Diversification providing resilience

Aamal Company’s Q126 results showed a softer start to FY26, with pressure concentrated in Trading and Distribution rather than across the wider portfolio. Group revenue declined 19.9% y-o-y to QAR464.8m and attributable net profit fell 11.0% to QAR90.7m, mainly reflecting weaker healthcare-related demand due to a shift towards generic medicines and a more competitive pharmaceutical market weighed on performance. We have reduced our FY26 and FY27 estimates to reflect this weaker trading backdrop, but the core investment case remains intact. Revenue increased across Industrial Manufacturing, Property and Managed Services in Q126, underlining the resilience of Aamal’s diversified model. Our updated valuation is QAR1.08/share, c 42% above th...