Aamal’s H126 results showed resilience as revenue declined 1.9% y-o-y to QAR1,050.2m and gross profit was broadly flat at QAR262.1m. Revenue momentum improved materially in Q2 after the weaker first quarter. Operating profit fell 6.6% to QAR174.5m impacted by pressure in Trading and Distribution. Higher finance costs, lower contributions from equity-accounted investees and increased impairment allowances and a 50.5% y-o-y increase in head-office costs to QAR20.2m weighed on profitability, while operating cash flow declined to QAR73.2m from QAR287.1m, driven mainly by a receivables outflow. Attributable net profit declined 12.9% to QAR192.7m, with EPS of QAR0.031as earnings conversion remained soft.

Aamal Company’s Q126 results showed a softer start to FY26, with pressure concentrated in Trading and Distribution rather than across the wider portfolio. Group revenue declined 19.9% y-o-y to QAR464.8m and attributable net profit fell 11.0% to QAR90.7m, mainly reflecting weaker healthcare-related demand due to a shift towards generic medicines and a more competitive pharmaceutical market weighed on performance. We have reduced our FY26 and FY27 estimates to reflect this weaker trading backdrop, but the core investment case remains intact. Revenue increased across Industrial Manufacturing, Property and Managed Services in Q126, underlining the resilience of Aamal’s diversified model. Our updated valuation is QAR1.08/share, c 42% above the current share price.

Aamal Company’s FY25 results reflected solid execution and continued focus on portfolio optimisation, with the Golden Tower acquisition a notable step-up in the group’s property footprint. Revenue declined c 5% y-o-y to QAR1,996m, driven by weaker conditions in Trading and Distribution, where Ebn Sina Medical faced pricing pressure through the year. Despite the softer top line, net profit rose 2.5% y-o-y to QAR443m, supported by improved contributions from industrial activities and ongoing demand linked to Qatar’s infrastructure and oil and gas spend, including exposure to the North Field and Kahramaa projects. Our updated valuation for Aamal is QAR1.12/share, implying c 40% upside to the current share price.