Q1 Financial results 2013

For release 29 April 2013                           

 

Aamal Company QSC (‘Aamal’)

Financial Results for the quarter ended 31 March 2013

Net Profit up by 4%

Strong gains in industrial manufacturing

Doha, 29 April 2013 - Aamal Company QSC (Aamal), one of the GCC’s fastest growing diversified companies, announced its first quarter financial results for the period ended 31 March 2013 to the Qatar Exchange on 29 April 2013.

Financial Highlights

• Revenue down by 6.0% to QAR 459.8m (Q1 2012: QAR 491.3m)

 

• Gross profit up 0.2% to QAR 93.5m (Q1 2012: 93.4m)

• Net profit¹  up 4.0% to QAR 56.7m (Q1 2012: QAR 54.5m)

• Net profit margins² increased to 12.3% (Q1 2012: 11.1%)

• Low financial gearing³ at 10.4% (31 December 2012: 9.7%)

• Reported earnings per share up 8.3% to QAR 0.104 (Q1 2012: QAR 0.096⁴)

• Net investment in capital expenditure fell by QAR 82.2m to QAR 38.5m (Q1 2012 QAR 120.7m)

 

¹ There were no fair value gains on investment properties in either Q1 2013 or Q1 2012; net profit is stated after the deduction of Head Office costs but before the deduction of non-controlling interests

²  Including income from Associates

³  Net debt to net debt plus equity

⁴ In April 2012, Aamal issued and capitalized bonus shares so Q1 2012 EPS has been adjusted accordingly (Company share capital increased to QAR 5.4bn from QAR 4.95bn)

 

Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal, commented:

 “Announcing our full year results for 2012 in March, I said that Aamal was successfully repositioning the Company by expanding its industrial manufacturing capacity to take full advantage of Qatar’s modernization and heavy capital investment in infrastructure. This strategy continues to make progress with net profits at our Industrial Manufacturing division rising 27.8% in the first quarter of 2013 compared to the corresponding period in 2012 helping to underpin a rise in earnings per share in excess of 8%. Aamal Company has leading market positions, strong finances and a well-balanced strategy. I remain convinced that the Company is well placed to continue to expand both sustainably and robustly.”

 

SUMMARY AND OUTLOOK

H.E. Sheikh Mohamed Bin Faisal Al Thani, Vice-Chairman of Aamal, commented:

“Aamal Company has emerged in the last few years as a proxy for the Qatari economy. This quarter’s results bear out that analysis. Our continued commitment to Industrial Manufacturing activities, within a broadly diversified group, and our alertness to new opportunities in a fast-growing and increasingly sophisticated Qatari economy, sets Aamal Company apart.”

 

Mr. Tarek El Sayed, Managing Director said: “In addition to our focus on the Industrial division, Aamal Company will also continue to focus on its other business areas as this diversity is one of its key strengths. As an example, earlier this year Aamal signed an agreement to create a joint venture with Vivantes International Medicine (Vivantes), the biggest hospital group in Germany, to build an outpatient medical centre in Doha. This agreement underlines Aamal’s strong position in the medical sector.”

Further enquiries

Aamal Company	+ 974 4435 0666
Arwa Goussous,Corporate Communications Manager	[email protected]
(mobile # +974 5513 9539)
Citigate Dewe Rogerson	+974 4452 8335
English language media   Michael Prest (mobile # +974 3373 5083)   Nick Cox-Johnson (mobile # +44 (0)7957 596 729)	[email protected]     [email protected]
Arabic language media  Amira Shohdi (mobile # +974 6648 9089)	[email protected]

 

About Aamal Company QSC

Aamal Company is one of the GCC’s fastest growing diversified companies, delivering a compound annual growth rate in net profit in excess of 15% before fair value gains on investment properties from 2006-12 and generating revenues of QAR 2,284m (US $627m) in 2012.  Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s rapidly growing economy, Aamal’s operations comprise 21 business units with market leading positions in the key industrial, retail, property, managed services and medical equipment and pharmaceutical sectors. Aamal is one of the largest diversified companies quoted on the Qatar Exchange, having been listed since December 2007.

 

For further information on Aamal Company, please refer to the corporate website: http://www.aamal.com.qa

                                                                                                                                                                                                 

End of Release