Doha, Qatar: Qatar Aluminium Manufacturing Company (“QAMCO” or “the Company”; QE Ticker: QAMC), a 50% joint venture partner in Qatar Aluminium Company (Qatalum) (“JV”), yesterday reported a net profit of QR209m for the period ended March 31, 2026 with an earnings per share (“EPS”) of QR0.037.
The macroeconomic environment in Q1 2026 was marked by the current regional conflict that impacted global commodity markets, including the aluminium industry. Disruptions to trade flows, together with elevated shipping and logistics challenges contributed to increased market volatility and upward pressure on aluminium prices during this same period.
Despite these challenges, underlying demand for aluminium remained stable, supported by continued activity across infrastructure development, construction, automotive, and energy‑transition projects, underscoring the role of aluminium as a critical industrial material. In this environment, producers focused on operational discipline, cost management, and flexibility to navigate an increasingly complex and uncertain macroeconomic landscape.
In the first quarter of 2026, the production and sales volumes of the JV declined compared to the first quarter of 2025, primarily due to a controlled operational shutdown and logistical challenges arising from the ongoing regional conflict. As a result, revenue declined compared to the corresponding period in the prior year. Despite these challenges, QAMCO recorded an increase in both net profit and EBITDA in Q1 2026 compared to the same period last year.
QAMCO’s net profit increased in Q1 2026, representing an increase when compared with the same period in the prior year. The improvement was primarily driven by higher average selling prices, timing around the recognition of sales, and lower operating costs. The reduction in operating costs was mainly driven by lower sales volumes and decreased raw material costs. This higher net profit was achieved despite a decline in QAMCO’s share of the JV’s revenue, reflecting reduced business activity amid the ongoing regional conflict.
QAMCO’s financial position remained strong as of March 31, 2026 supported by healthy cash and bank balances, including QAMCO’s proportionate share of cash held by its JV. This robust liquidity position was maintained despite the payment of dividends related to 2025. During the period, QAMCO’s share of operating cash flow generated by the JV amounted to QR321m, with free cash flow totaling QR276m.
