16.07.2015, 12:15
Aamal discloses its financial statements for the 1st half of 2015
OREANDA-NEWS. The Board of Directors of Aamal Company QSC (“Aamal”), one of the GCC’s
fastest growing diversified companies, today announces its financial results for the half year ended
30 June 2015.
Financial Highlights
Group revenue up 23.1% to QAR 1.35bn (H1 2014: QAR 1.10bn)
Gross profit up 26.2% to QAR 310.4m (H1 2014: QAR 246.0m)
Net profit up 45.6% to QAR 247.4m (H1 2014: QAR 169.9m)
Net profit margins increased to 17.1% (H1 2014: 14.6%)
Reported earnings per share up 39.0% at QAR 0.35 (H1 2014: QAR 0.25)
Net investment in capital expenditure of QAR 46.0m (H1 2014: QAR 38.7m)
Financial gearing4 remains low at 6.2% (31 December 2014: 4.5%)
H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal Company QSC, commented: “In April, I reported on an excellent set of results for the first three months of the year and I am pleased to say that we have managed to sustain this strong momentum in to the second quarter. Net profit increased by over 45% for the six month period, driven by both top line revenue growth and an expansion in margins. This is a reflection of the market leading positions that Aamal occupies across a number of sectors that are helping to drive Qatar’s growth as an industrialised economy.
“For example, the Industrial Manufacturing division, which now constitutes almost 60% of Aamal’s gross sales, saw a 39% increase in sales. Together with strong margin expansion, this translated into an increase in net profit of over 133%. Aamal’s Trading and Distribution and Property divisions also both continued to make significant contributions in the first half of 2015 and this diversification is certainly one of Aamal’s key attractions, in terms of both exposure to the wider Qatari economy and the management of risk.
“Part of the ethos at Aamal is the early identification of commercial opportunities and, following careful due diligence, acting decisively to ensure capital is allocated where it will create maximum shareholder value. This is evident in our change of focus within our Managed Services division away from some lower margin operations, as we continue to strengthen our performance and our competitive advantages across the business. I look forward to reporting another strong performance at the time of our nine month results announcement.”
About Aamal Company QSC
Aamal Company is one of the GCC’s fastest growing diversified conglomerates, with a market capitalisation at 14 July 2015 of QAR 9.4bn (US\\$ 2.6bn), delivering a compound annual growth rate in net profit before fair value gains on investment properties in excess of 13% from 2006-2014 and generating annual revenues of QAR 2,139m (US\\$ 588m) in 2014. Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s rapidly growing economy, Aamal’s operations comprise 23 business units with market leading positions in the key industrial, retail, property, managed services and medical equipment and pharmaceutical sectors. Aamal is one of the largest diversified companies quoted on the Qatar Stock Exchange, having been listed since December 2007, and is a constituent member of the QE Index which is a measure of the 20 largest and most liquid stocks listed on the Qatar stock market.
Financial Highlights
Group revenue up 23.1% to QAR 1.35bn (H1 2014: QAR 1.10bn)
Gross profit up 26.2% to QAR 310.4m (H1 2014: QAR 246.0m)
Net profit up 45.6% to QAR 247.4m (H1 2014: QAR 169.9m)
Net profit margins increased to 17.1% (H1 2014: 14.6%)
Reported earnings per share up 39.0% at QAR 0.35 (H1 2014: QAR 0.25)
Net investment in capital expenditure of QAR 46.0m (H1 2014: QAR 38.7m)
Financial gearing4 remains low at 6.2% (31 December 2014: 4.5%)
H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal Company QSC, commented: “In April, I reported on an excellent set of results for the first three months of the year and I am pleased to say that we have managed to sustain this strong momentum in to the second quarter. Net profit increased by over 45% for the six month period, driven by both top line revenue growth and an expansion in margins. This is a reflection of the market leading positions that Aamal occupies across a number of sectors that are helping to drive Qatar’s growth as an industrialised economy.
“For example, the Industrial Manufacturing division, which now constitutes almost 60% of Aamal’s gross sales, saw a 39% increase in sales. Together with strong margin expansion, this translated into an increase in net profit of over 133%. Aamal’s Trading and Distribution and Property divisions also both continued to make significant contributions in the first half of 2015 and this diversification is certainly one of Aamal’s key attractions, in terms of both exposure to the wider Qatari economy and the management of risk.
“Part of the ethos at Aamal is the early identification of commercial opportunities and, following careful due diligence, acting decisively to ensure capital is allocated where it will create maximum shareholder value. This is evident in our change of focus within our Managed Services division away from some lower margin operations, as we continue to strengthen our performance and our competitive advantages across the business. I look forward to reporting another strong performance at the time of our nine month results announcement.”
About Aamal Company QSC
Aamal Company is one of the GCC’s fastest growing diversified conglomerates, with a market capitalisation at 14 July 2015 of QAR 9.4bn (US\\$ 2.6bn), delivering a compound annual growth rate in net profit before fair value gains on investment properties in excess of 13% from 2006-2014 and generating annual revenues of QAR 2,139m (US\\$ 588m) in 2014. Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s rapidly growing economy, Aamal’s operations comprise 23 business units with market leading positions in the key industrial, retail, property, managed services and medical equipment and pharmaceutical sectors. Aamal is one of the largest diversified companies quoted on the Qatar Stock Exchange, having been listed since December 2007, and is a constituent member of the QE Index which is a measure of the 20 largest and most liquid stocks listed on the Qatar stock market.
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