Qatar Aluminum Manufacturing Company Net Profits Declined During 2023 H1

Doha, August 10 (QNA) - The net profit of the Qatar Aluminum Manufacturing Company (QAMCO) decreased by 60.7 percent during the first half of 2023, to reach QR 239,843,874, down from QR 611,057,662 during the same period in 2022. A company statement, published on Qatar Stock Exchange (QSE) website, indicated that the Earnings per share (EPS) amounted to QR 0.043 as of 30th June, 2023 versus Earnings per share (EPS) QR 0.110 for the same period in 2022. The statement attributed the decline in the company's profits to the general decline in the average achieved selling prices and a slight decline in sales volumes, noting that the average achieved selling prices decreased by 24 percent during the first half of 2023, compared to the same period last year, to reach USD 2,743 per metric ton as a result of existing challenges at the macroeconomic level. Qatar Aluminum Manufacturing Company (QAMCO) is a Qatari Public Shareholding Company incorporated on December 3, 2018. QAMCO holds 50 percent of the issued share capital of Qatar Aluminium (Qatalum). The other 50 percent of the issued share capital of Qatar Aluminium (Qatalum) is held by Hydro Aluminium Qatalum Holding B.V. (QNA)