• QAMCO JV’s shift of product mix to 100% of value-added products (VAP) supported margins
  • QAMCO’s share of revenue from the JV amounted to QR 1,353 million for the six-month period ended 30 June 2021
  • QAMCO’s share of EBITDA from the JV stood at QR 558 million, with an EBTIDA margin of 41% for 1H-21
  • Earnings per share amounted to QR 0.052 for the six-month period ended 30 June 2021
  • QAMCO’s closing cash balance (including share of cash in QAMCO’s JV) stood at QAR 812 million 

Doha, Qatar: Qatar Aluminum Manufacturing Company Q.P.S.C. (“QAMCO” or “the Company”; QE Ticker: QAMC), a 50% joint venture partner in Qatar Aluminum Company (Qatalum), today reported a net profit of QR 288 million for the six-month period ended 30 June 2021, with an earnings per share (EPS) of QR 0.052. 

Commenting on the financial and operational performance for the six-month period ended 30 June 2021, Mr. Abdulrahman Ahmad Al-Shaibi, Chairman of the Board of Directors, QAMCO, said:

“We benefitted from a strong sequential macroeconomic recovery coupled with supply constraints, which translated into healthier demand for our premium products, resulting in an improved set of financial results, since QAMCO’s incorporation. While macro-conditions remained buoyant, we continued to rely on our core business values, flexibility of operations, supported by efficient supply chain and persistent cost optimization efforts. Going forward, our competitive advantages coupled with our operational excellence, would position us better for our long-term goals.”

Updates on macroeconomic environment

Prices of aluminium, continue to climb on the back of renewed global demand, whereby sectors such as construction and automotive industries witnessed growth, as the global economies started to show signs of recovery since later part of 2020. With aluminium being a key input for electric vehicles (EVs), wind turbines and solar power, bringing an additional layer of long-term demand for primary aluminium. Furthermore, global climate initiatives are also providing structural support to aluminum markets, given its major role in decarbonization and playing a key part in creating supply deficits. All of these factors translated into a sequential growth in prices of primary aluminium along with improved margins.

Read the full story here.

-Ends-

About QAMCO

Qatar Aluminum Manufacturing Company Q.P.S.C. (QAMCO) was incorporated on 3 December 2018 as a Qatari shareholding company. The registered office is located at P.O. Box 3212, Doha, State of Qatar. QAMCO is a 50% shareholder in Qatalum (a joint venture of QAMCO), which is a producer and marketer of primary aluminium. QAMCO owns 50% of Qatalum’s issued capital with the remaining 50% being held by Hydro Aluminium Qatalum Holding B.V. 

For more information about this press release, email qamco@qp.com.qa or qamco.investorrelations@qp.com.qa or visit www.qamco.com.qa 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.