(MENAFN- Gulf Times) Aamal Company has posted a net profit of QR500.9mn in 2017, even as the region's fastest-growing diversified conglomerate had seen its earnings per share grow by nearly 10% over the year.
The company's board of directors also recommended a cash dividend Dh60 a share (equivalent to 6% of paid-up share capital), which will be subject to the approval of the annual general assembly meeting on April 22.
Aamal chairman Sheikh Faisal bin Qassim al-Thani said, 'While the continuing blockade by a number of neighbouring Gulf countries has undoubtedly created some challenging headwinds, I am very proud to say that Qatar as a nation is successfully navigating through them. I believe this is testimony not only to the resilience of the Qatari economy but also to the strong and clear leadership that our national government provides as we strive to achieve the holistic goals set out in the Qatar National Vision, including diversification of the economy. I must also mention the resourcefulness of the Qatari people in meeting these challenges head on, as they did in previously demanding times including the global slump post-2007 and the oil price lows of early 2016.
'It gives me great pleasure also to report that Aamal has been at the forefront here, managing to grow its earnings per share by almost 10% over the year with annual net profits attributable to Aamal shareholders now exceeding QR500mn, which in the current climate is a very impressive result indeed. I should also add that these are probably the most relevant indicators of performance as some year-on-year comparatives are now not on a true like-for-like basis (revenue in particular) due to the change in the accounting presentation of a couple of business entities during the year, thereby rendering them largely meaningless. People should be made aware that the effects of this change will remain valid until after Q4 2018, by which time they will have reversed out.
'Aamal has always been noted for its practicality and decisiveness, and no better is this demonstrated than by how rapidly we moved to help establish alternative supply chains in the face of the continuing embargo against Qatar. This resilience is also borne out by the diversity of our business model, so that if one sector is experiencing a tightening in general business conditions for example, there will be others that are able to more than compensate.
'As such, I am looking forward to reporting sustained growth, along with improvements in our operational performance, as we continue to seek attractive opportunities.
Aamal vice-chairman and managing director Sheikh Mohamed bin Faisal al-Thani, said: 'Aamal has performed very well in an environment that can only be described as challenging. Managing to grow earnings by 9.6% bears witness not only to the resilience of our business model in withstanding these challenges but also to our ability to seek out opportunities, allied with the financial resources required to act on them decisively should potential value be identified. I look forward with much confidence as Aamal goes from strength to strength.
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