Aamal Company (QSE: AHCS)

Last close As at 03/10/2025

QAR0.82

−0.01 (−0.73%)

Market capitalisation

QAR5,135m

Aamal Company is a highly diversified Qatari conglomerate with a business model that provides resilience and a balanced exposure across its four segments (Trading and Distribution, Industrial Manufacturing, Property and Managed Services). The company offers entry into the Qatari economy through high-growth sectors.

Equity Proposition

Aamal Company, based in Qatar, is listed on the Qatar Stock Exchange (QSE) and is one of the largest and most diversified Qatari companies. The company operates across 32 business units and four key sectors: property, industrial manufacturing, trading and distribution, and managed services. Aamal is exposed to Qatar’s non-hydrocarbon growth story, with government development plans (such as the Qatar National Vision 2030) aiming to reduce the country’s dependence on liquefied natural gas (LNG) exports, creating greater economic resilience.  

There are five key reasons why Aamal represents a compelling investment case: 

  1. Qatar has emerged as one of the world’s fastest-growing economies, with the World Bank forecasting GDP growth of c 12% and c 5% for oil and non-oil respectively, and real GDP growth of 8% in 2027. This significant growth trajectory stems primarily from Qatar’s North Field LNG capacity expansion project, which is due for completion by end 2030. However, it h b   as already begun generating positive spillover effects across ancillary sectors, including construction and industrial services. The resulting capital surplus is expected to accelerate government investment in economic diversification initiatives, directly benefiting Aamal’s diverse portfolio, given its integration into the wider Qatari economy. 
  2. Aamal has established dominant market positions across sectors critical to Qatar’s development trajectory. The company’s diversified exposure spans industrial manufacturing, real estate development, healthcare services, energy infrastructure and information technology within healthcare. This strategic positioning enables Aamal to capture value from multiple growth vectors simultaneously, while maintaining defensive characteristics through sector diversification. Management continues to pursue operational excellence through geographic expansion (having recently established a new company in Saudi Arabia), innovation initiatives and enhanced service offerings. 
  3. Aamal’s growth prospects are underpinned by its significant financial strength. The company is strongly capitalised with low levels of financial gearing (2.93% at H225). This conservative capital structure, combined with strong cash generation capabilities and substantial shareholder backing, provides significant strategic flexibility. Aamal also retains ready access to debt capital markets should attractive growth opportunities emerge.  
  4. Aamal has established itself among the QSE’s premier dividend-paying companies, delivering a 6% dividend yield in 2024 and maintaining a consistent 5% yield over the preceding three years. This track record demonstrates management’s commitment to shareholder returns, while maintaining adequate capital for growth investments.  
  5. The Qatari government has allocated QAR41.4bn specifically for healthcare development in 2025, with commitments for continued sectoral investment. This substantial public investment directly benefits Aamal’s healthcare operations, which work with over 75 pharmaceutical and medical equipment companies from 20 different countries. Additionally, the Qatar Investment Authority’s position as the world’s eighth-largest sovereign wealth fund underscores the country’s exceptional fiscal capacity to support long-term development initiatives. 

Aamal represents a unique entry point to gain diversified exposure to Qatar’s economic growth. The convergence of significant macroeconomic growth prospects, strategic market positions, conservative financial management and attractive dividend yields creates a compelling risk-adjusted return. As Qatar executes its vision of economic diversification and resilience-building, Aamal stands positioned to benefit, capturing additional value while providing investors with a strong dividend yield.

Published 6 October 2025

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Industrials

Equity Analyst

Andy Murphy

Andy Murphy

Director of content, industrials

Key Management

  • Rashid Bin Ali Al Mansoori

    CEO

  • Sheikh Faisal Bin Qassim Al Thani

    Chairman

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