(The Group’s Comments) Aamal’s Net Profit Drops to QAR
181.85 Million for the First Half of 2019
July 30, 2019
Profits: decreased by 20.5% to QAR 181.9
million in the first half of 2019, compared to QAR 228.9 million
for the same period of 2018, while the company’s earnings per
share amounted to QAR 0.03 versus QAR 0.04 for the corresponding
period of 2018. The increase in consumption and financing
expenses, in addition to the decrease of the company's share of
the profits of associates, resulted in the decline of the
company’s profitability. As for the second quarter, Aamal posted
a net profit of QAR 85.4 million, compared to QAR 113.1 million
for the same quarter of 2018.
Revenues: decreased by 2.54% to QAR 636.1
million in this first half, compared to QAR 652.7 million for
the same period of 2018 due to a decrease of QAR 39 million in
manufacturing revenues. Commercial and distribution activities
grew by 6% to QAR 21 million, while real estate activities
decreased slightly by 1.8%.
Operating Profit: amounted to QAR
155.3 million for the first half of 2019, compared to QAR 176.5
million for the same period of 2019, a decrease of 12% as a
result of the increase in administrative and general expenses by
QAR 7.5 million. The company's implementation of Standard No. 16
had an impact on the increase in depreciation expenses by QAR
6.6 million, and a partial impact on the climb of financing
costs by QAR 13.7 million due to the increase in the balance of
loans with an amount of 356 million and Standard No. 16 as
mentioned above.
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