Aamal Company (Aamal), a leading Qatar-based diversified conglomerate, has posted a 1.8 per cent drop in first quarter net profit to QR59.1 million ($16.2 million) from QR60.2 million for the same period last year.

First quarter revenue rose 36.5 per cent to QR356.6 million, compared to QR 261.2 million for Q1 a year ago.

Gross profit increased 22.4 per cent to QR103.7 million compared to QR84.7 million in Q1 last year.

Reported earnings per share for the quarter were QR 0.12, against QR 0.13 a year ago.

2010 net profit has been restated to QR 60.2 million (previously QR 56.6 million), a company statement said.

There were no fair value gains on investment properties in either Q1 2011 or Q1 2010; total net profit stated is after deduction of head office costs, it added.

“Aamal is increasing its focus on industrial manufacturing through new businesses and partnerships in key, high growth sectors. With strong performances in the quarter from both our established and recently created businesses and with new ventures planned to come on stream in due course, I believe Aamal is well positioned to take advantage of the significant growth opportunities ahead,” said Sheikh Faisal Bin Qassim Al Thani, chairman of Aamal.-TradeArabia News Service