, confident that the Company is uniquely positioned to capture and build on the opportunities that continue to present themselves. Visibility is high and Aamal occupies a number of market leading positions across the economic spectrum. Furthermore, this year will see the benefits of the Phase 2 development works at City Center Doha starting to come through with the handover of the first new retail outlets, with the majority following in 2018.”
Sheikh Mohamed bin Faisal Al Thani, Vice-Chairman and Managing Director of Aamal, added: “Aamal continues to perform very strongly and in accordance with our expectations. With currently over 35 percent of our net profit derived from Industrial Manufacturing, we are well placed to continue to be one of the winners as Qatar continues to diversify away from being a hydrocarbon based economy through an intensive government-driven infrastructure development programme."
