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Satyendra Pathak
Doha
Aamal Company will continue to leverage its strong financial position and pursue a successful diversification strategy across a number of different sectors, the company’s top executive official said on Monday.
Talking to Qatar Tribune on the sidelines of the company’s ordinary and extraordinary general assembly meetings in Doha, Aamal CEO and Managing Director Sheikh Mohammed bin Faisal al Thani said, “Looking ahead to 2019, we adopt an optimistic outlook as Qatar’s economy continues to perform well. The country’s economy has shown resilience and strength due to the successful implementation of economic diversification.”
“We will continue to pursue a long-term investment approach and remain alert to new value-creating opportunities to support profitable growth.
“In early 2018, we embarked on three new major industrial projects through Senyar Industries Qatar Holding subsidiary for the production of copper, aluminium, and drums. These will further strengthen our industrial manufacturing base and facilitate synergies across our operations,” he said.
While the company’s real estate segment is under pressure currently, he said, the performance of trading and distribution segment is strong.
“The year-on-year decline in our revenue and net profit was partly attributable to the property segment due the redevelopment of our flagship ‘City Center Doha’ shopping mall,” he said.
Despite the short-term impact, Sheikh Mohammed said, the redevelopment of City Center Doha would continue to progress as per schedule and will significantly enhance performance of the shopping center in the long term.
“Our trading and distribution segment delivered a particularly strong performance across the year led by Ebn Sina Medical, a fully owned subsidiary and Qatar’s leading provider of pharmaceuticals, hospital supplies and consumer health products. Aamal’s managed services segment also saw positive results, particularly in terms of operational efficiency, led by ECCO Gulf and Aamal Services,” he said.
Addressing the extraordinary general assembly meeting earlier, Aamal Chairman Sheikh Faisal bin Qassim al Thani highlighted the company’s steady performance in 2018. “We are proud of our performance in 2018. Although the year saw a decline in revenue and net profit compared to the previous year, our performance was in line with expectations and impacted by already known medium-term factors. Our success demonstrates Aamal’s unwavering ability to remain one-step ahead of the competition through our ongoing investment, our ability to take advantage of the opportunities offered by the strength of the Qatari economy and our agility in responding to challenges,” he said.
“Turning to our broader market environment, Aamal remains well positioned in one of the world’s fastest growing and most successful economies. In 2018, Qatar’s stock exchange rebounded significantly and was the second-best major stock market in the world in terms of performance. It saw a surge in foreign net inflows,
demonstrating the confidence in the outlook for Qatar amongst foreign investors,” he said.
During the meeting, the company got approval to distribute cash dividend of QR0.6 per share to shareholders. The meeting also approved plans to implement a 10 for 1 stock split in compliance with the stock split directive issued by Qatar Financial Market Authority (QFMA) to all listed stocks.
The general assembly also elected nine candidates as board members for the next three years.
Doha
Aamal Company will continue to leverage its strong financial position and pursue a successful diversification strategy across a number of different sectors, the company’s top executive official said on Monday.
Talking to Qatar Tribune on the sidelines of the company’s ordinary and extraordinary general assembly meetings in Doha, Aamal CEO and Managing Director Sheikh Mohammed bin Faisal al Thani said, “Looking ahead to 2019, we adopt an optimistic outlook as Qatar’s economy continues to perform well. The country’s economy has shown resilience and strength due to the successful implementation of economic diversification.”
“We will continue to pursue a long-term investment approach and remain alert to new value-creating opportunities to support profitable growth.
“In early 2018, we embarked on three new major industrial projects through Senyar Industries Qatar Holding subsidiary for the production of copper, aluminium, and drums. These will further strengthen our industrial manufacturing base and facilitate synergies across our operations,” he said.
While the company’s real estate segment is under pressure currently, he said, the performance of trading and distribution segment is strong.
“The year-on-year decline in our revenue and net profit was partly attributable to the property segment due the redevelopment of our flagship ‘City Center Doha’ shopping mall,” he said.
Despite the short-term impact, Sheikh Mohammed said, the redevelopment of City Center Doha would continue to progress as per schedule and will significantly enhance performance of the shopping center in the long term.
“Our trading and distribution segment delivered a particularly strong performance across the year led by Ebn Sina Medical, a fully owned subsidiary and Qatar’s leading provider of pharmaceuticals, hospital supplies and consumer health products. Aamal’s managed services segment also saw positive results, particularly in terms of operational efficiency, led by ECCO Gulf and Aamal Services,” he said.
Addressing the extraordinary general assembly meeting earlier, Aamal Chairman Sheikh Faisal bin Qassim al Thani highlighted the company’s steady performance in 2018. “We are proud of our performance in 2018. Although the year saw a decline in revenue and net profit compared to the previous year, our performance was in line with expectations and impacted by already known medium-term factors. Our success demonstrates Aamal’s unwavering ability to remain one-step ahead of the competition through our ongoing investment, our ability to take advantage of the opportunities offered by the strength of the Qatari economy and our agility in responding to challenges,” he said.
“Turning to our broader market environment, Aamal remains well positioned in one of the world’s fastest growing and most successful economies. In 2018, Qatar’s stock exchange rebounded significantly and was the second-best major stock market in the world in terms of performance. It saw a surge in foreign net inflows,
demonstrating the confidence in the outlook for Qatar amongst foreign investors,” he said.
During the meeting, the company got approval to distribute cash dividend of QR0.6 per share to shareholders. The meeting also approved plans to implement a 10 for 1 stock split in compliance with the stock split directive issued by Qatar Financial Market Authority (QFMA) to all listed stocks.
The general assembly also elected nine candidates as board members for the next three years.
