Qatar Aluminum Manufacturing Company Q.P.S.C. (“QAMCO” or “the Company”; QE Ticker: QAMC), a 50% joint venture partner in Qatar Aluminum Company (Qatalum), today reported a net profit of QR 288 million for the six-month period ended 30 June 2021, with an earnings per share (EPS) of QR 0.052.
Commenting on the financial and operational performance for the six-month period ended 30 June 2021, Mr. Abdulrahman Ahmad Al-Shaibi, Chairman of the Board of Directors, QAMCO, said:
“We benefitted from a strong sequential macroeconomic recovery coupled with supply constraints, which translated into healthier demand for our premium products, resulting in an improved set of financial results, since QAMCO’s incorporation. While macro-conditions remained buoyant, we continued to rely on our core business values, flexibility of operations, supported by efficient supply chain and persistent cost optimization efforts. Going forward, our competitive advantages coupled with our operational excellence, would position us better for our long-term goals.”
Updates on macroeconomic environment
Prices of aluminium, continue to climb on the back of renewed global demand, whereby sectors such as construction and automotive industries witnessed growth, as the global economies started to show signs of recovery since later part of 2020. With aluminium being a key input for electric vehicles (EVs), wind turbines and solar power, bringing an additional layer of long-term demand for primary aluminium. Furthermore, global climate initiatives are also providing structural support to aluminum markets, given its major role in decarbonization and playing a key part in creating supply deficits. All of these factors translated into a sequential growth in prices of primary aluminium along with improved margins.