For release 25 July 2016
Aamal Company QSC (“Aamal”)
Financial Results for the six months ended 30 June 2016
Net profits rise 23.5%,
driven by expansion in industrial manufacturing margins
Doha, 25 July 2016 – the Board of Directors of Aamal Company QSC (“Aamal”), one of the GCC’s
fastest growing diversified companies, today announces its financial results for the half year ended
30 June 2016.
Financial Highlights

Group revenue up 3.0% to QAR 1.39bn (H1 2015: QAR 1.35bn)

Gross profit up 14.5% to QAR 355.3m (H1 2015: QAR 310.4m)

Total net profit1 up 23.5% to QAR 305.5m (H1 2015: QAR 247.4m)

Reported earnings per share up 17.1% at QAR 0.41 (H1 2015: QAR 0.35)

Net investment in capital expenditure rose by QAR 14.1m to QAR 60.1m (H1 2015: QAR
46.0m), reflecting fleet expansion at the Aamal Maritime Transportation Services
subsidiary, and the ongoing Phase 2 redevelopment works at the City Center Doha
shopping mall

Financial gearing2 remains low at 3.9% (31 December 2015: 3.6%)
1 There were no fair value gains on investment properties in either H1 2016 or H1 2015; net profit is stated
before the deduction of non-controlling interests
2 Net debt to net debt plus total equity
(N.B. there may be slight differences due to rounding)
H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal Company QSC, commented:
“The first six months of this year have witnessed a tremendous performance with total net profits
growing by over 23% compared to the corresponding period in 2015. The majority of this growth is
derived from margin expansion within our Industrial Manufacturing division, which now makes up
over 38% of total company profits. As one of the leading industrial companies in the State of Qatar,
Aamal Company is well positioned to be a direct beneficiary of the country’s infrastructure-led
development programs.
“Although our industrial focus has clearly been the Company’s primary growth engine, the strong
contributions made by our other three divisions should not be overlooked. All these businesses
occupy leading market positions across the entire Qatari economy. As with our industrial
manufacturing activities, we will continue to invest to sustain our momentum, either through
strengthening our existing operations or pursuing new opportunities after careful consideration. Our
low level of financial gearing, allied to strong free cash flow generation, clearly puts us in a very
advantageous position.”
BREAKDOWN BY DIVISION
(N.B. there may be slight differences due to rounding)

REVENUE
QAR m
Industrial Manufacturing
Trading and Distribution
Property
Managed Services
less: inter-divisional
revenue
TOTAL

H1 2016
843.7
354.0
164.0
47.0
(19.7)
H1 2015
807.0
375.9
159.9
32.7
(26.6)
Change
4.6%
(5.8)%
2.6%
43.7%
25.9%
1,389.1
1,349.0
3.0%
H1 2016
117.0
68.2
135.5
4.7
(19.9)
305.5
H1 2015
61.0*
71.0
133.8
2.4
(20.8)*
247.4
Change
91.8%
(3.9)%
1.3%
95.8%
4.3%
23.5%
NET PROFIT
QAR m
Industrial Manufacturing
Trading and Distribution
Property
Managed Services
less: Head Office costs
TOTAL
* Net profit contribution from Aamal’s 20% interest in Frijns Structural Steel is now included within Industrial
Manufacturing, whereas previously it was netted off against Head Office costs; H1 2015 comparative numbers have been
amended accordingly
DIVISIONAL REVIEW
(N.B. there may be slight differences due to rounding)

INDUSTRIAL MANUFACTURING
QAR m
Revenue
Net profit
Made up of:
Net profit: fully
consolidated activities
Net profit: share of
equity accounted for
investee net profits
Net underlying profit
margin %
(i.e. excluding share of
equity accounted
investee profits)
H1 2016
843.7
117.0
H1 2015
807.0
61.0
Change
4.6%
91.8%
82.1
43.7
87.9%
34.9
17.3
101.7%
9.7%
5.4%
4.3 ppts
Overall revenues grew by 4.6% which together with a significant improvement in the underlying
margin and a strong net profit contribution from our joint venture and associate interests, led to
overall net profit rising by 91.8% to QAR 117 million.
The outstanding performer was Senyar Industries, as its two operations (Doha Cables and El
Sewedy Cables) continued to win profitable contracts, along with a tight rein maintained on costs.
Aamal Readymix also performed well, with its operating margin more than doubling due to higher
sales prices being charged on new contracts; this degree of pricing power is reflective of the
business’s strong competitive position.
Further upside came from Ci-San Trading, which benefitted from its move into the marine
transportation of aggregates in September 2015 and expansion of the fleet in the first quarter of
this year.

