Aamal shareholders have approved the board’s proposal to increase the company’s capital to QR3.79 billion ($1.04bn) from QR3.45bn.

Qatar-based firm's net profit rose by 93 per cent to QR825.18m, earning per share also increased by 93 percent to QR2.39 for the year ending December 31, 2007, reported Qatar Peninsula.

The company’s total assets stood at QR 5.77bn, while total equity was QR4.32bn. Sheikh Faisal said future plans are to reinforce the company’s expansion in all its business activities with particular focus on building a solid industrial base.

The company’s financial performance for 2007 was a solid proof of its success and a natural reflection of the country’s strong economy, said Aamal Chairman Sheikh Faisal bin Qassim Al Thani.

“To build on its pioneering position in the country, Aamal Company is planning to utilize its revenue to further expand its operations with emphasis on the development of its industrial division playing a role in reducing the country’s dependency on petrochemical and diversify economic resources,” he said.

“We have succeeded in launching new industrial projects with international partners, including Aamal Cement Industries, IMO Qatar Company, Senyar Industries, Qatar Holding. More industrial projects are still under study,” he said.

Aamal vice-chairman, Tarek Mahmoud El Sayed said the listing of Aamal Company on Doha Securities market was a strategic turning point in strengthening the company’s ability to compete in developed international markets and benefit from better investment opportunities to achieve the goal of building a solid industrial base.