Aamal Company (Aamal), one of the Gulf region’s leading diversified companies, has seen its 2022 full-year net profit attributable to equity holders rise 14.1% to QR347.8 million ($95.5 million).
The company’s total revenue was up 29.2% to QR2,058.9 million (2021: QR1,594.1 million)
Gross profit rose 13.9% to QR484.7 million (2021: QR425.5 million) and the firm’s reported earnings per share increased 14.1% to QR0.06 (2021: QR0.05)
Net capital expenditure was down 27.5% to QR48.3 million (2021: QR66.6 million).
Year of growth
Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal, commented: “2022 was a year of growth and recovery for Aamal. Year after year, Aamal’s diversified strategy and solid financial position allows it to take advantage of opportunities as they arise across different economic sectors and provides its balance sheet with impressive financial resilience. I am especially proud of our business units’ ability to be nimble and innovative in an ever-changing market environment and to contribute to the Company’s impressive levels of organic growth, all under the stewardship of our talented leadership team.
“Aamal’s Board of Directors is recommending a 2022 cash dividend of 5% (QR0.05 a share) for approval at Aamal’s Annual General Assembly Meeting which will take place on March 7, 2023.
“I am proud of the contribution that Aamal has made over the years to the sustained development of the Qatari economy, and I am excited by the opportunities for growth as we look to 2023 and beyond. The unprecedented success of the FIFA World Cup in Qatar provided a significant economic boost to the country and raised Qatar’s international profile and investor confidence. We expect this to create many business opportunities which, alongside all the opportunities generated by the Qatar National Vision 2030, we look forward to maximising as we strive to deliver sustainable growth and profitability, enhancing value for all our stakeholders.”
Delivering value
Rashid bin Ali Al Mansoori, Chief Executive Officer of Aamal, commented: “This performance reflects Aamal’s continued ability to leverage its resilient and diversified business model to capitalise on opportunities and deliver value for our shareholders.
“Our Industrial Manufacturing segment saw strong revenue and profit growth, successfully introduced new products and secured a number of high-profile contracts, including for the North Field Expansion Project, the largest LNG project in the world. Construction began on the Senyar Cast Copper Rod plant, the first of its kind in Qatar, which will produce high quality continuous cast copper rods in line with international standards. This new product development and capacity expansion will create opportunities in 2023 and beyond. As part of its ongoing commitment to sustainability, Doha Cables developed and trade-marked new, lead-free cables ‘ENVIGUARD 65’.
“The Trading and Distribution segment performed very well, continuing to benefit from the focus on digitalisation and technological advancement at Aamal Medical and at Ebn Sina Medical. Tiga Information Technologies Qatar (a subsidiary of Ebn Sina Medical) was awarded a five-year contract worth QR320 million to provide IT solutions to the healthcare sector in Qatar. Ebn Sina Medical opened the first fully automated warehouse in Qatar, and Ebn Sina Pharmacy continued to expand its footprint. There are significant opportunities in the healthcare sector and we will focus on new business acquisitions and product development to capitalise on these trends.
Property segment
“In the Property segment, a normalisation of income levels and occupancy levels resulted in a positive performance across the portfolio. 50 new shops opened at City Center Doha in 2022 and work was completed on the exterior façade. Going into 2023, a number of exciting new store openings are planned to enhance the customer experience at City Centre Doha still further. The Managed Services segment benefitted from the lifting of Covid-related restrictions and increased demand as a result of the FIFA World Cup to deliver significantly increased revenue and profit. On the back of this positive performance, our Managed Services businesses are looking forward to 2023 with confidence.
“Aamal remains fully committed to our ESG drive and we continued to make progress in this area, supporting initiatives including the Olympic Committee National Team ‘Al Adam’ and the Qatar Cancer Society. Going forward, we will seek new ways to deliver value to our communities and further embed our sustainable business practices.
“These impressive results demonstrate Aamal’s ability to adapt to meet changing market demands. This resilience and our innovative approach will enable us to explore areas of opportunity across both existing and new sectors that will add further value to our business model and deliver growth for our shareholders. In line with our diversified business model, we are actively seeking new opportunities across energy, IT and logistics. We remain focused on investing in our operational efficiency and on investing in our people, our most important asset to drive growth.”-- TradeArabia News Service
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