The Assembly approved to distribute 6% dividend to shareholders

Zawya

10-04-2025

A robust performance in 2024 with sustained strategic progress and continued diversification
Doha – Qatar: ' Aamal Company Q.P.S.C.' (Aamal), one of the region's most diversified companies, held its Annual Ordinary and Extra-Ordinary General Assembly Meeting, after the quorum was achieved on Wednesday, 9 April 2025 at JW Marriott Marquis City Center Doha Hotel at Al Sidra Ballroom.
On behalf of H.E. Sheikh Faisal bin Qassim Al Thani - Chairman of Aamal Company – the deputy CEO, H.E. Sheikh Tamim bin Faisal Qassim Al Thani, welcomed the attendees stating:
In the name of Allah, the Most Gracious, the Most Merciful.
Distinguished guests,
Prior to commencing with the meeting agenda, and on behalf of the Chairman of the Board of Directors, H.E. Sheikh Faisal bin Qassim Al Thani, it is my pleasure to welcome you to the Ordinary and Extraordinary General Assembly Meeting of Aamal Company.
Looking at Aamal Company's annual report, we thank Allah that the Company was able to achieve positive results during the year 2024. This impressive achievement was due to the diversification strategy adopted by the Company, its ability to seize various opportunities, the efficiency of the management team, the strength of the Qatari economy, and the commitment of our seasoned government under the leadership of H. H. Sheikh Tamim bin Hamad Al Than in providing a secure and stable investment climate.
We always strive for growth and to deliver the best for all stakeholders. I would like to take this opportunity to thank our shareholders for their continued trust, the esteemed members of the Board of Directors, the executive management, and all our employees for their efforts. We look forward to achieving even greater success in 2025, God willing.
The full report will be presented by the CEO of Aamal Company, Mr. Rashid bin Ali Al Mansoori.
Thank you for your attendance.
After the quorum was achieved, the Assembly proceeded to discuss the items on the agenda of the Extra Ordinary General Assembly meeting as follows:
To discuss and approve the amendments proposed on the Articles of Association of Aamal Company Q.P.S.C. in accordance with the provisions of the Corporate Governance Law and the Commercial Companies Law.
The Assembly approved the amendments proposed on the Articles of Association of Aamal Company Q.P.S.C. in accordance with the provisions of the Corporate Governance Law and the Commercial Companies Law.
In the event that the General Assembly approves Item No. (1) as set out above, to authorize the Chairman of the Board, Sheikh Faisal Qassim Al Thani, to sign the new Articles of Association for the purposes of authenticating them by the relevant authorities, and to approve the Chairman to authorize Company staff to undertake the necessary steps to complete the authentication and registration of the new Articles of Association with the relevant authorities.
The Assembly approved the proposal to authorize the Chairman of the Board, Sheikh Faisal Qassim Al Thani, to sign the new Articles of Association for the purposes of authenticating them by the relevant authorities, and to approve the Chairman to authorize Company staff to undertake the necessary steps to complete the authentication and registration of the new Articles of Association with the relevant authorities.
Accordingly, the Extraordinary General Assembly meeting was concluded.
The Assembly then proceeded to discuss the items on the agenda of the Ordinary General Assembly meeting as follows:
To hear and approve the Chairman's report on the Company's activities and the financial position for the financial year ended 31 December 2024 and to hear the Company's future business plan.
Mr. Rashid bin Ali Al Mansoori, the CEO of Aamal Company, delivered the Chairman's report as follows:
'Esteemed Shareholders,
It is my privilege, on behalf of the Board of Directors, to present Aamal Company's Annual Report for 2024. This report reflects our company's strong performance and the resilience of our strategy, which has driven growth and kept us on course despite the challenges of an evolving and dynamic market.
I would like to take this opportunity to extend my sincere gratitude to our outgoing board members for their invaluable contributions to Aamal's success. Their guidance and dedication have played a pivotal role in shaping the company's journey.
I am also deeply grateful for the wise leadership of H.H. Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, whose vision and policies continue to foster a dynamic and resilient economy. Qatar's strong governance, strategic investments, and commitment to economic diversification provide a solid foundation for long-term, sustainable growth—one that Aamal is well-positioned to contribute to and benefit from.
I am pleased to announce a robust set of results for Aamal in 2024, delivering an impressive 18% rise in year-on-year total net profit as well as a 1.1% increase in total revenue. Throughout the year, we successfully navigated fluctuating market dynamics while remaining agile to new opportunities and challenges, recording solid performances across our segments, particularly Industrial Manufacturing and Managed Services. These results are a testament to the resilience of Aamal's diversified business model, the adept leadership of our management teams, along with our sustained strategic focus on optimising operational efficiency and investing in high-growth sectors.
