Environmental, Social and Governance
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Environmental, Social and Governance "ESG"
4 About Aamal
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9 Social (S)
16 Governance (G)
Environmental
Environmental Social and Governance "ESG" 2023 ESG Report Aamal Company Q.P.S.C
About Aamal
Aamal Q.P.S.C. (hereafter referred to as "Aamal" or "the Company", is a Qatar-based company which operates across diversified industry sectors. The Company's operations comprise 32 business units in sectors related to Industrial Manufacturing, Property, Trading and Distribution, and Managed Services.
Aamal Sustainability Framework and ESG Disclosures
Sustainability at Aamal
Aamal was a pioneer among Qatar's listed companies in adopting the Qatar Stock Exchange's ("QSE") Guidance on Environmental, Social and Governance (ESG) reporting, paving the way for other listed companies to pursue a similar path.
The information presented within this ESG Report is aligned with the QSE ESG Guidance and draws upon international best practices including the GRI Standards, the Sustainability Accounting and Standards Board ("SASB"), and the United Nations Sustainable Development Goals ("UN SDGs"), alongside domestic standards and initiatives such as the Qatar National Vision 2030 ("QNV").
GUIDANCE
ON ESG
REPORTING
Subsidiaries in focus
Our ESG report encompasses 11 subsidiaries and joint ventures in addition to Aamal's head office. Unless otherwise stated, all quantitative data provided herein pertains to these 11 subsidiaries and the head office.
Where necessary, explanations are provided for instances where some of the companies do not provide data for KPIs as those KPIs do not apply to them and instances where data from previous years has been restated. Moving forward, we are committed to expanding our coverage to include all Aamal's subsidiaries in order to enhance our ESG disclosure practices and performance analysis.
Aamal Company | Doha | Aamal | Ebn Sina | Aamal | City Center |
Q.P.S.C. | Cables | Readymix | Medical | Medical | Doha |
Aamal Cement | Ci San | Ebn Sina | Foot Care | Aamal | ECCO |
Industries | Trading | Pharmacy | Center | ECE | Gulf |
Together, Aamal and its 11 in-scope subsidiaries collectively contribute 79.3% to the Company's revenues and 72.31% to the Company's net profit.
Our ESG framework
1 | 2 | 3 | 4 |
Environmental Protection | Empowering the Workforce | Serving the Communities | Business Ethics & Transparency |
Energy & Emissions | Training & Development | Community Development | Ethics |
Water & Waste | Health & Safety | Sustainable Procurement | Transparency & Accountability |
Diversity and Equality |
Our ESG framework comprises four key pillars:
- Protecting the Environment
- Empowering our workforce
- Serving our Communities
- Business Ethics and Transparency
This framework incorporates topics most relevant to Aamal's operations and relationships. It enables us to effectively identify and prioritise the most significant ESG issues, guiding our strategic decisions and focus. By doing so, we aim to not only generate financial value for the business but also to create economic and social value for our key stakeholders.
"Our ESG practices epitomises Aamal's commitment to sustainability by aligning and balancing our values with ESG essential pillars. Sustainability at Aamal means upholding the highest standards of business ethics and transparency, serving our communities, empowering our workforce, and protecting the environment."
Mohammed bin Faisal Al Thani, Vice Chairman and Managing Director
"At Aamal, our responsibility extends beyond shareholder wealth; it encompasses all stakeholders without exception. Our mission is to uphold and advance sustainable development, prioritising environmental, social, and governance considerations to secure a prosperous and healthy future for generations to come."
Rashid Al Mansoori, Chief Executive Officer
4 | 5 |
Environmental, Social and Governance | 202 3 |
Environmental (E)
Protecting the Environment
Conducting business in an environmentally responsible manner permeates every aspect of our business operations. We prioritise minimising our environmental footprint, refining our waste disposal methods, and implementing efficient resource management strategies for essential natural resources, including water, energy, materials, and biodiversity.
A notable achievement is the ISO 14001 Environmental Management Systems Standard certification obtained by our subsidiaries, Aamal Cement Industries and Aamal Readymix. This certification underscores their commitment to responsible business operations that contribute positively to environmental well-being (QSE #2).
Energy & Emissions
As a capital-intensive company, Aamal faces diverse regulatory, physical, and socio-economic risks associated with climate change. Recognising the global imperative to address climate challenges, we are committed to demonstrating leadership in mitigating adverse economic, political, and social impacts, with a particular emphasis on reducing carbon emissions. Given the energy-intensive nature of our core business activities, we prioritise efforts to reduce energy consumption.
