Qatar Aluminium Manufacturing Company reports net profit of QR12.3 million in nine months

Qatar Aluminium Manufacturing Company (Qamco), a 50% joint venture (JV) partner in a smelter that produces premium quality aluminium products, has posted net profit of QR12.3 million for the nine months period ended 30 September 2020.

The company’s share of revenue stood at QR 1.6 billion, down by 14%, compared to nine months period of last year.  Sales volume was marginally higher by 1% “as Qamco's JV swiftly shifted the production to standard ingots, whereas, the demand for premium aluminium products and alloys used by various industries declined.”

The average selling prices dropped by 16% year-on-year. QAMCO’s share of joint venture’s EBITDA came in at QR 439 million for the nine months period ended 30 September 2020. That was down by 15% compared to the same period last year.

Abdulrahman Ahmad Al-Shaibi, Chairman of the Board of Directors, QAMCO, said: “Despite of the macroeconomic headwinds affecting the global markets, QAMCO continued to rely on its core strengths, based on which QAMCO’s JV managed to remain profitable in a market where global aluminium prices continued to show downwards trends amid unprecedented challenges posed to businesses globally due to COVID-19 pandemic.”

In response to limit the spread of COVID-19 pandemic, our joint venture continued to implement measures to ensure safety and business continuity. On the other hand, our sales and marketing partner, diligently monitored the market situation, and acted effectively to minimize the risk of disruptions to the supply chain. Given all of these efforts, there were no plant disruptions noted nor were there any effects on the JV’s supply chain activities and our teams continued to outperform the market challenges.

Going forward, adaptation will be a key to ever-evolving market dynamics which will bring in increased flexibility and would better position us for the long-term outlook and maintain our market standing. ”