Doha, 29 April 2019 – the Board of Directors of Aamal Company Q.P.S.C. (Aamal), one of the Gulf Region’s fastest growing diversified companies, today announces its financial results for the first quarter ended 31 March 2019.
Financial Highlights
- Group revenue up 4.4% to QAR 321.7m (Q1 2018: 308.2m) following a particularly strong performance from Aamal’s Trading and Distribution segment
- Gross profit up 1.5% to QAR 118.8m (Q1 2018: QAR 117.1m)
- Net profit before share of net profits of associates and joint ventures accounted for using the equity method (“net underlying profit”) down 5.7% to QAR 80.0m (Q1 2018: QAR 84.9m); this was due to challenges during the quarter in the Industrial Manufacturing segment and costs associated with financing investments in line with our growth strategy
- Net underlying profit margins have decreased by 2.6 percentage points to 24.9% (Q1 2018: 27.5%)
- Share of net profits from associates and joint ventures accounted for using the equity method decreased 44.7% to QAR 17.3m (Q1 2018: QAR 31.2m)
- There were no fair value gains on investment properties in either Q1 2019 or Q1 2018
- Total Company net profit1 was down 16.2% to QAR 97.3m (Q1 2018: QAR 116.1m), with net profit attributable to Aamal equity holders down 16.7% to QAR 96.5m (Q1 2018: QAR 115.8m)
- Reported earnings per share down 16.7% to QAR 0.15 (Q1 2018: QAR 0.18)
- Net capital expenditure decreased by QAR 199.5m to QAR 9.0m (Q1 2018 QAR 208.6m). The higher capital investment expenditure in Q1 2018 reflected enhancements to the company’s real estate portfolio through the acquisition of a number of prime residential assets.