QAMCO Posts Record Net Profit Of Qr614m In 2024
Date
1/30/2025 4:00:25 AM
(MENAFN- The Peninsula)
The Peninsula
Doha: Qatar Aluminum manufacturing Company, a 50% joint venture partner in Qatar Aluminum Company (Qatalum), yesterday reported a record net profit of QR614m for the year ended 31 December 2024, with an earnings per share (EPS) of QR0.110.
Commenting on the financial and operational performance for the year ended 31 December 2024, Abdulrahman Ahmad Al Shaibi, Chairman of the Board of Directors, QAMCO, said:“QAMCO JV has demonstrated continued resilience and delivered impressive financial performance during 2024, while maintaining our unwavering commitment to operational excellence, prudent cost management, safety, and sustainability initiatives."
He said "Our JV's steadfast focus on prioritizing HSE has been evident throughout all verticals of its operations. Our dedication to sustainable practices, along with meeting health, environmental, and social responsibility targets and aligning with broader industry practices, is being reflected in these remarkable results. Moving forward, we remain dedicated to leveraging our robust and sustainable business model and consolidating our core competencies across the value chains to create long-term value for shareholders.”
QAMCO's net profit increased in 2024, reflecting an increase of 38% compared to 2023.
This improvement was driven by improved revenue, lowered operating costs, and favorable inventory changes.
QAMCO's share of JV's revenue increased compared to 2023, while EBITDA increased by 15%, versus 2023.
QAMCO will host an IR earnings call with investors to discuss its results for the financial year 2024,business outlook and other matters, on Monday, February 3, 2025 at 1:30pm Doha time.
The IR presentation that accompanies the conference call will be posted on the 'financial information' page within the Investor Relations section at QAMCO's website.
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