In 2023, Doha Cables lowered its diesel use by 16% and decreased electricity consumption to 602 kilowatt- hours per ton, down from 677 kilowatt-hours per ton compared to 2022.
In 2023, our total energy consumption amounted to 142,189,857 kWh, with a primary focus on electricity usage. The breakdown shows that direct energy consumption accounted for 34.5% (49,107,029 kWh), while indirect energy consumption constituted 65.5% (93,082,828 kWh) of the total energy consumption (QSE #3) (QSE #6).
Overall, there was a reduction in Greenhouse Gas ("GHG") emissions to 75,361 tons of CO2eq in 2023 (QSE #5).
Energy Consumption | 2021 | 2022 | 2023 | QSE KPI # | QNV Pillar |
Total direct energy consumption | 55,091,602 | 51,778,018 | 49,107,029 | 3 | Environment |
(kWh) | |||||
Total indirect energy | 79,715,878 | 103,004,642 | 93,082,828 | 3 | Environment |
consumption (kWh) | |||||
Total energy consumption (kWh) | 134,807,480 | 154,782,660 | 142,189,857 | 3 | Environment |
Energy Intensity (kWh/m2) | 173 | 223 | 201 | 4 | Environment |
Energy Intensity (kWh/ | 93,681 | 99,441 | 92,391 | 4 | Environment |
employee) | |||||
GHG Emissions | 2021 | 2022 | 2023 | QSE KPI # | QNV Pillar |
Total GHG emissions | 67,843 | 82,747 | 75,361 | 5 | Environment |
(tonnes of CO2eq) | |||||
GHG emission intensity | 0.15 | 0.18 | 0.16 | 5 | Environment |
(tonnes of CO2eq/m2) | |||||
GHG emission intensity | 54 | 62 | 51 | 5 | Environment |
(tonnes of CO2eq/employee) | |||||
Aamal Company Q.P.S.C.
Water & Waste
Aamal is committed to reducing water consumption and promoting responsible water usage across our operations. In 2023, our total water consumption amounted to 336,537m3 1, with 5,836m3 2 wastewater recycled (QSE #8). Looking ahead, Aamal remains dedicated to further improving water consumption and recycling metrics as part of our ongoing commitment to sustainable practices.
Despite the overall increase in water consumption in 2023 compared to 2022, Aamal Cement Industries successfully mitigated this trend by installing a water recycling plant on-site. This installation underscores the company's proactive efforts to optimising water resource usage and reducing water consumption in its operations.
City Center Doha is also preparing to implement a water recycling program to collect condensate drain water from air-conditioning equipment to non-potable water.
These initiatives serve as a testament to Aamal Groups' active engagement in endeavours aimed at minimising the Group's environmental footprint and protecting it for future generations.
Water Consumption | 2021 | 2022 | 2023 | QSE KPI # | QNV Pillar |
Total water consumption (m3) 1 | 271,733 | 255,311 | 336,537 | 8 | Environment |
Total amount of wastewater | 6,102 | 5,257 | 5,836 | 8 | Environment |
reused or recycled (m3) 2 | |||||
Motivated by our commitment to environmental stewardship, our primary goal is to reduce our environmental footprint. A crucial avenue for achieving this is the promotion of sustainable consumption and the prevention and minimisation of waste generation. To significantly increase our recycling efforts and reduce waste, we have prioritised equipment reuse initiatives. Moreover, to effectively manage and process the waste generated by our operations, we have implemented recycling and waste segregation facilities at various locations throughout our group companies.
Aamal Readymix has taken comprehensive measures to enhance sustainability within its operations. Operating a recycling plant at the Industrial Area for solid waste and wastewater reuse (QSE #1 and QSE #2), the company ensures the responsible management of resources. Concrete remnants from transit mixers are directed to this facility, where 100% recycled water is employed to clean transit drum mixers.
In a significant stride towards environmental stewardship, Aamal Readymix is actively engaged in the installation of a large-scale recycling facility. Scheduled to commence operations in Q1 2024, this facility is designed to efficiently process all production waste, demonstrating the company's commitment to reducing its environmental footprint. By embracing recycling and reusing materials, Aamal Readymix aims to foster a circular economy and minimise the impact of its operations on the environment. Additionally, Aamal Readymix responsibly disposes of engine oil waste in Ministry of Environment-approved recycling plants, while solid waste, water, and operational wastewater are recycled and reused at the sites located in the industrial area.
- Data excludes Ebn Sina Pharmacy
- Data includes Aamal Readymix and Aamal Cement Industries
6 | 7 |
Environmental, Social and Governance | 202 3 |
Environmental (E)
- Aamal Cement employs recycled filter papers for the wet press plant, subsequently sending them for recycling after use.
