(MENAFN- Gulf Times) The board of directors of Aamal Company has approved the 10% cash dividend and 5% in bonus shares during its General Assembly meeting held yesterday at the Marriott Marquis City Center Doha Hotel.
At the same time, Aamal's chairman Sheikh Faisal bin Qassim al-Thani announced that the company's net profits in 2014 exceeded QR600mn or a 17.2% growth compared to 2013 revenues of QR512mn.
"I am pleased to report excellent results for 2014. We have managed to grow our total net profit by more than 17% to exceed QR600mn for the first time, with earnings per share rising by almost 14%. Excluding the net fair value gains on investment properties, which were largely flat at QR251.7mn, net profit was up by 30%," Sheikh Faisal said.
He added, "Today's results extend Aamal's proud and long-established track record of profit growth and value creation underpinned by a clear focus on efficient capital allocations and returns."
Other financial results announced by the board yesterday include a 0.8% growth in group revenue or QR2.139bn in 2014 compared to the previous year's QR2.122bn, 30.4% increase in net profit before fair value gains on investment properties or QR348.5mn compared to QR267.2mn in 2013, and growth in net underlying profit margins of 15.4% compared to 11.7% for the same period.
The board also said fair value gains on investment properties were up QR251.7mn compared to QR245.1mn in 2013, adjusted underlying earnings per share increased 24.3% to QR0.54 in contrast to QR0.44 in 2013, and earnings per share increased 13.9% to QR0.96 compared to QR0.85 in 2013.
However, the board said gross investment in capital expenditure fell by 41.1% to QR92.9m compared to QR157.6m in 2013 due to the completion of Phase 1 of the City Center Doha expansion project and the Advanced Pipes and Cast Company plant in 2013. Financial gearing was also reduced to 4.5% compared to 6.6% in 2013, the board added. In 2014, Sheikh Faisal said the company established Aamal Optical Supplies in partnership with Qatar Optics, which is involved in the import, manufacture, and distribution of prescription lenses and contact lenses.
"We also intend to open in the near future a specialised optical medical centre that will diversify operations and revenue channels further, and allow us to capitalise on opportunities in this fast-growing sector," he said.
He added, "Another important milestone was the start of commercial production at Advanced Pipes Company following construction of its state of the art factory in Mesaieed.
"A total of QR200mn ($55mm) has been invested in establishing this new facility, which specialises in the manufacture of concrete pipe products to supply infrastructure and pipeline projects both in Qatar and across the region."
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