Doha: Aamal Company (Aamal), one of the region’s leading diversified companies, on Tuesday announced that its net profit attributable to equity holders rose by an impressive 17.7 percent, amounting to QR432.5 million in 2024, compared to QR367.5 million in 2023.

In 2024, Aamal recorded a total revenue of QR2,100.8 million, which marked a 1.1 percent increase compared to QR2,077.2 million in 2023. The company’s gross profit rose by 3.2 percent, reaching QR 515.4 million, up from QR499.6 million in the previous year. Aamal’s earnings per share also increased by 17.7 percent, reaching QR 0.069, up from QR 0.058 in the prior year.

In terms of capital expenditures, Aamal’s net capital expenditure saw a 10.8 percent rise, reaching QR39.5 million in 2024, compared to QR35.7 million in 2023. The company’s gearing ratio increased slightly to 2.52 percent, compared to 2.41 percent in 2023, reflecting balanced financial structure.

Aamal Chairman Sheikh Faisal bin Qassim Al Thani expressed his satisfaction with the results for the year, highlighting the impressive 18 percent rise in net profit and a slight increase in total revenue.

He noted that despite the fluctuating market dynamics, Aamal continued to showcase its agility, achieving solid performances across its key segments, particularly in Industrial Manufacturing and Managed Services. Sheikh Faisal attributed the company’s success to its diversified business model, strong leadership, and strategic focus on operational efficiency and growth in high-potential areas.

Looking ahead, Sheikh Faisal remains optimistic about Aamal’s future, stating that the company is in a strong position to capitalise on growth opportunities within Qatar and the wider region. He emphasised Aamal’s commitment to contributing to Qatar’s National Vision 2030 and the country’s broader economic development.

In light of the company’s positive financial performance, the chairman proposed a 6 percent dividend, which is to be voted on during the Annual General Meeting (AGM) scheduled for March 25, 2025.

Aamal Vice Chairman and Managing Director Sheikh Mohamed bin Faisal Al Thani further elaborated on the company’s solid performance, emphasising Aamal’s disciplined approach to navigating market fluctuations.

He noted that Aamal’s success in 2024 was driven by ongoing investments in both existing and new markets, particularly in alignment with Qatar’s Third National Development Strategy. This strategy focuses on economic diversification, private sector empowerment, and sustainability.

Sheikh Mohamed reiterated Aamal’s continued commitment to driving growth across its key industries and supporting Qatar’s economic progress and societal development. He expressed confidence that Aamal’s ongoing expansion, both locally and regionally, would further reinforce its standing as a leading diversified company.

Aamal’s diversified portfolio of businesses delivered varied performances across its different segments.

In the Industrial Manufacturing segment, the company recorded a 52 percent decrease in revenue, which fell to QR189.1 million in 2024 from QR393.9 million in the previous year. However, despite this significant decline in revenue, net profit increased by 38.1 percent, reaching QR61.8 million. This performance was largely driven by new contract wins and the mobilisation of new construction projects.

Aamal Readymix and Aamal Cement reported increased revenue from new projects, although Aamal Cement experienced pressure on its gross profit margins due to changing product specifications and competitive pricing.

© Copyright Qatar Tribune. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).