Aamal’s net profit up 8.4% to QR73.6m in first quarter – The Peninsula

Aamal’s net profit up 8.4% to QR73.6m in first quarter – The Peninsula

Aamal Company (Aamal), one of the region’s leading diversified companies, yesterday announced its financial results for the first quarter ended March 31, 2022, and reported a strong start to the year with total revenue up 45 percent and net profit up 8.4 percent and all four segments delivering top-line growth.

The Company’s net profit attributable to equity holders rose by 8.4 percent to QR73.6m in the first quarter of 2022, compared to QR67.9m during the same period last year.

Total revenue increased by 45.0 percent to QR453.5m from QR312.7m due to the particularly strong performance of the Industrial Manufacturing segment.

Gross profit grew by 10.4 percent to QR104.9m from QR95.0m year-on-year (Y-o-Y), while there were no fair value gains on investment properties in either Q1 2022 or Q1 2021.

Reported earnings per share rose by 8.4 percent to QR0.012 in Q1 2022 from QR0.011 in Q1 2021. Net capital expenditure increased by QR7.2m to QR14.3m from QR7.0m, mainly due to investments in the Property segment. Gearing decreased to 4.1 percent from 4.7 percent during the same period in 2021.

Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal commented: “I am very pleased to report that Aamal has had an excellent start to the year