Q1 financial results
Excellent start to 2010 with 55% revenue growth and strong operating profit performance
Doha, 22 April 2010 - Aamal Company QSC (Aamal), one of the GCC’s fastest growing diversified conglomerates, today announces its first quarter financial results ended 31st of March 2010.
Financial Highlights
- First quarter company revenue up 55% to QAR 268.2m (Q1 2009: QAR 173.3m)
- Gross profit up 10% to QAR 86.6m (Q1 2009: QAR 78.6m)
- Net profit before fair value gains on investment properties up 13% to QAR 56.6m (Q1 2009: 50.1m)
- Net assets up 4% to QAR 5.0bn (Q1 2009: 4.8bn)
These results have shown strong growth compared to the same period last year. Considerable progress has been made at Aamal exceeding the set budget and delivering an increase of 55% in revenue to QAR 268.2m compared to the same period of last year, an increase of 13% in profit before value gains to QAR 56.6m and an increase of 4% in net assets to QAR 5.0bn.
In line with Aamal’s strategy for diversification into new, high growth revenue streams to support the wider industrialisation of the Qatari economy; the beginning of 2010 has seen the pace of development activity increase across all of Aamal’s four divisions but with a particular focus on two, Industrial Manufacturing and Managed Services.
During the period, we have seen the start of commercial production at Aamal Cement Industries, with the commencement of operations at its newly opened cement block manufacturing plant. The plant manufactures a wide range of concrete building and paving products and is considered to be one of the largest in Qatar by production volume with a maximum daily production capacity of 85,000 blocks or 6,900 square metres of interlocking paving slabs.
In Q1, we also signed a Joint Venture agreement with the leading transport infrastructure company in Argentina, Cometrans Group, to establish “Cometrans Qatar." This joint venture will focus on the development and operation of the newly announced rail systems to be built in Qatar and the GCC and will also create a manufacturing facility for the assembly of buses and other industrial vehicles.
In addition to the agreement signed with Cometrans Group, we also signed a Joint Venture agreement with “ECCO Outsourcing” the leading Egyptian contact centre and Business Process Outsourcing services provider to establish “ECCO Gulf,” a Doha based Company specialising in the provision of outsourcing services to the local and regional markets.
Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal commented:
“I am delighted to report a strong performance from all of Aamal’s divisions in Q1. These results have been delivered through the clear and focused diversification strategy of the Company and the commitment and efforts of our employees.
“Aamal is committed to the development of its current activities and the further expansion of its operations to maintain our strong growth trajectory. We continue to develop our own talent and expertise within our business divisions while seeking out blue chip firms with which to partner to support the wider industrialisation of the Qatar economy.
“I firmly believe that Aamal is fully capable of continuing to meet our growth targets and performance objectives and I look forward to the future with confidence.”
Further enquiries
| Aamal Company | |
| Arwa Goussous, Corporate Communications Manager | +974 513 9539 |
| Citigate Dewe Rogerson | |
| Andrew Hey / Seb Hoyle / Nick Cox-Johnson | +974 452 8335 |
| Ayman Hammamieh / Habib Bacha (for Arabic media) | +971 (0)2 401 2612 |
About Aamal Company QSC
Aamal Company QSC (‘Aamal’) is one of the GCC’s fastest growing diversified conglomerates, delivering a CAGR in net profit, excluding fair value gains, of 22% p.a. from 2006-2009 and generating revenues of QAR 705m (US$194m) in 2009. Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s growing economy, Aamal’s operations comprise of over 18 business units with market leading positions in the key property management and development, industrial, retail, managed services, medical equipment and pharmaceutical sectors. Listed on the Qatar Exchange, Aamal currently ranks in the top 10 listed companies by market capitalisation.
