QAMCO’s 9M 2026 profit dips to $76m despite 27% higher aluminium selling prices

Qatar Aluminium Manufacturing Company (QAMCO), which holds 50 per cent of the Qatalum joint venture, reported a net profit of QAR 276 million (USD 75.88 million) for the nine months ended 30 September 2026. This marked a drastic 48 per cent year-on-year dip, despite a rise aluminium selling prices. 

Shipping constraints and reduced operational activity at its joint venture, Qatar Aluminium Company (Qatalum), weighed on production, sales and financial performance.  

The decline comes from tonnes, not price. The joint venture produced and sold far less metal because shipping constraints tied to the regional conflict reduced operational activity. Higher realised selling prices and lower operating costs partly offset the pressure on earnings, while its closing cash and bank balance, including its share of cash held by the JV, stood at QAR 1.85 billion (USD 509.45 million). 

Explore the production, demand and consumption forecasts of bauxite and alumina in our report: “Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook”

Financial highlights: 9-month 2026 vs 9-month 2025

As of September 30, QAMCO’s year-on-year (Y-o-Y) performance showed declines across major volume and earnings indicators, alongside an improvement in EBITDA margin and realised aluminium selling prices.

• Production volume: 338,000 tonnes, down 34 per cent Y-o-Y from 514,000 tonnes
• Sales volume: 219,000 tonnes down 57 per cent Y-o-Y from 513,000 tonnes
• Share of JV revenue: QAR 1.35 billion (USD 422.02 million), down 48 per cent Y-o-Y from QAR 2.6 billion (USD 714.27 million)
• Share of JV EBITDA: QAR 602 million (USD 165.51 million), down 32 per cent Y-o-Y from QAR 883 million (USD 242.76 million)  
• Net profit: QAR 276 million (USD 75.88 million), down 48 per cent Y-o-Y from QAR 534 million (USD 146.81 million)
• Earnings per share (EPS): QAR 0.05, down 48 per cent Y-o-Y from QAR 0.096
• EBITDA margin: 44 per cent, up 10 percentage points Y-o-Y over 34 per cent
• Realised average selling price: USD 3,566 per tonne, up 27 per cent Y-o-Y from USD 2,816 per tonne

Shipping constraints weigh on operational performance

QAMCO attributed the lower production and sales volumes to reduced operational activity arising from shipping constraints amid the regional conflict. These disruptions created a challenging operating environment for the JV, contributing to the year-on-year decline in revenue, EBITDA and net profit.

The pressure on earnings was partly mitigated by higher average selling prices and lower operating costs. The latter reflected reduced production volumes and lower raw material costs.

Aluminium prices remained elevated during the first nine months of 2026, supported by demand from infrastructure, construction, automotive, manufacturing and energy-transition projects. However, the stronger price environment was not enough to offset the effect of lower sales volumes on QAMCO’s overall earnings.

The JV continued to prioritise health and safety, asset reliability and operational efficiency during the period. It also maintained sufficient alumina and other raw materials to sustain production at prevailing levels and used the period of reduced capacity to carry out planned maintenance where required.

Explore primary aluminium suppliers, product listings and trade opportunities on AL Biz

Q3 2026 performance improves sequentially

QAMCO’s third-quarter results improved against the preceding quarter, primarily due to higher sales volumes.

• Production volume: 89,000 tonnes, down 3 per cent Y-o-Y from 92,000 tonnes
• Sales volume: 65,000 tonnes, up 143 per cent Y-o-Y from 27,000 tonnes
• Share of JV revenue: QAR 422 million (USD 116.02 million), up 122 per cent Y-o-Y from QAR 189 million (USD 51.96 million)
• Share of JV EBITDA: QAR 165 million (USD 45.36 million), up 38 per cent Y-o-Y from QAR 120 million (USD 32.99 million)
• Net profit: QAR 57 million (USD 15.67 million), up 458 per cent Y-o-Y from QAR 10 million (USD 2.75 million)
• EPS: QAR 0.01, up 458 per cent Y-o-Y from QAR 0.002,
• EBITDA margin: 39 per cent, down by 24 percentage points Y-o-Y from 63 per cent
• Realised average selling price: USD 3,585 per tonne, down 7 per cent Y-o-Y from USD 3,864 per tonne

The sequential improvement in net profit came mainly from higher sales volumes, which partly offset lower selling prices. However, the decline in EBITDA margin and realised average selling price showed that the stronger earnings result did not represent an improvement across every operating indicator.

Financial position remains robust

QAMCO’s balance sheet remained robust at September 30, 2026, reinforced by its cash holdings and the proportionate share of cash held by Qatalum.

• Total assets: QAR 7.06 billion (USD 1.94 billion), compared with QAR 7.12 billion (USD 1.96 million) at December 31, 2025.
• Cash and bank balance: QAR 1.85 billion (USD 509.45 million), against QAR 1.94 billion (USD 533.64 million) at year-end 2025.
• Share of JV debt: QAR 1.2 billion (USD 329.92 million), compared with QAR 1.24 billion (USD 339.82 million) at December 31, 2025.

For more in-depth insights and exclusive analysis on the global aluminium industry, explore the e-Magazine - Mine to Market: ALuminium Producers & Manufacturers 2026

Market backdrop

QAMCO’s nine-month results highlight the pressure that lower operational activity and shipping constraints can place on aluminium producers, even when market prices remain elevated.

According to company, the global aluminium market continued to feel the effects of the regional conflict, which created a challenging operating environment and heightened volatility.

Demand nonetheless was backed by infrastructure, construction, automotive, manufacturing and energy transition activity, keeping aluminium prices elevated. QAMCO’s substantial cash balance and continued positive cash generation at the JV provided support amid the challenging operating environment.