- City Center Doha has implemented comprehensive waste management initiatives to promote recycling within the mall, including the installation of coded bins designed for efficient recycling and the enforcement of grease traps for tenants generating waste oil, such as restaurants.
- Ebn Sina Medical sources cardboard and shipping containers made from recycled materials for medical packaging. In the past year, a systematic approach was implemented to facilitate reuse of these packaging materials within local storage and distribution operations, thereby reducing waste generation and fostering a more eco-friendly operation.
- Doha Cables is steadfast in its commitment to sustainable practices within the cable manufacturing industry. Actively recycling and reusing PVC material used for insulation, bedding, or sheathing in cables, the company also engages in the recycling and reutilisation of lead material. Recycled lead is employed in manufacturing Medium Voltage and High Voltage Cables. Furthermore, the company launched lead-free cables last year, demonstrating its dedication to minimising lead usage and furthering efforts to protect the environment.
- Footcare Centre has adopted the use of biodegradable bags within their foot care centres and has replaced traditional paper questionnaires to digital web-based surveys to reduce paper usage.
In 2023, the total waste generated amounted to 31,428 tons 3.
Waste | 2021 | 2022 | 2023 | QSE KPI # | QNV Pillar |
Total waste generated (Tons) 3 | 37,762 | 34,160 | 31,428 | 9 | Environment |
Total waste recycled (Tons) 4 | 11,248 | 9,964 | 10,744 | 9 | Environment |
400,000 | 37,762 | 34,160 | |||||
350,000 | 31,428 | ||||||
300,000 | |||||||
250,000 | |||||||
200,000 | |||||||
150,000 | |||||||
100,000 | |||||||
50,000 | |||||||
0,000 | |||||||
2021 | 2022 | 2023 | |||||
Total waste generated (tons) (QSE #9)
- Data Excludes Ci San Trading, ECCO Gulf, Ebn Sina Pharmacy, Footcare Center and Aamal Medical
- Data Includes only from Aamal Readymix and Doha Cables
Aamal Company Q.P.S.C.
Social (S)
Empowering our Workforce
At Aamal, our aim is to empower our workforce by fostering a secure and inclusive work environment where every employee has the opportunity to thrive. Our focus extends to empowering all employees, with a particular emphasis on supporting women to showcase their leadership potential through involvement in high-profile projects.
Recognising the vital role of training and development in enhancing employee engagement and overall performance, we prioritise initiatives aimed at professional growth. By investing in these areas, we not only advance our employees' careers but bolster the resilience of Aamal and its subsidiaries.
As at 31 December 2023, our workforce comprises 1,539 employees (QSE #10), with our employee turnover at 19% (QSE #12), a decrease compared to the previous year. Aamal is committed to improving the work environment to further elevate employee satisfaction and contribute to our overall success, with the ultimate aim of reducing the turnover rate even further in the future.
Workforce | 2021 | 2022 | 2023 | QSE KPI # | QNV Pillar | |||||
Total number of employees (#) | 1,439 | 1,557 | 1,539 | 10 | Social | |||||
Turnover rate (%) | 16% | 20% | 19% | 12 | Social | |||||
Diversity & Equality | ||||||||||
1600 | 1,557 | 1,539 | ||||||||
1550 | ||||||||||
1500 | 1,439 | |||||||||
1450 | ||||||||||
1400 | ||||||||||
1350 | ||||||||||
1300 | ||||||||||
2021 | 2022 | 2023 | ||||||||
Total Number of employees (#) (QSE #10)
Aamal fosters a multicultural organisational ethos, committed to treating all individuals with equality and impartiality. Aligned with the Qatar National Vision 2030, we are dedicated to narrowing the gender pay gap, emphasising the importance of diversity by actively recruiting and promoting the inclusion of more women in our workforce.
8 | 9 |
Environmental, Social and Governance | 202 3 |
Social (S)
Women in the Workforce
Aamal maintained a 17% female employment rate in 2023. While this figure remained consistent with the last three years, we have progressively hired more women, resulting in a continuous increase in female representation in our workforce year-on-year.
