Aamal profit jumps 29.7% to QR115m in Q1 of 2015

Qatar Stock Exchange-listed Aamal Company Tuesday said its net profit for the first quarter period ended March 31, 2015 increased 29.7% to QR 115 Million compared to QR 88.7M in the same quarter of 2014.

In its Q1 financial report released today, Aamal adds a footnote to its net profit saying, "there were no fair value gains on investment properties in either Q1 2015 or Q1 2014 and the net profit is stated before deduction of non-controlling minority interest".

Aamal's Earnings per Share are up 23.1% to QR 0.16 compared to QR 0.13 in Q1 2014.

Gross profit is up 11.7% to QR 144.3M (Q1 2014: QR 129.2M) and its net investment in capital expenditure rises by QR 6 million to QR 18.4 million.

Commenting on Q1 results, Aamal Chairman Sheikh Faisal bin Qassim Al-Thani said, "This year has got off a strong start with the quality of growth driven by margin expansion." Aamal's focus is producing returns that are profitable and sustainable. This is best illustrated by our industrial manufacturing division that now make up almost 60% of our gross sales, he said.

Aamal Vice-Chairman Sheikh Mohamed Bin Faisal Al-Thani said the company has carried its 2014 momentum into the first quarter this year. "Our balanced and diversified strategy has served us well," he said.

Aamal reports a market capitalization of QR 10.5 Billion (US$ 2.9Bn) as of April 27, 2015. The company's equity for the first quarter of 2015 was QR7.199 billion, compared to 7.684 billion in December 2014.

On April 1 QSE upgraded the company as constituent member of the QE Index which is a measure of 20 largest and most liquid stocks listed on the bourse.