Qatar Industrial Manufacturing Company posts hight profits

QIMC net profit reaches nearly QR194mn in 2016. Qatar Industrial Manufacturing Company has posted a net profit of nearly QR194mn in 2016, the company announced yesterday.
It had registered a net profit of QR168.8mn in 2015.

Sheikh Abdul Rahman: Deep gratitude for the continuous support of HH the Emir as well as HE the Prime Minister and Minister of Interior
Sheikh Abdul Rahman: Deep gratitude for the continuous support of HH the Emir as well as HE the Prime Minister and Minister of Interior

The results were announced after a meeting of the QIMC board of directors presided over by chairman Sheikh Abdul Rahman bin Mohamed bin Jabor al-Thani in Doha. The company’s assets increased to QR2.03bn in 2016, up 10% on 2015. Shareholders’ equity has gone up to QR1.55bn last year compared to QR1.48nm in 2015, QIMC said.  Earnings per share (EPS) reached QR4.08 compared with QR3.55 in 2015, QIMC said.  The board of directors has submitted a resolution to distribute (30% of nominal shares) as cash dividend to company shareholders’ for the financial year that ended in December. This will be submitted before the company’s ordinary general assembly to be held on March 8 at 4pm at the Radisson Blu Hotel.
QIMC extraordinary general assembly the same day at the Radisson Blu will consider giving the approval for raising the ownership limit for non-Qatari investors to 49% according to provisions of Qatari Law No. 9 of 2014.
Sheikh Abdul Rahman expressed his “deep gratitude for the kind patronage and continuous support of HH the Emir, Sheikh Tamim bin Hamad al-Thani, and HE the Prime Minister and Minister of Interior, Sheikh Abdullah bin Nasser bin Khalifa al-Thani.” Established in 1990 with government and private equity interests, QIMC has equity interest in many operational projects in various industry sectors including chemicals, petrochemicals, construction materials and food processing. QIMC’s investment strategy is essentially driven by the fundamental principle of investing in economically viable industrial projects that utilise locally and regionally available natural resources and intermediate products.