Financial Results for the six months ended 30 June 2014
For release 26 July 2014
Aamal Company QSC (“Aamal”)
Financial Results for the six months ended 30 June 2014
Net Profit up 30.6%
Increase in Total Revenue by 14%
Doha, 26 July 2014 – 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 half year ended 30 June 2014.
Financial Highlights
- Group revenue up 14.2% to QAR 1.1bn (H1 2013: 959.6m)
- Gross profit up 19.2% to QAR 246.0m (H1 2013: QAR 206.3m)
- Net profit1 up 30.6% to QAR 169.9m (H1 2013: QAR 130.1m)
- Net profit margins2 of 14.5% (H1 2013: 12.8%)
- Reported earnings per share up 22.7% at QAR 0.27 (H1 2013: QAR 0.223)
- Net investment in capital expenditure of QAR 38.7m (H1 2013: QAR 81.9m), the majority of which was driven by Advanced Pipes and Casts Company and Aamal Readymix’s upgrade of its fleet.
- Financial gearing4 of to 7.01% (31 December 2013: 6.6%)
(N.B. there may be slight differences due to rounding)
1 There were no fair value gains on investment properties in either H1 2014 or H1 2013; net profit is stated after the share of profits of investments equity accounted for and the deduction of Head Office costs but before the deduction of non-controlling interests
2 Excluding share of profits equity accounted for investments in associates and joint ventures
3 In April 2013, Aamal issued and capitalised bonus shares so HY 2012 EPS has been adjusted accordingly (Company share capital increased to QAR 6.0bn from QAR 5.45bn)
4 Net debt to net debt plus equity
H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal Company QSC, commented:
“I am pleased to report outstanding H1 results, with net profit growing by 30.6% and total revenue growing by 14.2% compared with the corresponding period in 2013. This highly impressive growth is evident in almost all of Aamal’s divisions, complemented by a 22.7% rise in EPS. Aamal’s continued profitable results and sustainable growth helps us to reinforce our leading market position and allows us to capitalise on the opportunities that arise. I am delighted by our achievements and the future is very promising.”
BREAKDOWN BY DIVISION
(N.B. there may be slight differences due to rounding)
REVENUE
|
QAR m |
H1 2014 |
H1 2013 |
Change % |
|
Industrial Manufacturing |
580.5 |
534.7 |
8.6% |
|
Trading and Distribution |
356.8 |
281.0 |
27.0% |
|
Property |
141.5 |
135.2 |
4.7% |
|
Managed Services |
40.4 |
45.6 |
(11.4)% |
|
less: inter-divisional revenue |
(23.7) |
(36.9) |
35.6% |
|
TOTAL |
1,095.5 |
959.6 |
14.2% |
NET PROFIT
|
QAR m |
H1 2014 |
H1 2013 |
Change % |
|
Industrial Manufacturing |
25.8 |
0.4 |
6400.8% |
|
Trading and Distribution |
51.0 |
42.8 |
19.3% |
|
Property |
109.0 |
108.4 |
0.5% |
|
Managed Services |
5.4 |
2.2 |
146.2% |
|
Other Income |
0.0 |
0.0 |
n/a |
|
Less: Head Office costs |
(21.2) |
(23.7) |
(10.3)% |
|
TOTAL |
170.1 |
130.1 |
30.6% |
DIVISIONAL REVIEW
(N.B. there may be slight differences due to rounding)
INDUSTRIAL MANUFACTURING
|
QAR m |
H1 2014 |
H1 2013 |
Change % |
|
Revenue |
580.5 |
534.7 |
8.6% |
|
Net profit: fully consolidated activities |
15.3% |
(7.1) |
315% |
|
Net underlying profit margin % |
2.6% |
(1.3)% |
4.0 ppts |
|
Net profit: share of equity accounted for investee net profits |
10.4 |
7.5 |
38.7% |
|
Total Net profit |
25.8 |