Aamal Company - Qatar's growth tailwinds support outlook

Aamal Company's FY25 results reflected solid execution and continued focus on portfolio optimisation, with the Golden Tower acquisition a notable step-up in the group's property footprint. Revenue declined c 5% y-o-y to QAR1,996m, driven by weaker conditions in Trading and Distribution, where Ebn Sina Medical faced pricing pressure through the year. Despite the softer top line, net profit rose 2.5% y-o-y to QAR443m, supported by improved contributions from industrial activities and ongoing demand linked to Qatar's infrastructure and oil and gas spend, including exposure to the North Field and Kahramaa projects. Our updated valuation for Aamal is QAR1.12/share, implying c 40% upside to the current share price.

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