Doha: Qatar Aluminium Manufacturing Company (QAMCO; QE: QAMC), a company that owns 50% interest in Qatalum, a successful producer of primary aluminium and one of the largest aluminium smelters in the region, announced that the Board of Directors has decided to announce the results of the month December 2018 together with its full financial year 2019 as it is the view of the Board that one month of operations is too short to report for substantial financial and operational information.
The Company has obtained the necessary no objection from the Ministry of Commerce and Industry to amend the Company’s Articles of Association to have the first financial year of the Company to end on December 31st, 2019, and hence QAMCO will be disclosing 13 months financial statements at year end 2019. The first financial report of the Company will be for four months ending 31st March, 2019, and will be announced in April 2019.
The Board of Directors will declare an interim dividend to the shareholders of the Company along with its Q1, 2019 disclosure. The interim dividend that will be declared will pertain to the six months period from 1st July, 2018 to 31st December 2018, in line with the Company’s IPO Prospectus and the founder’s economic rights waiver.
QAMCO will hold its Ordinary Annual General Assembly Meeting on 13th March, 2019, for the shareholders of the Company, to listen to the Chairman’s message, approve the Board’s recommendation for interim cash dividends along with the disclosure of the financial results for the first quarter of 2019, and to appoint the external auditors for the financial year ending December 31, 2019.
The Company will also hold an Extraordinary General Assembly meeting on the same day to approve the amendments to the Company’s Article of Association in order to have the first financial year ending on 31st December 2019, and amending the nominal value of the shares of the Company to become one (1) Qatari Riyal.
For more information about this press release, email QAMCO@qp.com.qa or visit www.QAMCO.com.qa
DISCLAIMER
The companies in which Qatar Aluminium Manufacturing Company Q.P.S.C. directly and indirectly owns investments are separate entities. In this press release, “QAMCO” and “the group” are sometimes used for convenience in reference to Qatar Aluminium Manufacturing Company Q.P.S.C.
This report contains forward-looking statements concerning the financial condition, results of operations and businesses of Qatar Aluminium Manufacturing Company Q.P.S.C. All statements other than statements of historical fact are deemed to be forward-looking statements, being statements of future expectations that are based on current expectations and assumptions, and involve known and unknown risks and uncertainties that could cause actual results, operations and business performance or events impacting the group to differ materially from those expressed or as may be inferred from these statements.
There are a number of factors that could affect the realisation of these forward-looking statements such as: (a) price fluctuations in crude oil and natural gas, (b) changes in demand or market conditions for the group’s products, (c) loss of market share and industry competition, (d) environmental risks and natural disasters, (e) changes in legislative, fiscal and regulatory conditions, (f) changes in economic and financial market conditions and (g) political risks. As such, results could differ substantially from those stated, or as may be inferred from the forward-looking statements contained herein. All forward-looking statements contained in this report are made as of the date of this document.
Qatar Aluminium Manufacturing Company Q.P.S.C., its Directors, officers, advisors, contractors and agents shall not be liable in any way for any costs, losses or other detrimental effects resulting or arising from the use of or reliance by any party on any forward-looking statement and / or other material contained herein. Qatar Aluminium Manufacturing Company Q.P.S.C., its subsidiary, joint ventures and associated companies are further in no way obliged to update or publish revisions to any forward-looking statement or any other material contained herein which may or may not be known to have changed or to be inaccurate as a result of new information, future events or any reason whatsoever. Qatar Aluminium Manufacturing Company Q.P.S.C. does not guarantee the accuracy of the historical statements contained herein.
GENERAL NOTES
Qatar Aluminium Manufacturing Company’s accounting year follows the calendar year. No adjustment has been made for leap years. Where applicable, all values refer to Qatar Aluminium Manufacturing Company’s share. Values expressed in QR billions and percentages have been rounded to 1 decimal point. All other values have been rounded to the nearest whole number. Values expressed in US $’s have been translated at the rate of US $1 = QR3.64.
DEFINITIONS
Adjusted Free Cash Flow: Cash Flow From Operations - Total CAPEX - Dividends • CAGR: 5-Year Compound Annual Growth Rate • Cash Realisation Ratio: Cash Flow From Operations / Net Profit x 100 • Debt to Equity: (Current Debt + Long-Term Debt) / Equity x 100 • Dividend Yield: Total Cash Dividend / Closing Market Capitalisation x 100 • DRI: Direct Reduced Iron • EBITDA: Earnings Before Interest, Tax, Depreciation and Amortisation calculated as (Net Profit + Interest Expense + Depreciation + Amortisation) • EPS: Earnings per Share (Net Profit / Number of Ordinary Shares outstanding at the year-end) • Free Cash Flow: Cash Flow From Operations - Total CAPEX • MT PA: Metric Tons Per Annum • Payout Ratio: Total Cash Dividend / Net Profit x 100 • P/E: Price to Earnings (Closing market Capitalisation / Net Profit) • Utilization: Production Volume / Rated Capacity x 100
ABOUT QAMCO
Qatar Aluminum Manufacturing Company Q.P.S.C. (QAMCO) was incorporated as a Qatari shareholding company on 3 December 2018. The registered office is located at P.O. Box 3212, Doha, State of Qatar. QAMCO is the holding company of 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.
CONTACT DETAILS:
Name: Abdulrahman Ahmad Al-Shaibi
Title: Chairman
Company:Qatar Aluminium Manufacturing Company Q.P.S.C.
Telephone Number:(974) 4013-2277
Fax Number: (974) 4013-9750
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