Aamal Company Chairman Sheikh Faisal bin Qassim Al Thani (fourth right), Vice Chairman Sheikh Muhammed bin Faisal Al Thani (fifth right), Sheikh Abdullah bin Hamad Al Thani (third left) and other board members of Aamal Company during the General Assembly Meeting in Doha yesterday. Kammutty VP
DOHA: Aamal Company recor-ded a net profit of QR624.5m for the year ended December 2012. The 2012 full year net profit represents a 17 percent increase compared to the previous year. The Group revenue for 2012 grew 19.6 percent to QR2.28bn compared to QR1.9bn in 2011. Aamal’s earnings per share is up 1.3 percent to QR1.09 against QR0.90 in 2011.
Announcing the results, Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal Company, said: “Aamal has again delivered another strong annual performance in 2012 as we maintained our strong growth record, increasing revenues by almost 20 percent and reported earnings per share by more than 21 percent.”
Aamal continued to expand its industrial manufacturing businesses in 2012, growing divisional revenues by over 32 percent year-on year in line with its established strategy to position itself to exploit the opportunities of Qatar’s impending infrastructure investment programmes.
Sheikh Faisal said: “During 2012, Aamal established Innovative Lighting, a JV with C&C Lightway of South Korea that trades in and distributes LEDs and other lighting products for the Qatari market and the wider GCC region and fully consolidated Ci-San Trading following its acquisition of 74.5 percent of Gulf Rocks Company WLL, a leading importer and distributor of high quality gabbro aggregates. In terms of organic growth, our trading and distribution division launched a new consumer products line and secured sole Qatari distribution rights to supply Energizer Automotive Batteries. Furthermore, we continued to invest in the expansion of our property portfolio, including Qatar’s flagship retail complex, City Center Doha.”
Revenues at Aamal’s industrial manufacturing division rose by 32.2 percent for the year compared to 2011 and now make up 63.9 percent of total company sales (versus 58.9 percent in 2011, before the elimination of intra-company sales). This is in line with the company’s on-going growth strategy to re-position itself as primarily an industrial one, in order that it can play a full role in the rapid and continuing industrialisation of Qatar.
Senyar Industries, a JV set up in 2007 with El Sewedy Electric Company, and currently has two principal business lines (Doha Cables and El Sewedy Cables), with a third (Doha Transformers) due to become operational in 2013. This JV saw a 21 percent uplift in sales over the course of 2012 even though 55 percent of revenues and profits from El Sewedy Cables are now being consolidated compared to 100 percent in 2011, following a revised shareholders agreement effective from 1 January 2012.
Other existing operations also saw a significant increase: Aamal Readymix grew its sales by 37 percent during 2012, largely due to an expansion of its production capacity with the launch of one of the Middle East’s largest concrete batching plants in January 2012; and Aamal Cement managed to almost double its sales having introduced new products such as hydraulic pressed cable covers, and curb stones and decorative slabs in various shapes and sizes.
Tarek M El Sayed, Managing Director of Aamal, said: “It has been our conscious decision to reposition Aamal as primarily an industrial manufacturing one in order to participate fully in Qatar’s rapid modernisation….. I look forward to another exciting year of growth and development in 2013.”
The Peninsula