|
Un Audited March 2010 QR |
Un Audited March 2009 QR |
Un Audited Dec-2009 QR | |
|---|---|---|---|
| ASSETS | |||
| Current assets | |||
| Cash and bank balances | 525,219,994 | 524,176,480 | 506,122,462 |
| Accounts receivable and prepayments | 336,657,015 | 155,918,570 | 164,473,101 |
| Amounts due from related parties | 28,695,450 | 22,763,861 | 38,751,875 |
| Inventories | 144,397,004 | 59,229,154 | 113,669,597 |
| 1,034,969,463 | 762,088,065 | 823,017,035 | |
| Non-current assets | |||
| Capital expenditure advances | 4,237,182 | 37,889,709 | 5,450,478 |
| Investment in associates | 6,914,880 | 5,110,000 | 6,037,371 |
| Investment properties | 4,745,582,667 | 4,810,052,406 |
4,745,582,667 |
| Properties under development | 144,631,713 | - | 115,158,073 |
| Other non current assets | 120,238,690 | - | - |
| Property, plant and equipment | 354,482,399 | 148,025,173 | 326,606,115 |
| 5,376,087,531 | 5,001,077,288 | 5,198,834,704 | |
| TOTAL ASSETS | 6,411,056,994 | 5,763,165,353 | 6,021,851,739 |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Accounts payable and accruals | 316,403,891 | 123,710,832 | 142,169,567 |
| Amounts due to related parties | 138,129,734 | 11,574,100 | 18,363,022 |
| Interest bearing loans and borrowings | 114,791,482 | 42,947,105 | 78,701,353 |
| Bank overdrafts | 13,497,868 | 6,485,450 | 15,347,962 |
| 582,822,975 | 184,717,487 | 254,581,904 | |
| Non-current liabilities | |||
| Interest bearing loans and borrowings | 861,924,568 | 799,290,661 | 859,675,640 |
| Employees’ end of service benefits | 13,203,220 | 10,977,642 | 12,033,082 |
| 875,127,788 | 810,268,303 | 871,708,722 | |
| Total liabilities | 1,457,950,763 | 994,985,790 | 1,126,290,626 |
| Equity | |||
| Capital | 3,795,000,000 | 3,795,000,000 | 3,795,000,000 |
| Legal reserve | 170,090,934 | 144,780,615 | 170,090,934 |
| General reserve | 26,365,990 | 26,365,990 | 26,365,990 |
| Retained earnings | 894,548,465 | 735,485,733 | 837,925,319 |
| Equity attributable to equity holders of parent | 4,886,005,389 | 4,701,632,338 | 4,829,382,243 |
| Non-controlling interests | 67,100,842 | 66,547,225 | 66,178,870 |
| Total equity | 4,953,106,231 | 4,768,179,563 | 4,895,561,113 |
| TOTAL LIABILITIES AND EQUITY | 6,411,056,994 | 5,763,165,353 | 6,021,851,739 |
|
Sheikh Faisal Bin Qassim Al-Thani |
Tarek Mahmoud El Sayed |
Mohammad Ramahi |
|
Un Audited March 2010 QR |
Un Audited March 2009 QR |
|
|---|---|---|
| Revenues | 268,151,853 | 173,347,054 |
| Direct Costs | (181,608,184) | (94,750,394) |
| GROSS PROFIT | 86,543,669 | 78,596,660 |
| Other income | 7,503,276 | 9,260,598 |
| Marketing and promotion expenses | (3,515,746) | (2,937,909) |
| General and administration expenses | (22,819,954) | (18,915,670) |
| Depreciation | (2,059,784) | (2,853,848) |
| Finance costs | (9,028,315) | (13,028,989) |
| PROFIT BEFORE FAIR VALUE GAINS ON INVESTMENT PROPERTIES | 56,623,146 | 50,120,842 |
| Net fair value gains on investment properties | - | 72,110,675 |
| PROFIT FOR THE PERIOD | 56,623,146 | 122,231,517 |
| Attributable to: | ||
| Equity holders of the parent | 60,304,553 | 122,120,978 |
| Non-controlling interests | (3,681,407) | 110,539 |
| 56,623,146 | 122,231,517 | |
| Basic and diluted earnings per share (QR) | ||
| (attributable to equity holders of the parent) | 0.16 | 0.32 |
