On Friday, February 3, Qatar Aluminium Manufacturing Company, a Qatari Public Shareholding Company, popularly known as QAMCO, announced its financial result for 2022 ended December 31, reporting a record net profit of QR919 million, up by 10.13 per cent from QR 834.5 million in 2021. The company’s basic and diluted earnings per share also rose to QR0.165 per share to QR0.150 per share.

In regards to this financial performance, Mr Abdulrahman Ahmad Al-Shaibi, Chairman of the Board of Directors of QAMCO, commented: “While macroeconomic context remained uneven, we continued our focus on operational excellence, cost optimization, operational flexibility, safety & sustainability, which resulted in an excellent set of financial results. Our firm belief and commitment to HSE has successfully positioned our JV to meet our health, environmental and social responsibility targets. Going forward, we will continue to leverage our core business strengths with an aim to create long-term shareholder value, considering all sustainability measures.”

The aluminium industry in 2022 experienced a volatile market due to several factors that impacted the commodity market at the macro level. For instance, the demand-supply gap in the aluminium industry led to an inflammable price trend. At the beginning of the year, aluminium demand was strong across vital end-use sectors like the automobile, construction, renewable energy, and packaging. But during the second half, the demand was impacted by China’s strict COVID protocols and lockdowns, coupled with the slowdown in the Chinese construction sector.

Exorbitant energy prices in Europe also contributed to the volatile aluminium market, putting my European smelters operations off. In addition, trade disengagements from Russia due to the geo-political tension persistently created uncertainty.

All these factors led to a 63 per cent decline in QAMCO’s Q4 net profit. Higher operating costs of its joint venture Qatalum and lower selling prices were some of the other contributors to QAMCO’s net earnings fall for Q4 2022.

 Sales volumes of QAMCO increased by 11 per cent, primarily contributed by extrusion and ingot sales during 4Q2022.

The company also reported a capital balance of QR6.823 million at the end of December 31, 2022, versus QR6.373 million a year ago.