Full year results
Aamal Company Q.S.C audited financial results for the year 2008 was announced following the Board of Directors meeting that was held on 14th of March 2009 showing excellent financial performance and the ability to grow and continue with all of the Company developmental strategic plans which focuses on investments diversification.
The Board also suggested for the General Assembly to transfer the net profits achieved in 2008 to the year 2009 in order to protect the shareholders interests and continue with the set projects.
The financial results reflected an increase in the Operating Profit by 21% to reach Q.R153 million and also an increase in the Total Revenue by 21% to reach QR 651, a decrease in the company Bank Loans by -71%, and an increase in shareholders equity by 7%.
H.E Sheikh Faisal, Chairman of the Board, has expressed his satisfaction in regards to the company achievements in 2008. In accordance with the company objectives to build a solid industrial base; Aamal has successfully established two companies Frijns Steel Construction -Middle East and the Advanced Pipes & Cast Company, both are specialized in offering industrial products to the industrial sector. Also C-San Holding was established offering services in Real Estate, Tourism and Trading. In addition, Aamal has recently announced the start of operation for two industrial companies, IMO Qatar and Aamal Cement Industries, which were established back in 2007.
His Excellency also added that the success of Aamal is only a mere reflection of the country’s strong and stable economy. Aamal will continue with the same pace in all of its future plans and the management will continue looking for potential opportunities that will add value to the company operations and the economy as a whole following the wise direction of His Royal Highness the Emir of Qatar, Sheikh Hamad Bin Khalifa Al Thani.
Mr. Tarek Mahmoud Mohamed El Sayed, Vice Chairman, has indicated that the Company strategy which is based on investment diversification in addition to following a conservative financial and business development approach where through analysis and feasibility studies are continuously performed has protected the company in the current world economic situation and helped to achieve the designated objectives.
Mr. El Syed also added that Al Faisal Holding initiative to pay Q.R 500 million of Aamal bank loans has enhanced Aamal financial position and helped the Company to carry on with all the predetermined projects.
The scheduled Ordinary General Assembly is scheduled to take place on Monday 30th of March 2009, 5:00pm, at La Cigale Hotel, Le Crillion Hall.