Qatar's 2025 budget is fully aligned with the nation's strategic vision to foster economic diversification within the framework of the Qatar National Vision 2030. The country's GDP is projected to grow by 2.4% in 2025, driven by increased investment, private and public consumption, and growing hydrocarbon output. The North Field LNG expansion project will continue to support medium-term growth, while non-oil activity remains the main driver of economic expansion, fueled by government investments in infrastructure, healthcare, and energy. As a leading player in industrial manufacturing, trading, and managed services, Aamal is well positioned to capitalize on these emerging opportunities and contribute meaningfully to Qatar's economic transformation.
Looking ahead, I am confident that Aamal's strong financial position and market leadership across key sectors provide a solid foundation for continued growth in Qatar and beyond. Our strategic focus remains on delivering value to all stakeholders, whether through operational excellence, business expansion, or sustainable investments that align with Qatar's economic ambitions. As we build on this strong performance, we remain committed to enhancing our diverse portfolio, strengthening our partnerships, and supporting the long-term development of the Qatari economy.
Finally, I would like to express my sincere appreciation to our employees, management team, and board members for their unwavering dedication and expertise, which continue to drive Aamal's success. In recognition of our strong results, I am pleased to propose a 6% dividend for shareholder approval at today's assembly meeting.'
Faisal bin Qassim Al Thani , Chairman, Aamal Company.
The General Assembly approved the Chairman's report on the Company's activities and the financial position for the financial year ended 31 December 2024, and the Company's future business plan.
To hear and approve the External Auditor's report on the Company's Consolidated Financial Statements for the financial year ended 31 December 2024.
The General Assembly approved the External Auditor's report on the Company's Consolidated Financial Statements for the financial year ended 31 December 2024.
To discuss and approve the Company's Consolidated financial statements for the financial year ended 31 December 2024.
The General Assembly approved the Company's Consolidated financial statements for the financial year ended 31 December 2024.
Financial Highlights
Total Revenue up 1.1% to QAR 2,100.8m (2023: QAR 2,077.2m)
Gross Profit up 3.2% to QAR 515.4m (2023: QAR 499.6m)
Net Profit attributable to Aamal equity holders up 17.7% to QAR 432.5m (2023: QAR 367.5m)
Reported earnings per share increased 17.7% to QAR 0.069 (2023: QAR 0.058)
Net capital expenditure up 10.8% to QAR 39.5m (2023: QAR 35.7m)
Gearing increased marginally to 2.52% (2023: 2.41%)
To discuss and approve the proposal of the Board of Directors to distribute dividends to current shareholders amounting to 6% of the nominal value of each share of the Company that they own (i.e., QR 0.06 per share).
The General Assembly approved the proposal of the Board of Directors to distribute dividends to current shareholders amounting to 6% of the nominal value of each share of the Company that they own (i.e., QR 0.06 per share) in accordance with the QFMA's provisions for dividend distribution.
To discuss and approve the Company's Corporate Governance Report for the year ended 31 December 2024.
The General Assembly approved the Company's Corporate Governance Report for the year ended 31 December 2024.
To discuss and approve the Company's Internal Control over Financial Reporting (ICOFR) Report for the year ended 31 December 2024.
The General Assembly approved the Company's Internal Controls over Financial Reporting (ICOFR) Report for the year ended 31 December 2024.
To discharge Members of the Board of Directors from their liability for the year ended 31 December 2023 and to decide their remuneration and bonuses.
The General Assembly approved discharging Members of the Board of Directors from their liability for the year ended 31 December 2024, and the Assembly approved their remuneration in compliance with the Qatar Financial Markets Authority Governance Code and the Ministry of Commerce and Industry companies law.
To vote on the candidates nominated for the Directorship seats on the Board of Aamal for the coming three years term.
The shareholders voted to elect the nominees for the Board of Directors for the next three-year term and the following members were elected:
H.E. Sheikh Faisal bin Qassim Faisal Al Thani
H.E. Sheikh Mohammed Faisal Faisal Qassim Al Thani
H.E. Sheikh Jabr Abdulrahman Al Thani
H.E. Sheikh Abdullah Hamad Qassim Al Thani
H.E. Sheikha Al Jazi Faisal Faisal Qassim Al Thani
H.E. Mr. Kamel Mohammed Al Ajla
H.E. Mr. Yousef bin Rashid Al Khater
H.E. Mr. Ali Hussein Al-Sada
H.E. Sheikh Nasser bin Khalid Ahmed Al Thani.
To appoint the External Auditor for the Financial Year of 2025 and fix their fees.
The General Assembly approved appointing KPMG as the Company's External Auditor for the Financial Year of 2025 and set their fees.
About Aamal Company Q.P.S.C.
Aamal is one of the region's most diversified companies and has been listed on the Qatar Stock Exchange since December 2007. As at 9 April 2025, the Company had a market capitalisation of QAR 5.54 bn (US$ 1.52 bn).
Aamal's operations are widely diversified and comprise 32 active business units (subsidiaries and joint ventures) with market leading positions in the key industrial, retail, property, managed services, and medical equipment and pharmaceutical sectors, thereby offering investors a high quality and balanced exposure to Qatar's wider economic growth and development.