- QAMCO delivered strong 2023 financial results despite challenging macroeconomic conditions, posting QR446 million in net profit.
- The company achieved excellent operational performance, including zero heat-related safety incidents and progress on a major pot relining project.
- QAMCO announced an 88% dividend payout ratio for 2023, continuing its commitment to provide robust returns to shareholders.
Qatar Aluminum Manufacturing Company (QAMCO) has announced robust financial results for 2023, despite difficult global economic conditions.
The leading Qatari aluminum producer posted a net profit of QR446 million for 2023, with earnings per share of QR0.080. Although lower than the record QR919 million profit in 2022, this represents a significant achievement given high inflation, rising interest rates and global recession fears.
Revenue decreased 21% to QR3.15 billion, partly due to lower aluminum prices. However, prudent cost control helped deliver an impressive 33% EBITDA margin of QR974 million. QAMCO also maintained a very healthy balance sheet, ending 2023 with QR2.16 billion of cash and equivalents.
Abdulrahman Al Shaibi, Chairman of QAMCO, said “Our focus on operational excellence, production flexibility and sustainability has yielded strong results despite challenging macro conditions. We remain dedicated to leveraging our robust, sustainable business model to create long-term shareholder value.”
Notably, QAMCO achieved an excellent health, safety and environmental track record in 2023. This included zero heat-related incidents, recognizing the company’s status as an aluminum industry leader in safety. QAMCO also continues working to reduce energy consumption and carbon emissions.
In 2023, QAMCO substantially completed a major pot relining project to sustain production levels. Other investments like replacing flue walls will support operational integrity and reliability.
Given the financial performance and strong liquidity, QAMCO announced an 88% dividend payout ratio. The QR0.07 per share dividend represents a 5% dividend yield. This continues QAMCO’s track record of attractive shareholder returns.
Looking ahead, QAMCO remains well-positioned to navigate any ongoing economic uncertainty. Backed by advanced assets, low-cost production and a commitment to sustainability, the company is poised to continue generating robust returns over the long term.
