Qatar Aluminum Manufacturing Company (QAMCO) reported that its net profit was around QR 919.1 million in 2022, increasing by 10.13% from QR 834.5 million in the previous year. The earnings per share (EPS) was QR 0.165 in 2022, compared to QR 0.15 in 2021.

The company said in its report that the aluminum industry was affected by macro factors in the commodity market, so the market fluctuated in 2022. The demand for aluminum in the automobile, construction, renewable energy, and packaging industries was strong at the beginning of 2022, while the demand declined due to a slowdown in China’s construction industry development in the second half of last year.

In addition, there were many uncertainties caused by high energy prices in Europe that stagnated the European smelters and the continued geopolitical tensions that impacted global trade.