Aamal has a high-quality property portfolio in prime locations which continually generates high demand. “We will continue to invest in our assets to maintain their quality, market value and market attractiveness.”
The Managed Services segment recorded a strong performance and saw both revenue and net profit increase significantly year-on-year by 86.3 percent and 31.6 percent, respectively, largely due to the acquisition of Maintenance and Management Solutions (MMS).
Aamal Services secured some high-profile contract renewals during the period and also added new clients to its portfolio. The addition of MMS is already showing positive results and enables the provision of a full range of solutions and services.
MMS has successfully achieved extensions on all major contracts and new business in hospitality, construction, banks, and other government institutions.
The successful completion of a major fit-out contract for a large client in February 2024, along with smaller contracts with other clients, has seen MMS employ and set up its own fit-out team which already has a strong pipeline for the coming months.
ECCO Gulf also saw significant achievements in the first half of 2024, with its commitment to innovation and quality securing major contract wins with prominent clients across sectors such as banking, financial institutions, insurance companies, and consulting.
Family Entertainment Center benefited from successful promotions, the introduction of new games and the two Eid breaks falling in the first six months of 2024, with higher footfall benefiting results.
Aamal Chief Executive Officer Rashid bin Ali Al Mansoori said, “These strong results once again demonstrate Aamal’s resilient business model, leading market position, and solid financial foundations. In Industrial Manufacturing, I would highlight the recent acquisition which sees Aamal now fully own Ci San Trading, including subsidiaries Gulf Rocks and Aamal Maritime Transportation Services.
This acquisition grants us complete control over these businesses, allowing us to further enhance Ci-San’s market-leading position, expand its operations, and increase its competitiveness.
Additionally, we announced the award of a major QR1 billion contract for El Sewedy Cables with Kahramaa, complementing our previous first quarter contract worth QR1.2 billion. Elsewhere, Aamal Readymix performed strongly, securing several major projects.”
He said, “In the Trading and Distribution segment, all subsidiaries saw robust financial growth with the exception of Aamal Medical which was impacted by delays to contract renewals and new contract awards.
Exceptional results were achieved in the tyres and lubricants businesses, driven by successful promotions and price increases for renewing service contracts.
We were particularly pleased that Ebn Sina Medical was able to introduce a new gene therapy treatment for Duchenne muscular dystrophy and that the first patient in Qatar has benefited from this.
“Our Property segment achieved marginal growth in revenues and net profit, primarily due to periodic lease adjustments and the addition of new tenants at City Center.
Both Aamal Real Estate and City Center Doha maintained high occupancy rates, driven by strong and steady demand for our residential and commercial spaces. We continue to invest in our property portfolio through ongoing refurbishment and enhancement.”
He said, “Our Managed Services segment reported particularly positive results and the integration of MMS under Aamal Services has already had a positive impact, including opening up new business avenues through its Fit-Out offering which is securing a significant amount of business.
“Looking ahead, we have good reason to be optimistic about maintaining the momentum generated during the first six months of the year, and we are exploring new sectors such as Energy and IT through our recently announced subsidiaries, Aamal Energy and Aamal Information Technology.”
