Doha: QAMCO held its Annual General Assembly Meeting yesterday. In his speech, Chairman of the Board of Directors, Abdulrahman Ahmad Al Shaibi said “QAMCO’s JV remains one of the most efficient and low-cost aluminium smelters globally, committed to maximizing stakeholder value through excellence and sustainability.”
He noted that despite macroeconomic challenges, the aluminum market showed resilience in 2024. The first half of the year saw constrained demand due to inflation and tightened monetary policies. However, the second half experienced economic recoveries driven by policy easing and fiscal measures, boosting business and consumer confidence. The automotive sector, particularly the electric vehicle market, also saw positive developments.
QAMCO’s net profit increased by 38% in 2024, reaching QR614m, with an earnings per share of QR0.11. This robust performance highlights the company’s ability to navigate volatile market conditions.
The Board of Directors proposes a second-half dividend for 2024 of QR279m equating to QR0.05 per share, bringing the total cash dividend to QR446m, equivalent to QR 0.08 per share for the full year.
Manager Privatized Companies Affairs, Abdulla Yaaqob Al Hay said “In 2024, the global aluminium industry encountered several challenges, including trade restrictions on sanctioned aluminum, a global shortage of alumina supply, and geopolitical tensions that disrupted supply chains and created transportation uncertainties. Despite these obstacles, the overall economic recovery enabled industrial nations to resume commodity-based growth, thereby strengthening the aluminum market.”