As part of the commitment to diversity and inclusion, Aamal actively supports and participates in events promoting women's empowerment, such as the 'Doha Women Forum', where CEO Mr. Rashid bin Ali Mansoori delivered an inspiring speech. (QSE #19)
New employee hires by gender | 2021 | 2022 | 2023 |
· Female (#) | 41 | 45 | 55 |
· Male (#) | 134 | 167 | 113 |
Female employment | 2021 | 2022 | 2023 |
Number of female employees (#) | 170 | 220 | 245 |
Females in senior management (#) | 1 | 3 | 3 |
Females in middle management (#) | 7 | 32 | 26 |
Female employment rate (%) | 17% | 18% | 17% |
Employee Engagement, Benefits and Satisfaction
Engaged and satisfied employees are fundamental to our business success. Each year we celebrate the accomplishments and contributions of our employees, highlighting their significance to Aamal. We recognise outstanding non-management,non-supervisory employees for their outstanding contributions to the business, including areas such as job excellence, client satisfaction, business growth and quality of work. (QSE #11).
In 2023, we introduced spot bonuses, promptly awarded in direct response to outstanding achievements, along with performance bonuses for sustained excellence. Our subsidiaries offer a comprehensive Benefit and Compensation Scheme tailored to different roles and subsidiaries. This includes a base salary complemented by benefits such as housing, transportation, and mobile allowances, annual tickets, end-of-service benefits, workers' compensation insurance, medical cards, a yearly bonus, and an annual increment based on performance evaluations.
In adherence with Qatari labour legislation, all employees under the Aamal Company umbrella are entitled to annual and maternity leave (QSE #11).
Qatarisation
Aamal actively participates in the Qatarisation program, initiated by the Government of Qatar to create employment opportunities for its citizens (QSE #20). Our participation in the Qatar National Employment Platform, commonly known as "Kawader", aligns with the national objective of increasing Qataris' employment rates across various industries. We introduce programs designed to recognise, inform, and motivate Qatari individuals. Starting from young Qataris, Aamal offers internship opportunities throughout the organisation, with a preference for national students. This program aims to provide students with hands-on experience to complement their academic training.
Aamal Company took part of Lusail University's Career Fair, and the Gulf English School where we got the chance to meet with Qatari and resident students and discuss with them internship and career opportunities that we provide.
Aamal Company Q.P.S.C.
Ebn Sina Medical supports Qatar University's scholarship program for Bachelor, Master, and PhD degrees, with a focus on Qatar Nationals. The company's initiative underscores its commitment to higher education. Additionally, the company hosts an annual comprehensive training program for undergraduate students at our Pharmacy, offering hands-on experience and preparing them for successful careers in the healthcare industry.
Training & Development
Nurturing our Workforce
We prioritise the development and growth of our employees through an array of training and development programs aligned with our Training Procedures. Our commitment is to add value for every employee by actively supporting them in reaching their full potential. Each year, we facilitate training programs to support the professional, social, and intellectual advancement of all employees. Feedback from participants and assessments of training and awareness sessions are instrumental in refining our programs for the following year.
In collaboration with professional organisations, we are currently developing training modules tailored to meet the specific business requirements, developmental needs, and demands of our employees.
Aamal's dedication to training its personnel is evident in the increasing employee training hours per year, rising from three hours per employee in 2021 to seven hours per employee in 2023 (QSE #13).
8 | 7 | ||||||||||
6 | 5 | ||||||||||
4 | |||||||||||
3 | |||||||||||
2 | |||||||||||
0 | |||||||||||
2021 | 2022 | 2023 | |||||||||
Average training per employee (hours) (QSE #13) 5 | |||||||||||
Training | 2021 | 2022 | 2023 | ||||||||
Total hours of training for employees (#) | 4,774 | 7,593 | 10,733 | ||||||||
At Aamal Medical, which includes Ebn Sina Pharmacy and Ebn Sina Medical, all employees adhere to our Standard Operating Procedures ("SOPs") for training. Our Training Procedure provides a comprehensive framework for training requirements, encompassing both soft skills and technical capabilities tailored to each employee's role and responsibilities. This training also aligns with European Union Commission Guidelines on Good Distribution Practice of Medicinal Products for Human Use, World Health Organization Good Distribution Practice for Pharmaceutical Products, and ISO 9001 standards covering Control of Records and Competence Training and Awareness.
Employees at Aamal Medical conduct annual assessments of the performance and effectiveness of the training programs provided. Using the company's Employee Appraisal Form, Aamal Medical evaluates the current skills standing of all employees and identifies any further training requirements.
