Aamal Company — Diversified portfolio underpins 9M25 results
21/10/2025
Aamal Company reported a solid 9M25 performance, with net profit attributable to shareholders up 8.2% year-on-year to QAR327.3m, supported by resilient margins across its diversified portfolio. EPS increased to QAR0.052 from QAR0.048, while total revenue declined slightly by 2.1% to QAR1,564m and gross profit eased by 1.6% to QAR386m. The results underline the stability of Aamal’s business model and continued progress across Property, Industrial Manufacturing and Managed Services. We maintain our valuation of QAR1.22/share, which represents c 45% upside to the current share price.
Aamal Company – equity proposition
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.
Aamal Company — H1 trading in line with full year expectations
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.