QAMCO Achieves A Record Net Profit Of Qr919m In 2022

(MENAFN- The Peninsula) joel johnson | The Peninsula

Qatar Aluminium ManuFacturing Company (QAMCO) reported in its General Assembly Meeting that it has recorded a net profit worth QR919m during the fiscal year of 2022. The meeting held yesterday at Sheraton Hotel was attended by the Group Chairman Abdulrahman Ahmad Al Shaibi, Vice Chairman Ahmad Saeed Al Amoodi, Board of Directors, officials, and several stakeholders.

The meeting witnessed numerous agendas including presenting the operations and financial performance report of the Board of Directors and approving them, approving the auditor's report on the financial statements for 2022, approving last year's Corporate Governance Report, approving the Board's recommendation for a dividend payment of QR0.09 per share for 2022, and representing 9 percent of the nominal share value.

Chairman of the Board of Directors, QAMCO Abdulrahman Ahmad Al Shaibi said:“Given the current short- to medium-term market outlook coupled with funding needs in relation to the JV's debt along with its CAPEX program planned for the upcoming years, QAMCO's Board of Directors recommends to distribute a total annual dividend for the year ended 31 December 2022 amounting to QR502m, equivalent to a payout of QR 0.09 per share.”

Abdulla Yaaqob Al Hay, Acting Manager Privatized Companies Affairs Dept., QatarEnergy said,“QAMCO's improved financial results for the financial year 2022 in comparison to last year, was largely attributed to an overall growth in average realised selling prices which increased by 24 percent during the current year versus last year, and contributed QR748m positively towards net earnings of QAMCO for the year ended 31 December 2022 as compared to last year.”

“QAMCO's financial position also remained strong, with cash and bank balances amounting to QR1.2bn. During the year, the Company's JV generated a positive share of operating cash flows of QR 1.3bn,” he added.


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