5 For 2023 Data Excludes Ci San Trading, City Center Doha, Aamal ECE. For 2022 Data Excludes Ci San Trading, City Center Doha, Ebn Sina Medical, Ebn Sina Pharmacy, Footcare Center and Aamal ECE. For 2021 Data Excludes Ci San Trading, City Center Doha, ECCO Gulf, Ebn Sina Pharmacy, Footcare Center and Aamal ECE
10 | 11 |
Environmental, Social and Governance | 202 3 |
Social (S)
Youth Development
Aamal Company remains committed to supporting youth development and increase workforce participation among younger generations. Through the University Internship Program, Aamal welcomes Qatari nationals or students of any nationality to acquire practical skills in the workplace, complementing their academic studies. These internships typically span a maximum of 120 hours. Upon successful completion of their assigned responsibilities, interns receive a certificate along with incentives. Additionally, Aamal Company offers opportunities for both non-graduate trainees, including high school students and holders of recognised two-year diplomas, as well as graduate trainees, consisting of university graduates or individuals holding recognised three-year diplomas.
To further support youth development and prepare the new generation for upcoming challenges, Doha Cables conducted the Summer Internship for Electrical Engineering Program of Qatar University. This program encompassed both theoretical and practical approaches, introducing students to business and professional life, while providing a platform to showcase their skills in a highly productive environment.
Health & Safety
The well-being and safety of our employees are paramount to us. We are committed to cultivating a work environment that motivates our employees and allows them to carry out their duties with a sense of security. All Aamal employees, including those within our subsidiaries, are required to abide by our Occupational Health Policy and Safety Procedures.
Aamal Cement Industries, Aamal Readymix, Doha Cables and Aamal for Maritime Transportation Services uphold high health and safety standards, holding international certifications such as the ISO 45001 Occupational Health and Safety Standard. (QSE #14).
Furthermore, Aamal Readymix and Aamal Cement are certified with ISO 9001 Quality Management Standards and ISO 31000 Risk Management Standards. Our ongoing objective is to extend these quality standards to other Aamal subsidiaries, enhancing our overall quality control practices.
This year, the total number of recordable injuries remained unchanged, with only two recordable injuries across both employees and contractors, which were handled in accordance with Aamal's health and safety protocols. (QSE #15).
Health & Safety | 2021 | 2022 | 2023 | QSE KPI # | QNV Pillar |
Total number of employees and | 1 | 2 | 2 | 15 | Human |
contractor recordable injuries (#) | |||||
City Center Doha's approach to Health and Safety Managements
City Center Doha places a high priority on Quality, Health, Safety, and Environment ("QHSE") through its monthly monitoring plan. This plan encompasses several key components designed to ensure the well-being and safety of all stakeholders. To maintain high QHSE standards, the organisation implements a rigorous QHSE Audit Program, systematically evaluating processes and identifying areas for continuous improvement. Additionally, the Emergency Drill Exercise and Program plays a crucial role in preparing the workforce to respond promptly and effectively to unforeseen situations (QSE #14).
To support the monitoring program, City Center Doha conducts regular QHSE trainings to increase employee awareness (QSE #13). Additionally, the Employees Health, Safety, and Welfare ("HSW") Consultation Program fosters a collaborative environment where employees actively contribute to safety discussions.
Aamal Company Q.P.S.C.
Wellness Campaign for Doha Cables and Elsewedy Cables Employees
Doha Cables and Elsewedy Cables Qatar collaborated with American Hospitals Clinics to organise a complementary Employee Wellness Campaign. The campaign aimed to conduct medical check-ups and promote a culture of preventive care, facilitating early detection of health conditions.
Aamal Company Cancer Awareness Campaign
During Breast Cancer Awareness Month in October, Aamal hosted an event for its female employees featuring empowering life coaching, enriching health coaching sessions, and team-building activities. The primary goal was to emphasise the vital importance of both mental and physical health (QSE #13 and #14).
12 | 13 |
Environmental, Social and Governance | 202 3 |
Serving our Communities
Aamal actively supports Qatar's development and societal progress by engaging in initiatives that positively impact local communities. These initiatives focus on promoting community health awareness and facilitating cultural exchange.
Community Development
We are passionate about contributing to the development of Qatar and society, through various corporate activities aimed at promoting community development (QSE #21).
Aamal also promotes sports and community events, sponsoring the Qatar Olympic Committee and supporting Team Qatar "Al-Adaam".
Additionally, Aamal has extended its partnership with the Qatar Cancer Society to continue raising awareness about cancer-related issues through public education campaigns.
"Aamal Ride" with the Qatar Cycling Federation
In collaboration with the Qatar Cycling Federation, Aamal organised the "Aamal Ride" event at Lusail Boulevard. The event aimed to promote community wellbeing and the adoption of a healthy lifestyle, attracting over 500 cyclists from 56 countries. Sheikh Mohammed bin Faisal Al Thani, Vice Chairman and Managing Director of Aamal Company, attended the event, which included both professional and amateur cyclists, members of the national cycling team, and scout teams from national schools.
Aamal Company Q.P.S.C.
