Aamal for Maritime Transportation Services Expands Fleet through Acquisition of a New Vessel
Doha, Qatar - 13 March 2016 - Aamal for Maritime Transportation Services ("AMTS"), a subsidiary of Aamal Company Q.S.C., announces the acquisition of a new vessel which will expand the AMTS fleet and enhance its operational capacity.
AMTS was established in September 2015 in order to ensure security of supply for Gulf Rocks, an Aamal Company Subsidiary and a leading importer and provider of high quality gabbro aggregates which are widely used in the different concrete products necessary for Qatar's infrastructure development programme. The new AMTS vessel has a capacity of 56,859 tonnes and will also be available for lease to other companies. Its acquisition was funded using internal sources.
Sheikh Mohamed Bin Faisal Al Thani, Vice Chairman of Aamal, commented: "The development of Aamal for Maritime Transportation Services is a demonstration of Aamal's ability to closely monitor market needs and so find new sources of income. Since it was established just a few months ago, Aamal Maritime Transportation Services has seen considerable demand for its services and has proved what an important role it has to play. I am confident that this expansion of the AMTS fleet will lead to further success."
Mr. Tarek M. El Sayed, Managing Director of Aamal, added:"When we established Aamal for Maritime Transportation Services, we clearly stated that its expansion strategy would depend on market demand. This has been so positive that we are today announcing the acquisition of a new vessel to achieve optimal use and meet the needs of the market. When it is not being used by Aamal, we will be able to further enhance revenues by leasing this vessel to other companies."
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Further enquiries:
Aamal Company: +974 4435 0666
Arwa Goussous [email protected]
Corporate Communications Manager
(mobile # +974 5513 9539)
Citigate Dewe Rogerson:
Ramiz Al- Turk [email protected]
(mobile # +974 5014 9201)
Overview of Aamal Maritime for Transportation Services (AMTS)
Aamal Maritime for Transportation Services "AMTS" was established in September 2015. AMTS takes ownership of vessels to transport aggregates from Al Fujairah in the UAE to Mesaieed Industrial City in Qatar.
Aamal Company holds 1% of the shares directly, with the remaining 99% held by Gulf Rocks. Aamal has an overall effective interest of 74.75% in Aamal for Maritime Transportation Services (AMTS).
About Aamal Q.S.C and Gulf Rocks
Aamal Company is one of the GCC’s fastest growing diversified conglomerates, with a market capitalisation at 7 March 2016 of QAR 7.9 bn (US$ 2.1 bn), delivering a compound annual growth rate in net profit before fair value gains on investment properties in excess of 20% from 2006-2015 and generating revenues of QAR 2.9 bn (US$ 791.4 m) in 2015.
Aamal is one of the largest diversified companies quoted on the Qatar Stock Exchange (“QSE”), having been listed since December 2007, and is a constituent member of the QE Index which is a measure of the 20 largest and most liquid stocks listed on the exchange.
Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s rapidly growing economy, Aamal’s operations comprise 24 business units with market leading positions in the key industrial, retail, property, managed services and medical equipment and pharmaceutical sectors.
Gulf Rocks W.L.L is one of the 24 business units of Aamal and is the sole trading entity of Ci-San Trading, a 50:50 joint venture with Masraf Al Rayan. This JV was established in 2008 to evaluate investments in various sectors such as industrial, real estate, and trading opportunities in both local and international markets. Effective ownership by Aamal in Gulf Rocks is 74.5%, with Ci-San Trading purchasing 51% in 2012 and Aamal directly acquiring the remaining 49% at the same time.
For further information on Aamal Company, please refer to the corporate website: http://www.aamal.com.qa
