(MENAFN - The Peninsula) Aamal Company, a diversified group having interest in industrial manufacturing, trading and distribution, real estate and services, will look for new opportunities for expansion.
"We will continue to look for and appraise new opportunities for further expansion as the development of Qatar's infrastructure continues apace as we are witnessing an unprecedented demand for many industrial products, of which a large proportion is currently being imported from abroad," said Tarek M El Sayed, Managing Director of Aamal addressing company's Annual Ordinary General Assembly. "I would like to emphasise that we will also continue to look for new value creating opportunities in the other sectors which we are involved in to improve and increase the efficiency as it will help to strengthen our already market leading positions. Also, we will allocate the profits generated during the past year to capture opportunities in the local and regional market," he said.
"Aamal achieved strong results for 2013. We have managed to grow both revenues and expand net underlying profit margins, thereby improving the overall quality of earnings," said Faisal Bin Qassim Bin Faisal Al Thani, Chairman in a statement. "Underlying net profit, excluding the uplift from the fair value gains on investment properties, grew by over 13 percent to QR267.2m and earnings per share on this basis increased by 27 percent. This is a very impressive performance and testimony to the solid foundations we have put in place to share in, and contribute to, the rapid growth that Qatar is experiencing as it transforms itself into a modern, diversified and industrial economy," he said.
The revenue grew by 2.6 percent to QR 2.1bn in 2013 while net underlying profit (before fair value gains on investment properties) increased 13.4 percent to QR267.2m.
"We are very excited about the prospect of beginning the commercial production of the Advanced Pipes and Casts Company in 2014. This will allow us to increase our product range and scope to supply a number of new industrial projects," said Tarek M El Sayed.
He said that work has now begun to obtain the necessary permissions for Phase 2 of the redevelopment of City Center Doha.