27/04/2017 07:40 AST
Aamal Company has reported net profit of QR139.7mn, translating into earnings-per-share of QR0.18 at the end of first quarter (Q1) ended March 31, 2017.
"The Q1, 2017 has seen our revenues grow very strongly, by more than 22%; this has been driven by a combination of both organic and acquisition means following an upping of our stake in El Sewedy Cables through our 50% owned joint venture, Senyar Industries," Aamal chairman HE Sheikh Faisal bin Qassim al-Thani said.
The group revenues amounted to QR830.8mn during January-March this year.
Offsetting this revenue growth has been a contraction in its margins, particularly within the industrial manufacturing division, he said.
With currently over 35% of its net profit derived from industrial manufacturing, "we are well placed to continue to be one of the winners as Qatar continues to diversify away from being a hydrocarbon based economy through an intensive government-driven infrastructure development programme, as laid out in the country's 2030 Vision and accelerated by the FIFA World Cup due to be held in 2022", according to Aamal vice chairman and managing director Sheikh Mohamed bin Faisal al-Thani.
The net profitability was however down 9% since there was no fair value gains in investment properties in the review period, thus resulting in net underlying profit margins of 16.6% in Q1, 2017 compared to 19.6% in the previous-year period.
Gross profit, otherwise, expanded more than 6% to QR184.2mn in the review period.
"Looking ahead to the rest of 2017, we remain very upbeat, confident that the company is uniquely positioned to capture and build on the opportunities that continue to present themselves. Visibility is high and Aamal occupies a number of market leading positions across the economic spectrum. Furthermore, this year will see the benefits of the Phase 2 development works at City Center Doha starting to come through with the handover of the first new retail outlets, with the majority following in 2018," Sheikh Faisal said.
Net capital investment expenditure fell by QR21.2mn to QR25.1mm (Q1, 2016 QR46.3mn), reflecting the Q1 2016 fleet expansion at the Aamal maritime transportation services subsidiary, its spokesman said, adding the group's financing gearing (net debt to net debt plus equity) reduced further to 0.4%.
Total assets were valued at QR10.1bn comprising current assets of QR2.41bn and non-current assets of QR7.69bn.
The company's total equity stood at QR8.45bn on capital base of QR6.3bn at the end of March 31, 2017.
Gulf Times
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