Q1 Financial Results 2016
Aamal Company QSC (‘Aamal’)
Financial Results for the quarter ended 31 March 2016
Net Profit up more than a third,
driven by revenue growth and margin expansion
Doha, 28 April 2016 - Aamal Company QSC (Aamal), one of the GCC’s fastest growing diversified companies, today announced its first quarter financial results for the period ended 31 March 2016.
Financial Highlights
- Group revenue up 6.9% to QAR 679.6m (Q1 2015: QAR 635.6m)
- Gross profit up 20.0% to QAR 173.2m (Q1 2015: 144.3m)
- Total net profit1 up 33.7% to QAR 153.7m (Q1 2015: QAR 115.0m)
- Reported earnings per share up 31.3% to QAR 0.21 (Q1 2015: QAR 0.16)
- Net capital investment expenditure rose by QAR 27.9m to QAR 46.3m (Q1 2015 QAR 18.4m), reflecting fleet expansion at the Aamal Maritime Transportation Services subsidiary and Phase 2 of the redevelopment of the City Center Doha shopping mall
- Financial gearing2 reduced further to 2.5% (31 December 2015: 3.8%)
1 There were no fair value gains on investment properties in either Q1 2016 or Q1 2015; net profit is stated before the deduction of non-controlling minority interests
2 Net debt to net debt plus equity
Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal, commented:
“2016 has started very well for us, continuing on from the excellent set of results that we reported for the full year 2015 back in February. The first three months of this year has seen a near 7% rise in revenues, which when combined with an expansion in operating margins, has led to a rise in total net profits of more than one third.
“Our low financial gearing reflects our strong free cash flow generation which is testimony to the focus we put on generating positive returns on the capital that we deploy, thereby helping to sustain our profitable growth and create shareholder value. This low gearing also means that we can move swiftly should we identify suitable commercial opportunities that we would like to exploit. In this quarter, Aamal has continued to grow its operations through organic means, including investing to expand the bulk carrying capacity at Aamal Maritime Transportation Services through the acquisition of a second vessel.
“I look forward to the remainder of this year and beyond with great optimism. As the Qatari economy continues to evolve and diversify, Aamal is uniquely well placed to reap significant upside through its strong and well-established businesses across the economic spectrum, allied to its ability to act quickly should new and considered opportunities present themselves.”
SUMMARY AND OUTLOOK
H.E. Sheikh Mohamed Bin Faisal Al Thani, Vice-Chairman of Aamal, commented:
“Aamal has always been at the forefront of Qatar’s development, helping to drive change as the country continues its rapid modernization. It is a market leader in sectors across the economy and has clearly benefited from this balanced and diversified strategy, as borne out from this recent set of results. Furthermore, strong foundations have been laid for the Company to evaluate new commercial opportunities often quicker than its competitors, which gives it a key advantage. I am very confident of another successful year for Aamal.”
Mr. Tarek M. El Sayed, Managing Director said:
“Through our strategy of diversification across key growth markets, Aamal is a leader in meeting the growing demand for increasingly sophisticated and specialized products and services right across the economy. As such, I believe Aamal provides an ideal entry point for investors wishing to gain a broad and balanced exposure to Qatar’s economic growth and development.”
Further enquiries
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Aamal Company |
+ 974 4435 0666 |
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Arwa Goussous, Corporate Communications Manager (mobile # +974 5513 9539) |
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Citigate Dewe Rogerson |
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Nick Cox-Johnson (mobile # +44 (0)7957 596 729) |
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Andrew Hey (mobile # +44 (0)7903 028 448) |
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Shabnam Bashir (mobile # +44 (0)7903 849729) |
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Ramiz Al-Turk (Arabic media) (mobile # +974 5014 9201) |
About Aamal Company QSC
Aamal Company is one of the GCC’s fastest growing diversified conglomerates, with a market capitalisation at 27 April 2016 of QAR 8.2bn (US$ 2.2bn)), delivering a compound annual growth rate in net profit before fair value gains on investment properties in excess of 20% from 2006-2015 and generating annual revenues of QAR 2.9bn (US$ 791.4m) in 2015. Aamal is one of the largest diversified companies quoted on the Qatar Stock Exchange (“QSE”), having been listed since December 2007, and is a constituent member of the QE Index which is a measure of the 20 largest and most liquid stocks listed on the Qatar market. Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s rapidly growing economy, Aamal’s operations comprise 25 business units with market leading positions in the key industrial, retail, property, managed services and medical equipment and pharmaceutical sectors.
For further information on Aamal Company and the full financial statements for the three months ended 31 March 2016, please refer to the corporate website: http://www.aamal.com.qa
End of Release
