Financial Results for the six months ended 30 June 2015
minor-bidi;mso-bidi-theme-font:minor-bidi;color:black">
minor-bidi;mso-bidi-theme-font:minor-bidi;color:black">Financial Results for
the six months ended 30 June 2015
minor-bidi;mso-bidi-theme-font:minor-bidi;color:black">
minor-bidi;mso-bidi-theme-font:minor-bidi;color:black">Revenue growth and
margin expansion drive 45.6% increase in Net Profit
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minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black">Doha, 15 July 2015
mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;color:black"> –
the Board of Directors of Aamal Company QSC (“Aamal”), one of the GCC’s fastest
growing diversified companies, today announces its financial results for the half
year ended 30 June 2015.
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minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black">Financial Highlights
·
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black">Group revenue up 23.1% to QAR 1.35bn (H1 2014: QAR 1.10bn)
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·
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black">Gross profit up
mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi"> 26.2% to QAR 310.4m (H1 2014: QAR 246.0m)
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·
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black">Net profit1 up 45.6% to QAR 247.4m (H1 2014: QAR 169.9m)
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·
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black">Net profit margins2 increased to 17.1% (H1 2014: 14.6%)
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·
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black">Reported earnings per share up 39.0% at QAR 0.35 (H1 2014: QAR 0.253)
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·
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black">Net investment in capital expenditure of QAR 46.0m (H1 2014: QAR 38.7m)
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·
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black">Financial gearing4 remains low at 6.2% (31 December 2014:
4.5%)
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color:black">
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color:black">
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color:black;mso-bidi-font-weight:bold">1
mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi;color:black;mso-bidi-font-weight:bold"> There were no fair value
gains on investment properties in either H1 2015 or H1 2014; net profit is
stated before the deduction of non-controlling interests
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black;mso-bidi-font-weight:bold">2
mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi;color:black;mso-bidi-font-weight:bold"> Excluding share of profits
equity accounted for investments in associates and joint ventures
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black;mso-bidi-font-weight:bold">3
mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi;color:black;mso-bidi-font-weight:bold"> In March 2015, Aamal issued
and capitalised bonus shares so HY 2014 EPS has been adjusted accordingly
(Company share capital increased to QAR 6.3bn from QAR 6.0bn)
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color:black">
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black;mso-bidi-font-weight:bold">4
mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi;color:black;mso-bidi-font-weight:bold">Net debt to net debt plus
equity
minor-bidi;mso-bidi-theme-font:minor-bidi;color:black">
minor-bidi;mso-bidi-theme-font:minor-bidi;color:black">(N.B. there may be
slight differences due to rounding)
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color:black">
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi;
color:black">
mso-bidi-theme-font:minor-bidi;color:black">H.E. Sheikh Faisal Bin Qassim Al
Thani, Chairman of Aamal Company QSC, commented:
mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
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mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi;mso-bidi-font-weight:bold">“In April, I reported on an excellent set
of results for the first three months of the year and I am pleased to say that we
have managed to sustain this strong momentum in to the second quarter. Net
profit increased by over 45% for the six month period, driven by both top line
revenue growth and an expansion in margins. This is a reflection of the market leading
positions that Aamal occupies across a number of sectors that are helping to
drive Qatar’s growth as an industrialised economy.
mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi;mso-bidi-font-weight:bold">
mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi;mso-bidi-font-weight:bold">“For example, the Industrial
Manufacturing division, which now constitutes almost 60% of Aamal’s gross
sales, saw a 39% increase in sales. Together with strong margin expansion, this
translated into an increase in net profit of over 133%. Aamal’s Trading and
Distribution and Property divisions also both continued to make significant
contributions in the first half of 2015 and this diversification is certainly one
of Aamal’s key attractions, in terms of both exposure to the wider Qatari
economy and the management of risk.
mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi;mso-bidi-font-weight:bold">
mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi;mso-bidi-font-weight:bold">“Part of the ethos at Aamal is the early identification
of commercial opportunities and, following careful due diligence, acting decisively
to ensure capital is allocated where it will create maximum shareholder value.
This is evident in our change of focus within our Managed Services division
away from some lower margin operations, as we continue to strengthen our
performance and our competitive advantages across the business. I look forward
to reporting another strong performance at the time of our nine month results
announcement.”
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mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi">BREAKDOWN BY DIVISION
mso-ascii-theme-font:minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:
minor-bidi;color:black">(N.B. there may be slight differences due to rounding)
mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi">REVENUE
|
mso-bidi-theme-font:minor-bidi;color:black">QAR m |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
|
mso-bidi-theme-font:minor-bidi;color:black">Industrial Manufacturing |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
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mso-bidi-theme-font:minor-bidi;color:black">Trading and Distribution |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
|
mso-bidi-theme-font:minor-bidi;color:black">Property |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
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mso-bidi-theme-font:minor-bidi;color:black">Managed Services |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
minor-bidi;mso-hansi-theme-font:minor-bidi;mso-bidi-theme-font:minor-bidi; |
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