Aamal Company growth driven by industrial sector
Aamal Company QSC has reported a 36.5% increase in revenue for Q1 2011. In a report released on April 23 the company, comprising 22 business units, also revealed a 22.4% increase in net profits. “I am delighted to report that we have made a very encouraging start to 2011 delivering another quarter of double-digit revenue […]
Aamal Company QSC has reported a 36.5% increase in revenue for Q1 2011.
In a report released on April 23 the company, comprising 22 business units, also revealed a 22.4% increase in net profits.
“I am delighted to report that we have made a very encouraging start to 2011 delivering another quarter of double-digit revenue growth,” commented chairman Sheikh Faisal Bin Qassim Al Thani.
“Strong foundations have been laid that position the Group for robust and sustainable growth with our diversified business model continuing to provide a high quality and balanced exposure across the rapidly developing Qatari economy,” he added.
Despite the strengths, it was also reported net profit margins decreased to 16.5% from 23% in 2010, due to “temporary weaknesses in the pricing environment” for Qatari ready mix concrete.
Between 2006 and 2010 Aamal delivered CAGR in operating profit of 23%, generating revenues of US $334m in 2010 alone.
“As the country continues to invest in infrastructure and industrial diversification in line with the Qatar National Vision 2030, accelerated by the award of the 2022 FIFA World Cup, Aamal is increasing its focus on industrial manufacturing through new businesses and partnerships in key, high growth sectors.
“With strong performances in the quarter from both our established and recently created businesses and with new ventures planned to come on stream in due course, I believe Aamal is well positioned to take advantage of the significant growth opportunities ahead,” Sheikh Faisal Bin Qassim Al Thani added.
Aamal has operations the industrial, retail, property, managed services and medical equipment and pharmaceutical sectors and has been listed on the Qatar Exchange since December 2007.
