Doha, Qatar – Qatar Aluminum Manufacturing Company announced Thursday a net profit of QR 919 million ($252 million) in 2022, a 10.13 percent increase versus 2021’s net profit of QR 834.544 million ($229 million).
The company, which was established in December 2018, added in a statement on the Qatar Stock Exchange website that the earnings per share (EPS) amounted to QR 0.165 in 2022 compared to QR 0.150 in 2021.
The board of directors recommended distributing cash dividends to shareholders for the year 2022 at QR0.09 per share, a nine percent of the share’s nominal value.
QAMCO is a 50 percent joint venture partner (JV) in Qatar Aluminum Company (Qatalum).
“While macroeconomic context remained uneven, we continued our focus on operational excellence, cost optimisation, operational flexibility, safety and sustainability, which resulted in an excellent set of financial results,” said Abdulrahman Ahmad al-Shaibi, chairman of Qamco.
The share of JV’s revenue rose 28 percent to QR3.99bn in 2022. Earnings before interests, taxes, depreciation and amortisation (Ebitda) increased by 6 percent to QR1.46bn with an Ebitda margin of 37%.
