Aamal Company - H1 trading in line with full year expectations

Aamal Company reported a strong H125 with revenue up 2.4% y-o-y and net profit up 17.5% y-o-y. The robust performance in the half year means Aamal is on track to achieve our FY25 estimates. The continued development of Qatar's liquefied natural gas (LNG) capacity expansion projects and focus on non-oil sectors, through the Third National Development Strategy, are positive for both the country's economic growth and Aamal's long-term growth prospects. We maintain our estimates and valuation of QAR1.22/share, which represents c 45% upside to the current share price.

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