2012 Q1 Financial Results
Strong growth in Group Revenue, up 56.5%
Driven by industrial manufacturing
Doha, 29 April 2012 - Aamal Company QSC (Aamal), one of the GCC’s fastest growing diversified companies, announced its first quarter financial results for the period ended 31 March 2012 to the Qatar Exchange on 29 April 2012.
Financial Highlights
- Revenue up 56.5% to QAR 558.1m (Q1 2011: QAR 356.6m), driven principally by the winning of new contracts by the Industrial Manufacturing division
- Gross profit down 6.5% to QAR 96.9m (Q1 2011: 103.7m)
- Net profit*1 down 7.7% to QAR 54.6m (Q1 2011: QAR 59.1m)
- Net profit margins** decreased to 9.8% (Q1 2011: 16.6%) due principally to a change in business mix, with a greater focus on the higher volume, lower margin industrial manufacturing segment in line with the Company’s medium term growth strategy
- Low financial gearing*** at 13.9% (31 December 2011: 10.2%)
- Reported earnings per share down 0.6% to QAR 0.11 (Q1 2011: QAR 0.11)
- Net investment in capital expenditure rose by QAR 111.9m to QAR 120.7m (Q1 2011 QAR 8.8m)
* There were no fair value gains on investment properties in either Q1 2012 or Q1 2011; net profit is stated after the deduction of Head Office costs
*1Before the deduction of non-controlling interests
** Including income from Associates
*** Net debt to net debt plus equity
Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal, commented:
"Earlier this month, I reported that 2011 had been a year of both significant change and growth for Aamal, with us striving hard to reposition the Company as a predominantly industrial company in order to capitalize on the significant opportunities that are being afforded by the wider industrialization of the Qatari economy as the country seeks to modernize and diversify. This growth trajectory has continued into the first three months of 2012 I am very pleased to say with Group revenues up by over 56% and the Industrial Manufacturing division now making up almost 66% of total revenue, compared to under 50% for the corresponding quarter in 2011. Aamal Company is well placed for to grow both strongly and sustainably."
SUMMARY AND OUTLOOK
H.E. Sheikh Mohamed Bin Faisal Al Thani, Vice-Chairman of Aamal, commented:
"The first three months of 2012 has seen Aamal continue to grow in much the same vein as reported at the full year 2011 results. Total revenues have grown by over 56.5% and this has been principally due to our Industrial Manufacturing division, which now makes up the vast majority of our total revenue, at almost 66%.
By repositioning Aamal as primarily an industrial company, we are well placed to capture the significant opportunities that are becoming available as Qatar seeks to modernize and diversify, driven by the country’s National Vision 2030 development plan and underpinned by its huge hydrocarbon wealth."
Further enquiries
| Aamal Company | + 974 4435 0666 |
|---|---|
| Arwa Goussous, Corporate Communications Manager (mobile # +974 5513 9539) |
[email protected] |
| Citigate Dewe Rogerson | +974 4452 8100 |
| English language media | |
| Michael Prest (mobile # +974 3373 5083) |
[email protected] |
| Andrew Hey (mobile # +44 (0)7903 028 448) |
[email protected] |
| Nick Cox-Johnson (mobile # +44 (0)7957 596 729) |
[email protected] |
| Sally Marshak (mobile # +44 (0)790 334 9040) |
[email protected] |
| Arabic media | |
| Sadeq Alfardan (mobile # +974 5511 7216) |
[email protected] |
About Aamal Company QSC
Aamal Company is one of the GCC’s fastest growing diversified companies, delivering a CAGR in net profit of 20% (before value gains)from 2006-2011 and generating revenues of QAR 1,910m (US $524m) in 2011. Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s rapidly growing economy, Aamal’s operations comprise 23 business units with market leading positions in the key industrial, retail, property, managed services and medical equipment and pharmaceutical sectors. Aamal is one of the largest diversified companies quoted on the Qatar Exchange, having been listed since December 2007.
For further information on Aamal Company, please refer to the corporate website: http://www.aamal.com.qa
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