Qatar Results: Aamal Earns 287.2 Million Riyals, Qatar Islamic Insurance 95.5 Million
Aamal reported a nine-month net profit of 287.2 million riyals, the largest of the three Qatari nine-month results disclosed so far on 27 October, on our count. That was 12.23 percent lower than a year earlier. Qatar Islamic Insurance earned 95.5 million riyals, down 31.35 percent. Qatar Industrial Manufacturing Company earned 43.2 million riyals, 53.30 percent less, according to their disclosures to the Qatar Stock Exchange.
Earnings per share followed profit lower. Aamal’s fell to 0.046 riyals from 0.052. Qatar Islamic Insurance reported 0.64 riyals against 0.93. Qatar Industrial Manufacturing’s dropped to 0.091 riyals from 0.195.
Nine-month net profit, three Qatari companies
| Company | 9M 2026 | 9M 2025 | Change |
|---|---|---|---|
| Aamal | 287.2 | 327.3 | -12.23% |
| QISI | 95.5 | 139.2 | -31.35% |
| QIMD | 43.2 | 92.4 | -53.30% |
Million riyals, nine months to 30 September, as disclosed to the exchange on 27 October; changes as printed in the exchange’s net profit table. QISI is Qatar Islamic Insurance; QIMD is Qatar Industrial Manufacturing Company.
Aamal keeps revenue steady and lifts gross profit
Aamal’s total revenue was 1,542.7 million riyals, against 1,564.3 million a year earlier, a decline of 1.4 percent. Gross profit rose 1.1 percent to 390.4 million riyals from 386.1 million. The gross margin therefore widened to 25.3 percent from 24.7 percent, on our calculation.
The improvement stopped there. On our calculation, net profit attributable to shareholders came to 18.6 percent of revenue, against 20.9 percent a year earlier. It also fell to 73.6 percent of gross profit from 84.8 percent, on our calculation. The group put the gap down to higher costs, pricing pressures and difficulties at certain businesses. Chief executive Rashid bin Ali Al Mansoori said the gross profit growth came “despite pressures on net profitability”.
The third quarter on its own ran close to the nine-month pattern. Revenue for July to September was 492.5 million riyals against 494.2 million, on our calculation from the half-year and nine-month releases. On our calculation, gross profit rose to 128.3 million riyals from 124.3 million. Net profit for the quarter was 94.5 million riyals, 10.8 percent below the 106.0 million of the third quarter of 2025, on our calculation. That is a smaller decline than the 12.9 percent the group reported for the first half.
Aamal, nine months
| Measure | 9M 2026 | 9M 2025 | Change |
|---|---|---|---|
| Revenue | 1,542.7 | 1,564.3 | -1.4% |
| Gross profit | 390.4 | 386.1 | +1.1% |
| Net profit | 287.2 | 327.3 | -12.2% |
| EPS | 0.046 | 0.052 | -11.5% |
Million riyals, except earnings per share in riyals. Revenue, gross profit and net profit changes as stated by Aamal; the earnings per share change is our calculation.
Gearing rose to 9.86 percent at the end of September from 4.26 percent a year earlier. At the half year it stood at 9.77 percent. Net capital expenditure rose by 12.7 million riyals to 32.2 million, an increase of 65.1 percent on our calculation.
By division, the picture was mixed. In industrial manufacturing, Advanced Pipes and Casts improved on the back of its project in Saudi Arabia, Aamal Cement Industries grew revenue and profit, and Aamal Maritime Transportation Services gained from higher freight rates. Senyar Industries Holding, Aamal Readymix and Frijns Structural Steel Middle East faced supply chain disruption, dearer raw materials and fewer export openings. In trading and distribution, Aamal Medical and Tiga Information Technology performed strongly. Ebn Sina Medical faced a shift in demand towards generic medicines, and Aamal Trading and Distribution faced higher procurement costs.
Property occupancy was above 90 percent across the portfolio, but Aamal Real Estate earned less because of costs tied to the acquisition of Aamal Tower. Managed services reported lower results, reflecting travel-related businesses and the sale of ECCO Gulf, partly offset by Maintenance and Management Solutions. The group also cited a procurement contract won by Aamal Energy. Aamal’s 20 October announcement put the five-year contract’s initial value at more than 100 million riyals.
Qatar Islamic Insurance: the third quarter drives the decline
Qatar Islamic Insurance’s nine-month net profit for shareholders was 43.6 million riyals lower than a year earlier, on our calculation. The year began with growth. First-quarter profit rose 23.34 percent to 37.7 million riyals. By the half year the company had 59.8 million against 69.1 million, a decline of 13.48 percent.
The third quarter alone produced 35.8 million riyals, against 70.1 million a year earlier, a fall of 49.0 percent on our calculation. On our calculation, that quarter accounts for 78.6 percent of the nine-month shortfall. The second quarter had also been weaker, at 22.1 million riyals against 38.5 million, on our calculation.
Four of the seven insurers on the exchange’s results table have posted nine-month figures so far, on our count. Damaan Islamic Insurance grew profit 16.06 percent and Qatar General Insurance and Reinsurance 8.91 percent, while QLM Life and Medical Insurance reported a 12.08 percent decline. Qatar Islamic Insurance’s 31.35 percent fall is the steepest of the four, on our count.
Qatar Industrial Manufacturing: profit more than halves
Qatar Industrial Manufacturing Company earned 49.3 million riyals less than in the first nine months of 2025, on our calculation. The decline built through the year. First-quarter profit was 25.3 million riyals, 19.18 percent lower. The second quarter alone brought 5.8 million riyals against 30.5 million, on our calculation.
The third quarter recovered part of that ground. Profit for July to September was 12.0 million riyals, 2.07 times the second quarter, on our calculation. It was still 60.7 percent below the 30.6 million riyals of the third quarter of 2025, on our calculation.
Third-quarter net profit
| Company | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Aamal | 94.5 | 106.0 | -10.8% |
| QISI | 35.8 | 70.1 | -49.0% |
| QIMD | 12.0 | 30.6 | -60.7% |
Million riyals, July to September. Our calculation: nine-month net profit less first-half net profit, both as disclosed to the exchange.
Among the industrial companies on the exchange’s table that reported a profit in both years, Qatar Industrial Manufacturing’s 53.30 percent decline is the largest, on our count. Qatar Aluminum Manufacturing follows at 48.27 percent. Qatar National Cement and Nebras Energy reported gains of 1.72 percent and 0.82 percent.
Why it matters: All three companies earned less than a year earlier. Aamal still grew gross profit, so its decline came below that line, on our reading. Qatar Islamic Insurance and Qatar Industrial Manufacturing lost most of their ground in the second and third quarters, on our calculation.
Outlook: Aamal, Qatar Islamic Insurance and Qatar Industrial Manufacturing host conference calls on 29 October, Aamal’s at 11:00 GMT. Baladna and Qatar Insurance are listed on the exchange’s schedule to disclose on 27 October, with Baladna’s call on 28 October and Qatar Insurance’s on 29 October. Al-Rayan Bank, Industries Qatar, Ooredoo, Mannai Corporation and Estithmar Holding are among the companies due to disclose on 28 October.
Sources: Qatar Stock Exchange, Aamal, Qatar Islamic Insurance, The Edge.
