Aamal Company QSC (“Aamal”), one of the GCC’s fastest growing diversified companies, today announced nine-month and third quarter financial results for the period ended 30 September 2014.
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Third Quarter 2014 |
Nine Months 2014 |
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Q3 2014 |
Q3 2013 |
% change |
9M 2014 |
9M 2013 |
% change |
|
Revenue |
505.1 |
566.1 |
(10.8)% |
1,600.6 |
1,525.7 |
+4.9% |
|
Gross Profit |
128.4 |
96.7 |
+32.7% |
374.3 |
303.0 |
+23.5% |
|
Underlying Net Profit1 |
93.4 |
56.3 |
+65.7% |
263.3 |
186.4 |
+41.2% |
|
Underlying Net Profit Margin1, 2 % |
16.8% |
9.3% |
|
15.3% |
11.5% |
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Fair value gains on investment properties |
33.3 |
50.8 |
|
33.3 |
50.8 |
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Total Net Profit3 |
126.7 |
107.1 |
+18.2% |
296.6 |
237.2 |
+25.0% |
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Adjusted earnings per share4 (QAR) Reported earnings per share (QAR) |
0.14
0.21 |
0.09
0.18 |
+61.2%
+18.2% |
0.41
0.46 |
0.29
0.40 |
+39.5%
+15.8% |
Figures in QAR million
1 Excluding fair value gains on investment properties
2 Excluding share of profit of equity accounted for investments
3 Inclusive of non-controlling interests
4 Adjusted underlying earnings per share excludes the fair value gains on investment properties; Reported earnings per share includes them
Nine Month Financial Highlights
- Revenue up by 4.9% to QAR 1,600.6m (9M 2013: QAR 1,525.7m).
- Underlying Net Profit Margin (i.e. excluding fair value gains on investment properties and excluding share of profit of equity accounted for investments) for the nine month period strengthening to 15.3% (9M 2013: 11.5%).
- Fair Value Gains on Investment Properties of QAR 33.3m (9M 2013: QAR 50.8m).
- Total Net Profit up 25.0% to QAR 296.6m (9M 2013: QAR 237.2m, and for the third quarter up 18.2% to QAR 126.7m (Q3 2013: QAR 107.1m).
- Capital expenditure of QAR 84.2m (9M 2013: QAR 97.3).
- Financial gearing (1) remaining low at 7.0% at 30 September 2014 (30 June 2014: 7.0%).
(1) Net debt to net debt plus equity
H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal, commented: “For the first nine months of 2014, Aamal has achieved high growth in its net profit by 25% and adjusted earnings per share excluding fair value gains on investment properties rose by more than 39%, an impressive performance. This is the result of our success over many years in managing and diversifying the Company to support and take full advantage of Qatar’s rapid economic growth and diversification.”
SUMMARY AND OUTLOOK
H.E. Sheikh Mohamed Bin Faisal Al Thani, Vice-Chairman of Aamal, commented: “In 2014 Aamal has continued to achieve organic growth and develop new the business, a good example being the recent announcement about the formation of Aamal Optical Supplies. And as Qatar’s infrastructure investment programme gathers momentum, we expect to see further growth in the Industrial Manufacturing division.”
Tarek M. El Sayed, Managing Director of Aamal, commented: “Aamal continues to perform strongly, which is greatly to the credit of everyone at the Company. We are confident that Aamal can go on creating value for shareholders, giving our customers the highest standard of service and creating a rewarding working environment for employees.”
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