Doha — The net profit of the Qatar Aluminum Manufacturing Company (QAMCO) witnessed a significant decrease of 60.7 percent during the first half of 2023, settling at US$65.8 million, a drop from US$16.7million during the corresponding period in 2022.
A statement released on the Qatar Stock Exchange (QSE) website revealed that the Earnings Per Share (EPS) stood at US$0.0118 as of 30th June 2023, compared to an EPS of US$0.0302 for the same timeframe in 2022.
The company’s statement attributed the dip in profits to a general decline in the average achieved selling prices coupled with a marginal drop in sales volumes. It was highlighted that the average achieved selling prices plummeted by 24 percent during the first half of 2023, in comparison to the same period the previous year, registering at US$2,743 per metric ton.
This decline is a reflection of the prevailing challenges at the macroeconomic level. The Qatar Aluminum Manufacturing Company (QAMCO) is a Qatari Public Shareholding Company, established on December 3, 2018. QAMCO owns 50 percent of the issued share capital of Qatar Aluminium (Qatalum).
The remaining 50 percent of the issued share capital of Qatar Aluminium (Qatalum) is in the possession of Hydro Aluminium Qatalum Holding B.V.