QAMCO reports a net profit of QR 288 million for H1 2021

On 5^th August 2021, Qatar Aluminum Manufacturing Company, a 50% joint venture partner in Qatar Aluminum Company (Qatalum), reported a net profit of QR 288 million for H1 2021, with earnings per share (EPS) of QR 0.052.

Abdulrahman Ahmad Al-Shaibi, Chairman of the Board of Directors, QAMCO while commenting on the financial and operational performance for H1 2021 said: “We benefitted from a strong sequential macroeconomic recovery coupled with supply constraints, which translated into healthier demand for our premium products, resulting in an improved set of financial results, since QAMCO’s incorporation. While macro-conditions remained buoyant, we continued to rely on our core business values, the flexibility of operations, supported by efficient supply chain and persistent cost optimization efforts.”

“Going forward, our competitive advantages coupled with our operational excellence would position us better for our long-term goals.”

The rise in prices of aluminium pursues to ride the back of renewed global demand, whereas sectors such as construction and automotive industries observed excellent growth, as the global economies started to show signs of recovery since later part of 2020.

Now aluminium is a vital input for electric vehicles (EVs), wind turbines and solar power, bringing an additional layer of long-term demand for primary aluminium. Additionally, global climate initiatives are also delivering structural support to aluminium markets, provided its major role in decarbonisation and playing a key part in creating supply deficits. All of these factors transposed into a sequential growth in prices of primary aluminium along with enhanced margins.