Doha Cables and Elsewedy Cables Blood Donation Campaign
Doha Cables and Elsewedy Cables, in collaboration with Hamad Medical Corporation ("HMC"), organised a voluntary blood donation drive at the Doha Cables manufacturing premises. The campaign aimed to increase employee awareness of the importance of blood donation and support the Blood Bank in Qatar.
Sustainable Procurement
Aamal is committed to achieving excellence in all its activities and operations, aligning with ESG principles. The Company's sustainable procurement practices support the social development pillar of the Qatar National Vision 2030. Policies implemented by the Central Procurement Department, including anti-bribery,anti-corruption, and fair practices, extend to our suppliers, ensuring high standards of commercial integrity throughout the supply chain (QSE #31).
At Ebn Sina Medical, suppliers undergo a thorough qualification process to ensure compliance with standards of good distribution practice and information security. Aamal is developing a Responsible Supply Chain Policy with support from a leading audit firm to engage with responsible suppliers offering environmentally sustainable products and services.
Aligned with the economic development pillar of the Qatar National Vision 2030, Aamal prioritises sourcing from local suppliers to support the local economy. In 2023, spending on local suppliers increased to 12%, showcasing our dedication to sustainability, self-sufficiency and supporting the local economy (QSE #22).
Local Procurement | 2021 | 2022 | 2023 | QSE KPI # | QNV Pillar |
Proportion of spending on local | 13% | 10% | 12% | 22 | Economic |
suppliers (%) 6 | |||||
6 For 2021 and 2022 Data Excludes Aamal HQ
14 | 15 |
Environmental, Social and Governance | 202 3 |
Governance (G)
Business Ethics and Transparency
At Aamal, our unwavering commitment is to uphold the highest standards and best practices of corporate governance. We prioritise principles such as transparency, integrity, honesty, and ethical conduct. Recognising that investor trust is fundamental to our business prospects and success, we diligently strive to eradicate bribery, fraud, corruption, and all forms of financial misconduct within our Company. Our primary objectives include fostering a supportive working environment that is free from discrimination or harassment and ensuring fair treatment for all our employees (QSE #29).
Ethics
Corporate Governance
Aamal places a strong emphasis on high performance and robust corporate governance to uphold trust among investors and stakeholders. We have established a robust Corporate Governance Framework, aligned with stakeholder interests and reinforced by a dedicated Executive Management team and structured Board committees. Our Corporate Governance Report outlines our practices, surpassing regulatory requirements and emphasising adherence to best practice governance standards.
Code of Conduct Policy
We strictly adhere to a Code of Conduct (QSE #30) to uphold ethical standards throughout the Company. Our commitment includes a zero-tolerance policy for bribery and corruption, with clear rules outlined in our Anti-Corruption Policy. We reinforce these guidelines through comprehensive awareness-raising and training programs for all staff, ensuring a steadfast dedication to ethical conduct (QSE #32).
Anti-discrimination
We maintain a zero-tolerance stance against harassment, enforced through a comprehensive Anti-Discrimination Policy. This policy prohibits discrimination and harassment, offering clear guidelines for prevention and control. We actively encourage reporting of non-compliance through formal channels, such as our whistleblowing page: https://www.aamal.com.qa/en/whistle-blowing-form.
Concerns are dealt with promptly and confidentially. Employees found discriminating or harassing others may face disciplinary action, including dismissal. Reports and investigations of alleged incidents will be conducted while respecting the rights of all parties involved. Our grievance procedure provides a formal channel for communication between management and employees and is accessible to all.
"It is our obligation to provide our employees with the right to work in an environment that is free from discrimination and harassment, and to be treated fairly, consistently, and with dignity and respect"
Rashid Al Mansoori, Aamal Chief Executive Officer.
Transparency & Accountability
Board of Directors
While the Qatar Financial Markets Authority ("QFMA") Corporate Governance Code allows the Chairman of the Board to delegate some of his responsibilities to executive management, Aamal adheres rigorously to stricter standards and best practice by maintaining full segregation between the Chairman and Executive Management. H.E. Sheikh Faisal Bin Thani, as Chairman, oversees company strategy and advocates for shareholders, while Mr. Rashid Al Mansoori, as CEO, executes approved plans and manages daily business operations. This approach ensures clear and distinct responsibilities, adhering to rigorous standards and best practices (QSE #25).
Aamal's Board of Directors independently supervises company activities, aiming for sustainable value creation in the best interests of shareholders, employees, and stakeholders. The Board Charter aligns with our Code of Conduct, outlining roles, responsibilities, and authorities. Three committees - the Executive, Audit, and Nomination and Remuneration - operate within defined remits. The Managing Director chairs the Executive Committee, ensuring effective governance (QSE #25).
