Financial results for the nine months and quarter ended 30 September 2013
For release 30 October 2013
Aamal Company QSC (‘Aamal’)
Financial results for the nine months and quarter ended 30 September 2013
Earnings per share for the nine months up 21.2%
Doha, 30 October 2013 - Aamal Company QSC (“Aamal”), one of the GCC’s fastest growing diversified companies, today announced nine-month and third quarter financial results for the period ended 30 September 2013.
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Third Quarter 2013
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Nine Months 2013 |
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Q3 2013
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Q3 2012 |
% change |
9M 2013 |
9M 2012 |
% change |
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Revenue1 |
566.1 |
479.6 |
18.0% |
1,525.7 |
1,562.8 |
(2.4%) |
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Gross Profit1 |
96.7 |
96.8 |
(0.1%) |
303.0 |
308.6 |
(1.8%) |
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Underlying Net Profit2 |
56.3 |
56.8 |
(0.8%) |
186.4 |
176.3 |
5.8% |
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Underlying Net Profit Margin2 % |
10.0% |
11.8% |
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12.2% |
11.3% |
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Fair Value Gains on Investment Properties |
50.8 |
45.2 |
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50.8 |
45.2 |
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Total Net Profit 3 |
107.1 |
102.0 |
5.0% |
237.2 |
221.5 |
7.1% |
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Earnings per share 4(QAR) |
0.18 |
0.17 |
5.9% |
0.40 |
0.33 |
21.2% |
Figures in QAR million
1 Under IFRS 11, Aamal has reclassified its investment in El Sewedy Cables Qatar (part of the Senyar Industries JV) from a jointly controlled entity to a joint venture; as such, this effective 27.5% ownership interest is now accounted for under the equity rather than the proportionate consolidation method and 2012 figures have been restated accordingly (where relevant)
2 Excluding fair value gains on investment properties
3 Inclusive of non-controlling interests
4 In April 2013, Aamal issued and capitalized bonus shares so September 2012 EPS figures have been adjusted accordingly (Company share capital increased to QAR 6bn from QAR 5.45bn)
Nine Month Financial Highlights
- Revenue down marginally at 2.4% to QAR 1,525.7m (9M 2012: QAR 1,562.8m) reflecting delays in key projects to be commissioned in the Industrial Manufacturing division, along with a deferment of orders from an existing client. These trends are starting to reverse however, as witnessed by the 18.1% increase in Q3 Sales
- Underlying Net Profit Margin (i.e. before fair value gains on investment properties) for the nine month period strengthening to 12.2% (9M 2012: 11.3%)
- Fair Value Gains on Investment Properties of QAR 50.8m (9M 2012: QAR 45.2m) reflecting the continuing expansion of City Center Doha
- Total Net Profit up 7.1% to QAR 237.2m (9M 2012: QAR 221.5m) and for the third quarter, up 5.0% to QAR 107.1m (Q3 2012: 102.0m)
- Capital expenditure of QAR 97.3m (9M 2012: QAR 193.6m) driven by the completion of Phase 1 of the City Center Doha expansion project and construction of the Advanced Pipes & Cast Company, which is nearing completion
- Financial gearing remaining low at 9.9% at 30 September 2013 (30 June 2013: 9.4%)
H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal, commented:
“For the first nine months of 2013, Aamal has managed to grow its earnings per share in excess of 21%, which is a wonderful result. This is testimony to the very strong foundations that we have put in place for the Company and how we are positioned to capitalize on Qatar’s rapid industrialization and diversification away from an economy predominantly based on hydro-carbons.”
SUMMARY AND OUTLOOK
H.E. Sheikh Mohamed Bin Faisal Al Thani, Vice-Chairman of Aamal, commented:
“2013 has seen Aamal continue to make great strides in consolidating and building on its market-leading positions across many areas of the rapidly evolving Qatari economy. What is also heartening to see is the turnaround that is starting to emerge in the Industrial Manufacturing division, which is the principal driver to Aamal’s future growth, where certain key projects are now starting to come back on-stream: this is borne out by the 18% sales growth for Aamal in the third quarter.”
Tarek M. El Sayed, Managing Director of Aamal, commented:
“This is another excellent performance from Aamal and bears testimony to the endeavours of everyone concerned at the Company, from the strategic to the operational level. However, there is no question that we shall become complacent and sit on our laurels but will continue to strive to seek ways in which Aamal can create additional further value, from both existing and new operations.”
Further enquiries
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Aamal Company |
+ 974 4435 0666 |
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Arwa Goussous, Corporate Communications Manager |
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(mobile # +974 5513 9539) |
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Citigate Dewe Rogerson |
+974 4452 8100
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For English language media Michael Prest (mobile # +974 3373 5083) Nick Cox-Johnson (mobile # 44 (0)7957 596 729) Priscilla Garcia (mobile # +44 (0)7714 306525) |
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For Arabic language media Amira Shohdi (mobile # +974 6648 9089) |
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Overview of Aamal
Aamal Company is one of the GCC’s fastest growing diversified conglomerates, delivering a compound annual growth rate in net profit before fair value gains on investment properties in excess of 15% from 2006-2012 and generating revenues of QAR 2,284m (US $627m) in 2012. Focused
