QAMCO posts net profit of QR 60.6 million for ten-month period ended 30 September 2019

Qatar Aluminium Manufacturing Company (QAMCO), a 50% shareholder in Qatalum, reported a net profit of QR 60.6 million for the ten-month period ended 30 September 2019. The earnings per share (EPS) stood at QR 0.011.

QAMCO’s share of total assets in the JV stood at QR 7.8 billion, with its share of cash and bank balances amounted to QR 280.3 million. EBITDA came in QR 543.1 million in the 10-month period, despite challenging macro-economic conditions and a highly volatile environment for global aluminium prices.

Mr. Abdulrahman Ahmad Al-Shaibi, Chairman of the Board of Directors, QAMCO, said: “The broader macro-economic environment remains volatile but the Company yet again demonstrated its ability to deliver continued performance. The management has been instrumental in rolling out a number of cost conservation measures in a bid to withstand the economic headwinds, whilst ensuring that the Company remain well placed to maximize value for its shareholders.”

“Some of the specific initiatives include cost and supply chain optimization, revenue enhancements, efficiency improvements and capital allocation. The adaptation to market forces will allow for more flexibility and better position the Company for long-term future growth and maintain its market standing as one of the world’s lowest cost aluminium smelters.”

The sales volume was marginally higher in the ten-month period. “Despite a sluggish operating environment, led by declining aluminium prices, the sales volume remained stable with a marginal increase, primarily benefiting from the company’s global marketing partnership which provides access to strategically important markets while competing with international players,” QAMCO said.