Financial Results for the full year ended 31 December 2011
Group Revenue increases 57%
driven by strong revenue growth in Industrial Manufacturing
Doha, 1 April 2012 – the Board of Directors of Aamal Company QSC (“Aamal”), one of the GCC’s fastest growing diversified companies, today announces the financial results for the year ended 31 December 2011.
Financial Highlights
- Group revenue up 56.9% to QAR 1,910.1m (2010: QAR 1,217.1m)
- Gross profit up 15.3% to QAR 441.7 m (2010: QAR 383.1m)
- Net profit* (before fair value gains on investment properties) up 5.7% to QAR 246.0m (2010: QAR 232.8m)
- Net profit* (after fair value gains on investment properties) decreased 5.0% to QAR 533.7m (2010: QAR 561.9m)
- Net margins (before fair value gains on investment properties) decreased to 12.9% (2010: 19.1%) primarily due 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
- Net fair value gains of QAR 287.6m on investment properties (2010: QAR 329.0m)
- Financial gearing** reduced to 10.2% (31 December 2010: 11.2%)
- Adjusted*** earnings per share up 3.5% to QAR 0.41 (2010: QAR 0.40)
- Reported earnings per share down 6.6% to QAR 0.99 (2010: QAR 1.06)
- Net investment in capital expenditure of QAR 64.4m (2010: QAR 176.0m)
(nb. there may be slight differences due to rounding)
* Total net profit stated is after deduction of Head Office costs whilst net profit shown by division is before deduction of Head Office costs
** Net debt to net debt plus equity
*** EPS adjusted to show underlying profitability (i.e. excluding fair value gains on investment properties); also, in April 2011, Aamal issued and capitalised bonus shares so FY 2010 EPS has been adjusted accordingly (Company share capital increased to QAR 4.95bn from QAR 4.5bn)
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