Qatar: Qamco earns $66mln net profit in H1

Qatar: Qamco earns $66mln net profit in H1

Qatar - Qatar Aluminum Manufacturing Company (Qamco), a 50% joint venture partner in Qatalum, has reported a net profit of QR240mn in the first six months (H1) of 2023, with earnings-per-share of QR0.043.

The share of JV’s revenue declined by 25% to QR1.59bn in H1-2023 and its share of Ebitda (earnings before interest, taxes, depreciation and amortisation) from the JV stood at QR498mn, with an Ebitda margin of 31%.

However, the net earnings declined 61%, largely attributed to an overall dip in average realised selling prices and slightly lower sales volume.

Average realised selling price declined 24% year-on-year during H1-2023 to $2,743 per metric tonne amid macroeconomic challenges and impacted QR496mn to the net profit for six-month period ended June 30, 2023 versus the same period of last year.

Production levels rose 2% versus H1-2022. Sales volumes declined by 1% due to relatively lower sales of extrusion ingots versus last year. Decline in sales volumes impacted QR25mn to the net profit for six-month period ended June 30, 2023 versus H1-2022.

Cost of goods sold for the current six-month period fell mainly on account of lower raw material costs coupled with higher closing inventory, as production volumes remained higher than sales volumes versus the same period