06/10/2025
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: 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. Aamal has established dominant market positions across sectors critical to Qatar’s development trajectory. Aamal’s growth prospects are underpinned by its significant financial strength. 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. The Qatari government has allocated QAR41.4bn specifically for healthcare development in 2025, with commitments for continued sectoral investment. For more information on Aamal Company, please see our website.
30/07/2025
Aamal Company reported a strong H125 with revenue up 2.4% y-o-y and net profit up 17.5% y-o-y. The robust performance in the half year means Aamal is on track to achieve our FY25 estimates. The continued development of Qatar’s liquefied natural gas (LNG) capacity expansion projects and focus on non-oil sectors, through the Third National Development Strategy, are positive for both the country’s economic growth and Aamal’s long-term growth prospects. We maintain our estimates and valuation of QAR1.22/share, which represents c 45% upside to the current share price.
06/05/2025
Aamal Company reported a strong start to 2025, with ongoing delivery of its strategy while navigating dynamic market conditions. In Q125 the company recorded year-on-year growth in revenue and total net profit of 6.8% and 8.3%, respectively, to QAR580.3m and QAR101.8m. Aamal sustained its financial strength, reducing gearing by 0.33pp to 0.89%. The robust performance in the quarter means the company it is on track to achieve our FY25 estimates. The continued development of Qatar’s liquefied natural gas (LNG) capacity expansion projects and focus on non-oil sectors, through the Third National Development Strategy, is positive for both Qatar’s economic growth and Aamal’s long-term growth prospects. We maintain our previous estimates, as well as our valuation of QAR1.22/share, which represents c 45% upside to the current share price. For more information on Aamal please see our April 2025 initiation note.