The board has suggested an interim cash dividend of QR166mn equivalent to QR0.03 per share, representing 3% of nominal share value for the period ended June 30.
Share of JV’s revenue reached QR1.5bn in H1 against QR1.6bn the same period last year. Ebitda (earnings before interest, taxes, depreciation and amortisation) fell 1% year-on-year to QR495mn, while Ebitda margin was at 33% compared to 31% in H1-2023.
Qamco’s H1 financial results were overshadowed by an overall decline in average realised selling prices during the period against the same period last year, which was partially offset by improved operating costs and increase in sales volumes.
Average realised selling price fell 9% to QR2,485 per tonne amid macroeconomic headwinds. This had an impact of QR154mn to the net profit in the review period. Additionally, financial results were also impacted by increase in finance costs due to higher interest rates.
Results were partially offset by 4% jump in sales volumes, mainly driven by improved demand for both foundry alloys and extrusion ingots compared to the same period of last year. Increase in sales volumes contributed QR56mn positively to H1-2024 results.
Owing to lower raw material costs, the cost of goods declined sold contributed QR84mn positively to the net profit.
Production levels increased 1% on the back of stable current efficiency coupled with improved amperage.
Qamco’s financial position continued to remain robust with liquidity position reaching QR2bn in cash and bank balances at the end of June 30, 2024 (including proportionate share of cash and bank balances of the joint venture) after paying 2023 dividend of QR391mn during the period.
Qamco’s JV generated share of operating cash flows of QR308mn during the period with share of free cash flows amounting to QR192mn.
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