Qatar Aluminium profit halves to QR 276 million in nine months

Summary

• Qatar Aluminium reported nine-month net profit of QR 276.34 million, down from QR 534.24 million.
• Earnings per share fell to QR 0.050 from QR 0.096 a year earlier.
• The drop of roughly 48% marks a sharp reversal for Qatar's largest aluminium producer.

The latest

Qatar Aluminium Manufacturing's net profit fell to QR 276,340,000 for the nine months ended 30 September 2026, against QR 534,239,000 in the same period of 2025, according to the company's disclosure to the Qatar Stock Exchange. Earnings per share dropped to QR 0.050 from QR 0.096. The filing set out the headline figures without accompanying management commentary on what drove the decline.

Details

• The numbers: Net profit for the nine-month period came in at QR 276,340,000, compared with QR 534,239,000 for the equivalent period of 2025, according to the Qatar Stock Exchange disclosure. The gap of about QR 258 million represents a contraction of roughly 48% year on year.
• Per-share impact: Earnings per share stood at QR 0.050 as of 30 September 2026, versus QR 0.096 a year earlier, the company said. The per-share decline tracks the fall in net profit closely, indicating no change in the share count materially cushioned the result for holders.
• The filing: The disclosure covers the interim financial statement for the nine-month period ending 30 September 2026 and was published through the Qatar Stock Exchange's company disclosure channel on 25 October 2026. It was presented as a quarterly reporting item rather than a standalone earnings announcement.
• What was not stated: The company did not identify the factors behind the profit decline in the disclosure, and gave no breakdown of revenue, costs or production volumes. No full-year guidance accompanied the figures, and no separate third-quarter standalone profit number was published alongside the nine-month total.
• The company: Qatar Aluminium Manufacturing Company is the Qatar Stock Exchange-listed vehicle that holds the country's interest in primary aluminium production, and its earnings move with global metal prices and the input costs attached to smelting, chiefly energy.
• Reporting cycle: The nine-month statement is an interim disclosure, meaning the figures are cumulative from 1 January to 30 September 2026 rather than for the third quarter alone. Full-year results covering the final quarter would be the next scheduled financial update from the company.
• Market relevance: The company is a constituent of the Qatari bourse and its results feed directly into index-level earnings for the industrials segment. A halving of profit at that scale is the kind of move that typically draws analyst revisions to forward estimates.

Background

Aluminium producers earn on the spread between metal prices and the cost of power and alumina. When prices soften or energy costs rise, margins at smelters compress quickly, because production is capital-intensive and output cannot easily be scaled down in response.

Between the lines

The sharp drop in net profit alongside a near-identical fall in earnings per share points to an operating or pricing problem rather than a change in capital structure, since the per-share figure moved in line with the headline result. With no cost or revenue breakdown in the disclosure, the margin pressure behind the 48% contraction remains unquantified by the company itself.

What's next

Watch for the full-year 2026 results covering the fourth quarter, any subsequent company statement explaining the margin squeeze, and analyst revisions to forward earnings estimates for the stock on the Qatar Stock Exchange.

Source: Qatar Stock Exchange (QE) company disclosure