TRADING AND DISTRIBUTION
QAR m
Revenue
Net profit
Net profit margin %
H1 2016
354.0
68.2
19.3%
H1 2015
375.9
71.0
18.9%
Change
(5.8)%
(3.9)%
0.4 ppts
Although revenues fell by nearly 6%, partly a reflection of one-off supply chain issues out of our
control that have now been resolved, margins improved which will stand us in good stead going
forward. This improvement in margin is a good illustration of the importance we place on continually
seeking operating efficiencies wherever possible without detriment to the underlying business.
 PROPERTY
QAR m
Revenue
Net profit
Made up of:
Net profit: fully
consolidated activities
Net profit: share of
equity accounted for
investee net profits
Net underlying profit
margin %
(i.e. excluding share of
equity accounted
investee profits)
H1 2016
164.0
135.5
H1 2015
159.9
133.8
Change
2.6%
1.3%
132.1
133.8
(1.3)%
3.4
-
n/a
80.5%
83.7%
(3.2) ppts
Phase 2 of the expansion and redevelopment of City Center Doha, one of the leading shopping
malls in Qatar, continued apace and is on track for completion in 2018. As to be expected, this has
had some marginal impact in terms of profitability in the short term as some of the spaces available
for retail are being redeveloped.
What is particularly pleasing in this period is that we have separately recognised a separately
accounted for net profit contribution (QAR 3.4 million) from our joint venture Aamal ECE.

MANAGED SERVICES
QAR m
Revenue
Net profit
Net profit margin %
H1 2016
47.0
4.7
10.0%
H1 2015
32.7
2.4
7.3%
Change
43.7%
95.8%
2.7 ppts
Revenues grew by 43.7% which together with a material expansion in the margin, led to overall net
profit growth of 95.8%.
There were two main components to this growth: one, the strength and resilience of the existing
businesses (boosted by the winning of a number of new contracts); and two, the acquisition of
Family Entertainment Center and Winter Wonderland earlier this year, whose performance to date
has surpassed our original expectations.
SUMMARY AND OUTLOOK
H.E. Sheikh Mohamed Bin Faisal Al Thani, Vice-Chairman of Aamal, commented:
“Aamal Company has performed very creditably in the first half of this year, notching up an
impressive rise in total profits of over 23%. This has been driven by margin expansion which is
testimony to our relentless focus on profitable growth through careful allocation of capital and a
strong emphasis on operating returns. By remaining at the vanguard of Qatar’s infrastructure-led
development, it is my strong conviction that we are well positioned to take advantage of structural
growth opportunities as they continue to evolve.”
Tarek M. El Sayed, Managing Director of Aamal, commented:
“Aamal Company has many unique qualities that helps us to stand out. These include our leading
market positions across the entire Qatari economy, our proven track record in strategic asset
allocation coupled with a clear focus on returns and value creation, and our balance sheet strength.
We strive to be the best we can be and our latest set of results attests to this.”
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Further enquiries
Aamal Company
+ 974 4422 3888
Arwa Goussous, Corporate Communications Manager
(mobile # +974 5513 9539)
[email protected]
Citigate Dewe Rogerson
Toby Moore
(mobile # +44 (0)7768 981 763)
[email protected]
Shabnam Bashir
(mobile # +44 (0)7903 849729)
[email protected]
Ramiz Al-Turk (Arabic media)
(mobile # +974 5014 9201)
[email protected]
About Aamal Company QSC
Aamal Company is one of the GCC’s fastest growing diversified conglomerates, with a market capitalisation
at 24 July 2016 of QAR 8.4 bn (US$ 2.3 bn), delivering a compound annual growth rate in net profit before
fair value gains on investment properties in excess of 20% from 2006-2015 and generating revenues of QAR
2.9 bn (US$ 791.4 m) in 2015.
Aamal is one of the largest diversified companies quoted on the Qatar Stock Exchange (“QSE”), having been
listed since December 2007, and is a constituent member of the QE Index which is a measure of the 20 largest
and most liquid stocks listed on the exchange.
Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s rapidly
growing economy, Aamal’s operations comprise 25 business units with market leading positions in the key
industrial, retail, property, managed services and medical equipment and pharmaceutical sectors.
For further information on Aamal Company, please refer to the corporate website: http://www.aamal.com.qa
End of Release