Qatar: QAMCO records net profit of $66mln for first half of 2023

Qatar: QAMCO records net profit of $66mln for first half of 2023

Doha, Qatar: Qatar Aluminum Manufacturing Company (QAMCO) a 50% joint venture partner in Qatar Aluminum Company (Qatalum), yesterday reported a net profit of QR240m for the six-month period ended June 30, 2023, as compared to QR611m for the same period of last year, with an earnings per share (EPS) of QR0.043 versus QR0.110 for 1H-22.

Share of JV’s revenue declined by 25% to reach QR1,585m for the current period, as compared to QR 2,106 million for 1H-22. EBITDA declined by 44% and reached QR498m in comparison to QR883m for the same period of last year. While EBITDA margin for 1H-23 remained at 31% compared to 42% for 1H-22.

QAMCO’s financial results for the current period versus same period of last year, were largely attributed to an overall decline in average realized selling prices and slightly lower sales volume.

Average realized selling price witnessed a decline of 24% during 1H-23 versus 1H-22 to reach USD 2,743 /MT amid macroeconomic challenges and impacted QR496m to the net profit for six-month period ended 30 June 2023 versus the same period of last year.

Production levels slightly inched higher with an increase of 2% was noted in the production volumes for the current period versus 1H-22. However, sales