23-07-2020
• Net Profit: Based on the company’s financials published on the exchange website, net profit for the 1st half 2020 surged 181.5% to QAR 14.64 million. This is compared to QAR 5.2 million for the period from the beginning of December 2018 thru the end of June 2019. The 2nd quarter’s 2020 net profit amounted QAR 3.94 million, knowingly the company has achieved a net profit of QAR 10.3 million for the period from 1 December 2018 to 31 March 2019. This translates the company’s registration of losses by QAR 5.1 million for the period from 1 April 2019 to 30 June 2020.
• The Company’s share from the results of joint ventures, which represents 50% of the share capital in Qatalum, a firm that practices the production and selling of aluminum products through its smelter in Mesaieed, has increased.
• Sale volumes for the six months ended 30 June 2020 was increased by 7% compared to the equivalent 1st half 2019. Amid coronavirus pandemic, which weighed on the demand of the metal, Aluminum prices witnessed a notable decline and reached their lowest peak by the end of April, declining by 18% compared to year-start levels. However, prices turned to recover and approached November levels.
• Comprehensive income: The Company did not register any valuation variances in the comprehensive income statement. This is compared to valuation profit of financial assets (hedging in the cash flow) amounted to QAR 10.4 million for the comparison period.