Doha, Qatar: Aamal Company Q.P.S.C., a prominent diversified company in the region, has unveiled its financial results for the first half of 2023, showcasing a remarkable 6.6% surge in net profit, totaling QR166.8 million. The Board of Directors of Aamal Company Q.P.S.C. presented these results, underscoring the company's robust performance across various sectors.
A key highlight of Aamal's H1 2023 performance is the notable increase in total revenue, which reached QR1,067.4 million, marking an impressive growth of 9.5% compared to the same period in 2022. This upward trajectory was particularly pronounced in the Trading and Distribution segment.
Aamal's Gross profit followed suit, rising by 3.7% to QR238.2 million, compared to QAR 229.7 million in H1 2022. Notably, there were no fair value gains on investment properties in either H1 2023 or H1 2022. The Net profit attributable to Aamal equity holders exhibited a robust 6.6% increase, climbing to QR166.8 million from QR156.4 million in H1 2022. Earnings per share also reflected this growth, reaching QR0.026, an increase of 6.6% compared to QAR 0.025 in H1 2022.
Aamal's prudent financial management is evident in its reduced Net capital expenditure, which decreased by QR15.5 million to QR11.9 million, a significant drop from QR27.4 million in H1 2022. Additionally, Aamal demonstrated improved financial strength, with gearing decreasing to 1.70% from 4.1% in H1 2022.
Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal, expressed his satisfaction with the company's robust performance, attributing the success to Aamal's diversification strategy that bolsters the company's resilience and growth. He emphasized the favorable outcomes across several segments, including Trading and Distribution, Property, and Managed Services.
Despite challenges faced by the Industrial Manufacturing segment, Sheikh Faisal highlighted positive contributions from various ventures within Aamal, such as Senyar Industries and Aamal Real Estate. Notably, Aamal's Property segment exhibited strong growth, with City Center and Aamal Real Estate reporting positive results, marked by increased occupancy rates and commercial property rental rates.
Furthermore, the Managed Services segment showed a decline in revenue, attributed to the end of FIFA World Cup-related service contracts. However, net profit in this segment displayed significant improvement, increasing by 37.6% to QR7.3 million. Aamal Services, Family Entertainment Center, and Aamal Travel all played a part in this positive outcome as they continued to recover from the effects of the COVID-19 pandemic.
Rashid bin Ali Al Mansoori, Chief Executive Officer of Aamal, highlighted the company's commitment to capitalizing on growth opportunities aligned with the Qatar National Vision 2030. He emphasized Aamal's readiness to generate long-term value for shareholders by pursuing both organic and non-organic growth strategies. Al Mansoori also noted Aamal's dedication to the community, exemplified by initiatives such as Aamal Ride, an event aimed at promoting a healthy and active lifestyle.
In conclusion, Aamal's stellar performance in H1 2023 is a testament to its strategic diversity and commitment to excellence across various sectors, positioning the company for continued success and value creation for stakeholders.