Aamal Company reports 23.6% jump in profit to QR256mn in January-September

Aamal Company reports 23.6% jump in profit to QR256mn in January-September

Doha

Aamal Company has reported a 23.6% year-on-year jump in net profit to QR256mn in the first nine months of this year.

The company's revenues shot up 37.5% on an annualised basis to QR1.5bn in January-September this year.

“All four of our business segments again made solid contributions, with industrial manufacturing, managed services and property all delivering significant double-digit year-on-year increases in revenue and net profit," Aamal Company Chairman HE Sheikh Faisal bin Qassim al-Thani said.

Within industrial manufacturing, he said Aamal Cables’ revenue increased by 133% and Senyar Holdings’ revenue rose by 16%, while Aamal Cement Industries benefited from increased activity during the third quarter as work continued to complete several infrastructure projects in Qatar.

"Our managed services businesses performed well, continuing to benefit from the easing of Covid-19 restrictions and the imminent FIFA World Cup," he said.

The property segment benefited from an increase in rental rates and an increase in occupancy levels at both City Center Doha and Aamal Real Estate, while the introduction of two new tyre brands, Fulda and Veltour, contributed to a strong contribution by Aamal Trading and Distribution.

"We are excited to see Qatar host the upcoming FIFA World Cup next month. Looking further ahead, the Qatar