Qamco posts QR427.7 million profit in first nine months of 2024, beating last year by 21%

Qatar Aluminium Manufacturing Company (Qamco) posted a 21 per cent increase in profits for the first nine months of 2024 despite rising raw material costs. By the end of September, the company's profit reached QR427.7 million ($117.3 million), up from QR353.5 million during the same period in 2023.

According to figures released by Qamco and posted on the Qatar Stock Exchange on October 23, 2024, earnings per share rose to QR0.077 in the third quarter of 2024, compared to QR0.063 in the same quarter last year.

Although the company's average selling prices slightly declined compared to 2023, it successfully boosted profits by optimizing operational costs and increasing sales volumes.

Qamco, which is 51 per cent owned by QatarEnergy, with the remaining 49 per cent publicly listed, ranks among the 20 largest companies in Qatar. Qamco shares have risen 2 per cent year-to-date, trading at QR1.256 as of October 23. This growth comes despite significant challenges facing the aluminium industry.

According to Andy Farida, an aluminium analyst at Fastmarkets, “The London Metal Exchange (LME) 3 months price has been ranging between the low of $2,200 to $2,800, but the overall trajectory and market dynamics can support higher prices.”

“Qamco’s performance is impressive in light of fluctuations in the alumina market, a key substance used in aluminium production. The alumina FOB index has doubled in price, from $350 to $700 as of the year to date."