Doha – Mubasher: Aamal Company reported on Wednesday a year-on-year increase of 15.5% in its net profit for the first nine months of 2016.

Net profit for the January-September period of 2016 reached QAR 356.8 million ($97.98 million), compared to QAR 325.9 million ($89.50 million) for the same period last year.

Net profit for the third quarter of fiscal 2016 fell by 0.95% to QAR 118.14 million ($32.41 million) from QAR 119.27 million ($32.72 million) for Q3-15

Gross profit for the nine-month period grew by 8.2% to QAR 499.1 million, versus QAR 461.6 million for the same period of 2015, according to a bourse filing.

Total revenue fell in the nine-month period QAR 1.99 billion, compared to QAR 2.07 billion for the same period last year. 

Earnings per share for the first nine months of 2016 increased 9.6% to QAR 0.57 from QAR 0.52 for the same period of the previous year.

Commenting on the results, Faisal Bin Qassim Al Thani, Chairman of Aamal, said, “Aamal performed strongly over the first nine months of 2016 in line with management expectations, driving net profit to QAR 423.7 million, 15.5% higher than in the same period last year, demonstrating the continuing success of our strategy for sustainable profitable growth,”.

“This performance clearly reflects the benefits of the Group’s approach to diversification, building a balanced and resilient portfolio of businesses across key sectors of the broadening Qatari economy, to drive profitable organic growth and margin expansion while maintaining strict control of costs and prudent levels of financial gearing,” he added.