Aamal Company Q.P.S.C.
Aamal's latest annual general meeting was held on 7 March 2023. Based on the voting outcomes at that meeting, all Board members continued to serve the Company in accordance with their terms of appointment (QSE #26). Furthermore, the AGM resulted in the approval of the 2022 Corporate Governance Report along with the Internal Controls over Financial Reporting ("ICOFR") Report. Details of the results of the AGM are published on Aamal's website (https://www.aamal.com.qa/en/investors/shareholder-information/agm-egm) and the QSE website (https://www.qe.com.qa/).
During 2023, the ratio of the CEO salary and bonus against the median FTE salary and bonus was 11.96:1 (QSE #27). The ratio of median male salary to median female salary was 3.1:1 in Aamal's head office (QSE #28). The Board of Directors on 18 February 2023 recommended to retain the profits for the year ended 31 December 2023. Due to the recommendation, the Board recommended to the General Assembly not to remunerate the Board of Directors for the year ended December 31, 2023. This aligns with both the Code and Qatari Company Law. The proposal was submitted for approval by the shareholders at the Annual General Assembly Meeting on 12 March 2024.
Over the past four years, the composition of our Board of Directors included 9 members, of whom one is female, and 3 are independent. (QSE #23 and QSE #24).
Members of the Executive Management team receive discretionary bonuses based on exceptional job performances, while qualifying Board members are entitled to annual performance-based payments approved during the Annual General Assembly meeting.
Board of Directors | 2021 | 2022 | 2023 | QSE KPI # | QNV Pillar |
Percentage of Board seats taken | 11% | 11% | 11% | 23 | Social |
by women | |||||
Percentage of Board seats taken | 33% | 33% | 33% | 24 | Social |
by independent directors | |||||
Human Rights
Aamal places a high priority on human rights, in alignment with Qatari Labor Law, the principles of the International Labor Organization, and the UN Universal Declaration of Human Rights (QSE #16). We are committed to upholding human rights for all stakeholders and integrate policies into our business operations. New hires receive education on these fundamental principles.
We maintain a zero-tolerance policy for human rights violations both internally and among our suppliers (QSE #17 and QSE #18). Any violations result in severe disciplinary actions, and we actively encourage reporting through our Employee Reporting Hotline and anonymous email program.
In 2023, no significant instances of corruption or bribery risks were identified in our supply chain, and no employee grievances were reported. Aamal's proactive measures and adherence to ethical standards, as reflected in our policies, training sessions, and reporting mechanisms, contribute to maintaining a respectful and responsible corporate environment.
Economic Performance.
Despite the normalisation of demand post-FIFA World Cup, our overall revenue and total net profit increased by 0.9% and 4.7%, respectively, due to the strength of Aamal's diversified business model. This growth was primarily driven by the strong performance of our Trading and Distribution and Property segments.
In the Trading and Distribution segment, Ebn Sina Medical reinforced its position as the leading pharmaceutical supplier in Qatar following successful enhancements to its business model.
The Property segment experienced positive performance by City Center Doha following new store openings, while Aamal Real Estate saw strong revenue growth driven by an increase in occupancy rate to above 95%.
While the Managed Services segment experienced a revenue decline due to a slowdown in activity post- FIFA World Cup, there was an overall increase in net profit due to increased demand in Aamal's travel and entertainment services over the summer period. The Industrial Manufacturing segment was impacted by a slowdown in the construction industry and reduced activity post-FIFA World Cup, but the outlook remains positive with Qatar expected to be the fastest-growing economy in the GCC region in 2023/24 (World Bank), with significant growth drivers arising from new infrastructure projects underway across the region.
