Latest news with #TribuneNewsNetworkDohaAamalCompany
Qatar Tribune
28-07-2025
- Business
- Qatar Tribune
Aamal net profit surges 17.5% to QR221.3 million in H1 2025
Tribune News Network Doha Aamal Company, one of the region's leading diversified companies, has announced its financial results for the first six months of 2025, showcasing steady growth and resilience across its business sectors. The company reported a total revenue of QR1,070.1 million for the first half of 2025, marking a rise from QR1,045.2 million in the same period last year. Gross profit increased marginally by 0.2 percent to QR261.8 million, compared to QR261.3 million in the first half of 2024. Net profit attributable to Aamal's equity holders rose significantly by 17.5 percent to QR221.3 million, up from QR188.4 million in the previous year. Earnings per share also climbed by 17.5 percent, reaching QR0.035 as compared to QR0.030 last year. Net capital expenditure reduced to QR13.8 million, down from QR19.9 million in the first half of 2024, while the company's gearing ratio increased to 2.93 percent from 0.69 percent. There were no fair value gains on investment properties reported in either in the first half of 2025 or in the first half of 2024. Aamal Vice Chairmanand Managing Director Sheikh Mohamed bin Faisal bin Qassim Al Thani noted that the first-half performance is a strong endorsement of the company's strategic direction and capable leadership across its diverse business units. He emphasised that Aamal's consistent ability to deliver value is supported by its diversified business model and disciplined execution. He highlighted the company's growing QR3 billion project backlog and strategic plans to expand regionally, including the creation of a new infrastructure and construction services company in Saudi Arabia. These steps, he stated, position Aamal well to capitalise on emerging regional opportunities. Aamal Chief Executive Officer Rashid bin Ali Al Mansoori added that the half-year results underscore the strength and resilience of Aamal's diversified business model. He said the company is unlocking opportunities across high-growth sectors not only in Qatar but across the wider GCC region. He pointed out that within the industrial manufacturing sector, Aamal delivered robust revenue and profit growth through major involvement in infrastructure and energy projects, including the QR1 billion contract signed by El Sewedy Cables with Kahramaa. This brings the total project backlog to QR3 billion. The announcement of a new infrastructure and construction solutions company in Saudi Arabia is expected to significantly enhance the company's regional exposure and diversify its revenue streams. In the trading and distribution sector, a stable performance was recorded with revenue increasing slightly by 1 percent. However, net profit declined by 4.8 percent to QR53.6 million, down from QR56.3 million in the first half of 2024. Ebn Sina Medical continued to grow through strategic product introductions, including a new agreement with Novo Nordisk to bring Wegovy to the Qatari market and a partnership with BeiGene to expand oncology treatment offerings. Aamal trading and distribution showed slight improvements in both revenue and profit through successful promotional campaigns and price adjustments, while Aamal Medical saw a decline due to reduced demand from key sectors. The property sector performed strongly in H1 2025, with solid revenue and net profit growth. City Center Doha maintained high occupancy levels and signed new tenants, supported by a 4,000 sqm expansion aimed at enhancing its appeal to shoppers and retailers. Although Aamal Real Estate experienced a slight dip in revenue and profit due to ongoing renovations in residential properties, the sector received a major boost with the acquisition of Golden Tower, now known as Aamal Tower. This landmark commercial asset in West Bay is expected to strengthen Aamal's portfolio of prime rental properties and attract high-value tenants. In the Managed Services sector, Aamal experienced growth in revenue volumes, though net profit remained flat due to lower gross profit margins from certain business units. Aamal Services, along with MMS and ECCO Gulf, faced challenges from severe price competition and fewer one-off orders compared to the first quarter of 2024. Maintenance Management Solutions saw a significant performance gap due to the absence of large-scale ad hoc projects completed during the previous period. On a positive note, the Family Entertainment Center performed well by capitalising on increased footfall during the Eid holidays and school vacation period through targeted marketing efforts and facility upgrades. Looking ahead, Aamal remains optimistic about sustaining its growth trajectory in the second half of the year. The company's strategic investments, sectoral resilience, and regional expansion plans position it to unlock new growth opportunities while contributing positively to key sectors in Qatar and the broader GCC region. The board of directors, along with the executive management, reiterated their confidence in Aamal's ability to continue delivering long-term value in line with Qatar National Vision 2030. The results for the first half of 2025 affirm the strength of Aamal's value creation strategy and highlight the company's commitment to operational excellence, regional leadership, and sustainable growth.
Qatar Tribune
15-07-2025
- Business
- Qatar Tribune
Aamal acquires Golden (Aamal) Tower for QR478.4 million
Tribune News Network Doha Aamal Company (Aamal), one of the region's largest and most diversified companies, is on Tuesday announced that through its subsidiary, Aamal Real Estate (ARE), it has entered into an agreement to purchase the Golden (Aamal) Tower located in Onaiza, Doha, for a total price of QR478.4 million. The purchase price was determined based on an independent valuation conducted by Cushman & Wakefield Qatar, an independent valuation firm accredited by the relevant regulatory authorities. The property is currently owned by Al Jazi Real Estate which is a related party. The Golden (Aamal) Tower is a prominent mixed-use property with a total of 32 floors comprising 33 commercial office units across 15 floors and 72 residential apartments from floors 16 to 32, with three basement levels providing parking for 341 vehicles. Strategically positioned in the high-demand Onaiza area, the property boasts an 88 percent occupancy rate reflecting its position as a preferred choice among tenants. The purchase aligns with Aamal's strategic vision to expand its recurring income portfolio. Based on current occupancy levels, the property is expected to generate approximately QR 20 million in annual rental income, with projected growth of 3 percent to 5 percent per annum. The purchase will be fully financed through a bank facility under Aamal Company. This investment is expected to yield multiple synergies for Aamal, particularly by centralising several group subsidiaries under one roof, reducing third-party rental dependence, and creating long-term cost efficiencies. Moreover, the company anticipates significant capital appreciation, supported by Qatar's strong economy. On this occasion, Aamal Company CEO Rashid bin Ali Al Mansoori said, 'This purchase reflects our strategy to expand our real estate portfolio with profitable and high-quality assets in terms of location and asset type, which includes a mix of commercial and residential. The Golden (Aamal) Tower is not only a high-quality asset in a prime location, but it also offers long-term value through strong rental returns and operational efficiencies. By consolidating several of our group companies into one property, we are reinforcing our commitment to sustainable growth, cost optimisation, and value creation for our shareholders.' This purchase underscores Aamal's commitment to enhancing shareholder value through sound, income-generating investments and prudent financial strategy.
Qatar Tribune
18-06-2025
- Business
- Qatar Tribune
Aamal initiates talks to acquire stake in Hepworth PME Qatar
Tribune News Network Doha Aamal Company (Aamal), one of the region's leading diversified companies, announced that it has commenced negotiations to acquire a stake in or the entirety of Hepworth PME should be noted that the ownership of the target company is split between a related party and an unrelated party, and that the acquisition will be through one of Aamal Company's subsidiaries. Established in 2003, Hepworth PME Qatar is a leading manufacturer and supplier of high-quality thermoplastic piping systems, serving Qatar's building and construction, civil engineering, and industrial sectors. The company offers comprehensive piping solutions, including pipes, fittings, valves, pumps, measurement and control systems, and jointing equipment and accessories. This potential acquisition aligns with Aamal's strategic objective to expand its industrial manufacturing segment, enhancing its product portfolio and market presence in line with Qatar's National Vision 2030. Further disclosures will be made as negotiations progress and in accordance with regulatory requirements.
