DOHA: Aamal Company QSC (Aamal), one of Qatar’s leading listed companies with a diversified business portfolio, yesterday reported net profits of QR56.7m for the first quarter of 2013, up 4 percent compared to the corresponding period last year.
The company reported earnings per share (EPS) of QR0.104 for the first three months of this year, up 8.3 percent compared to QR0.0964 for the same period in 2012.
Revenues of the company declined by 6 percent to QR459.8m in Q1, 2013, compared to QR491.3m in (Q1, 2012). There were no fair value gains on investment properties in either Q1, 2013, or Q1, 2012; net profit is stated after the deduction of head office costs but before the deduction of non-controlling interests.
Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal, said: “Announcing our full year results for 2012 in March, I said that Aamal was successfully repositioning the company by expanding its industrial manufacturing capacity to take full advantage of Qatar’s modernisation and heavy capital investment in infrastructure. This strategy continues to make progress with net profits at our industrial manufacturing division rising by 27.8 percent in the first quarter of 2013 compared to the corresponding period in 2012, helping to underpin a rise in earnings per share in excess of 8 percent.
“Aamal Company has leading market positions, strong finances and a well-balanced strategy. I remain convinced that the company is well placed to continue to expand both sustainably and robustly.Manufacturing activities, within a broadly diversified group, and our alertness to new opportunities in a fast-growing and increasingly sophisticated Qatari economy, sets Aamal Company apart.”
Tarek El Sayed, Managing Director, said: “In addition to our focus on the industrial division, Aamal Company will also continue to focus on its other business areas as this diversity is one of its key strengths. As an example, earlier this year Aamal signed an agreement to create a joint venture with Vivantes International Medicine (Vivantes), the biggest hospital group in Germany, to build an outpatient medical centre in Doha. This agreement underlines Aamal’s strong position in the medical sector.”
The Peninsula