16 | 17 |
Environmental, Social and Governance | 202 3 |
ESG Reporting Against QSE ESG Guidance
QSE | ESG Key | Measurement annual, unless indicated | QNV Pillar | Location | Page |
KPI # | Performance | otherwise | in Report / | Number | |
Indicators | Comment | ||||
Environmental | |||||
1 | Environmental | Does the company publish and follow an | Environment | Yes | 75 |
Policy | environmental policy? | ||||
2 | Environmental | Any legal or regulatory responsibility for an | Environment | Yes | 74, 75 |
Impacts | environmental impact? | ||||
3 | Energy | Total amount of energy usage in MWh or GJ | Environment | Energy and | 74 |
Consumption | Emissions | ||||
4 | Energy Intensity | Amount of energy used per m3 of space, | Environment | Energy and | |
and per FTE | Emissions | ||||
5 | Carbon/GHG | Total amount of Carbon and Green House | Environment | Energy and | 74 |
Emissions | Gas emissions in metric tons | Emissions | |||
6 | Primary Energy | Specify the primary source of energy used | Environment | Electricity | 74 |
Source | by the company | ||||
7 | Renewable Energy | Specify the percentage of energy used that | Environment | Energy and | |
Intensity | is generated from renewable sources | Emissions | |||
8 | Water | Total amount of water consumption, and | Environment | Water & Waste | 75 |
Management | details in respect of recycling if any, in m3 | ||||
9 | Waste | Total amount of waste generated, recycled | Environment | Water & Waste | 76 |
Management | or reclaimed, by type and weight | ||||
Social | |||||
10 | Full Time | Number of full-time employees | Human | Empowering our | 77 |
Employees | Workforce | ||||
11 | Employee Benefits | Total amount of employee wages and | Human | Diversity & | 78 |
benefits | Equality | ||||
12 | Employee | Percentage of employee turnover | Human | Empowering our | 77 |
Turnover Rate | Workforce | ||||
13 | Employee Training | Total number of hours of training for | Human | Training & | 79, 80, |
Hours | employees divided by the number of | Development | 81 | ||
employees | |||||
14 | Health | Does the company publish and follow a | Human | Health & Safety | 80 |
policy for occupational and global health | |||||
issues? | |||||
15 | Injury Rate | Total number of injuries and fatal accidents | Human | Health & Safety | 80 |
relative to the number of FTEs | |||||
16 | Human Rights | Disclosure and adherence to a Human Rights | Social | Transparency & | 85 |
Policy | Policy | Accountability | |||
17 | Human Rights | Number of grievances about human rights | Social | Transparency & | 85 |
Violations | issues filed, addressed and resolved | Accountability | |||
18 | Child & Forced | Does the company prohibit the use of child | Social | Yes | 85 |
Labor | or forced labour throughout the supply | ||||
chain? | |||||
Aamal Company Q.P.S.C.
QSE | ESG Key | Measurement annual, unless indicated | QNV Pillar | Location | Page |
KPI # | Performance | otherwise | in Report / | Number | |
Indicators | Comment | ||||
19 | Women in the | Percentage of women in the workforce | Social | Diversity & | 78 |
Workforce | Equality | ||||
20 | Qatarisation | Percentage of Qatari nationals in the | Human | Diversity & | 78 |
workforce | Equality | ||||
21 | Community Work | Number of hours spent, and/or other | Social | Serving our | 82 |
community investments made as a | Communities | ||||
percentage of pre-tax profit | |||||
22 | Local Procurement | Percentage of total procurement from local | Economic | Serving our | 83 |
suppliers | Communities | ||||
Governance | |||||
23 | Board - Diversity | Percentage of Board seats taken by women | Social | Transparency & | 85 |
Accountability | |||||
24 | Board - | Percentage of Board seats taken by | Social | Transparency & | 85 |
Independence | independent directors | Accountability | |||
25 | Board - | Specify whether the CEO is allowed to sit | Social | Yes | 84 |
Separation of | on the Board, act as the Chairman, or lead | ||||
Powers | committees | ||||
26 | Voting Results | Disclosure of the voting results of the latest | Social | Announced on | 85 |
AGM | QSE's website | ||||
27 | CEO Pay Ratio | Ratio of CEO salary and bonus against the | Social | 11.96:1 | 85 |
median FTE salary and bonus | |||||
28 | Gender Pay Ratio | Ratio of median male salary to median | Social | 3.1:1 | 85 |
female salary | |||||
29 | Incentivised Pay | Specify the links between (executive) | Economic | Business Ethics | 84 |
remuneration and performance targets | and Transparency | ||||
30 | Ethics Code of | Does the company publish and follow an | Social | Yes | 84 |
Conduct | Ethics Code of Conduct? | ||||
31 | Supplier Code of | Does the company publish and follow a | Social | Yes | 83 |
Conduct | Supplier Code of Conduct? | ||||
32 | Bribery/Anti- | Does the company publish and follow a | Social | Yes | 84 |
Corruption Code | Bribery/Anti-Corruption Code? | ||||
ESG Reporting Generally | |||||
33 | Sustainable | Does the company publish a GRI, CDP, | Social | No | |
Reporting | SASB, IIRC or UNGC report? | ||||
Frameworks | |||||
34 | External | Are the company's ESG disclosures assured | Social | No | |
Assurance | by an independent third party? | ||||
18 | 19 |
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Aamal Company QSC published this content on 12 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 March 2024 09:49:04 UTC.