Third quarter financial results
For release 30 October 2012
Aamal Company QSC (‘Aamal’)
Financial results for the nine months and quarter ended 30 September 2012
Strong profitable growth across all divisions drives quarterly net profit up 37.6%
Doha, 30 October 2012 - Aamal Company QSC (Aamal), one of the GCC’s fastest growing diversified companies, today announced nine-month and third quarter financial results for the period ended 30 September 2012.
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Third Quarter 2012
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Nine Months 2012 |
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Q3 2012
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Q3 2011 |
% change |
9M 2012 |
9M 2011 |
% change |
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Revenue |
513.9 |
530.8 |
(3.2%) |
1,668.4 |
1,312.1 |
27.2% |
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Gross Profit |
103.2 |
104.4 |
(1.1%) |
329.3 |
314.0 |
4.9% |
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Underlying Net Profit1,2 |
56.8 |
49.8 |
14.1% |
176.3 |
167.0 |
5.6% |
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Underlying Net Profit Margin % |
11.1% |
9.4% |
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10.6% |
12.7% |
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Fair Value Gains on Investment Properties |
45.3 |
29.0 |
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45.3 |
29.0 |
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Total Net Profit attributable to Aamal’s shareholders |
96.7 |
70.3 |
37.6% |
199.5 |
173.6 |
14.9% |
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Earnings per share (QAR) |
0.18 |
0.13 |
38.5% |
0.37 |
0.32 |
15.6% |
Figures in QAR million
1 Before the deduction of non-controlling interests
2 Before fair value gains on investment properties
Nine Month Financial Highlights
- Revenue up 27.2% to QAR 1,668.4m (9M 2011: QAR 1,312.1m) driven by continuing underlying topline growth and first-time contributions from new branches in the Industrial Manufacturing and Managed Services divisions
- Underlying Net Profit Margin (i.e. before fair value gains on investment properties) for the nine month period of 10.6% (9M 2011: 12.7%), increasing to 11.1% in Q3 (Q3 2011: 9.4%)
This improving trend reflects the growing focus within the sales mix towards industrial manufacturing activities. Although such activities tend to have lower gross margins, the associated higher volumes are now starting to more than compensate, thereby capturing the benefits of operational gearing
- Fair Value Gains on Investment Properties of QAR 45.3m (9M 2011: QAR 29.0m) reflecting the continuing expansion of City Center Doha and new land purchased during the year
- Total Net Profit attributable to Aamal’s shareholders up 14.9% to QAR 199.5m (9M 2011: QAR 173.6m) and for the third quarter, up 37.6% to QAR 96.7m (Q3 2011: 70.3m)
- Capital expenditure of QAR 193.6m (9M 2011: QAR 59.1m) with low financial gearing of 10.6% at 30 September 2012 (30 June 2012: 10.9%)
H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal, commented:
“Aamal continues to deliver excellent financial performance. Each of our divisions has increased revenues and generated strong, double-digit profit growth, with attributable net profit increasing by almost 15% for the first nine months of the year and almost 38% for the third quarter along with an expansion in the group margin. Together with strong, additional contributions from our latest ventures, I look forward to this positive trend continuing over the remainder of 2012.”
SUMMARY AND OUTLOOK
H.E. Sheikh Mohamed Bin Faisal Al Thani, Vice-Chairman of Aamal, commented:
“We are continuing to prioritise expansion in Industrial Manufacturing and related Managed Services as we diversify into selected markets and segments with significant potential for long-term growth and returns. This strategy has again delivered another solid quarter of profitable growth and positions us strongly to further grow our share of our chosen markets over the fourth quarter and into 2013 as consumer demand for products and services of the highest quality continues to evolve in line with the rapid expansion and diversification of the Qatari economy.”
Further enquiries
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Aamal Company |
+ 974 4435 0666 |
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Arwa Goussous, Corporate Communications Manager |
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(mobile # +974 5513 9539) |
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Citigate Dewe Rogerson |
+974 4452 8100
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Michael Prest (mobile # +974 3373 5083)
Nick Cox-Johnson (mobile # 44 (0)7957 596 729) |
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About Aamal Company QSC
Aamal Company is one of the GCC’s fastest growing diversified conglomerates, delivering a CAGR in operating profit of 20% from 2006-2011 and generating revenues of QAR 1,910m (US $524m) in 2011. Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s rapidly growing economy, Aamal’s operations comprise 22 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
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