QATAR Industrial Manufacturing Company (QIMC) …has posted a net profit of QR208.2mn in 2012

Qatar Industrial Manufacturing Company (QIMC) has posted a net profit of QR208.2mn in 2012, up 1% on 2011. The company’s assets totalled QR1.53bn, while shareholders’ equity reached QR1.3bn in 2012. Earnings per share (EPS) stood at QR5.26 last year compared with QR5.21 in 2011. QIMC chairman Sheikh Abdulrahman bin Mohamed bin Jabor al-Thani said the company’s board of directors has proposed the distribution of 30% cash dividend, which translates into QR3 per share.

This, Sheikh Abdulrahman said, will be submitted to the company’s general assembly which will be held on March 3. He said the company hoped to maintain its ability to generate increased profits through investment and capital spending proposed for 2013, which will amount to QR172mn.

QGRI

Qatar General Insurance and Reinsurance has reported a 3% rise in net profit to QR175mn in 2012 despite shrinkage in its net underwriting income.

The company has recommended a total 25% dividend (10% cash and 15% stock), which will have to be approved by shareholders at an annual general assembly, the date of which will be decided later.

Of the QR175mn net profit, gains from investment was QR66.58mn; followed by engineering and others (QR47.67mn); real estate (QR43.60mn); general accident (QR26.69mn); war and marine (QR8.49mn) and fire (QR8.14mn).

Gross premium rose 6% to QR500.18mn but premium ceded to reinsurers grew slower by 4% to QR297.65mn, helping the company to report a 9% gain in net premium to QR202.53mn, according to its financial statement.

However, net earned premium fell 2% to QR195.63mn on negative movement in unearned premiums.

With net commission income also falling 1% to QR22.88mn, the insurance company’s total underwriting revenues were down 1% to QR219.99mn despite a more than tripled other technical income to QR1.49mn. Net claims were on the higher side, gaining 23% to QR129mn, which resulted in net underwriting revenues plunging 23% to QR90.99mn.

Share of profit of associates grew more than six-fold to QR56.53mn and fair value gain on investment properties rose 31% to QR39.86mn and other income by 79% to QR32.98mn.

However, investment income fell 35% to QR104.97mn, leading to a 3% drop in total income to QR325.33mn.

Although general and administrative costs grew 16% to QR129.06mn, its impairment loss on available-for-sale investment shrank 74% to QR5.76mn and finance costs by 54% to QR14.96mn.

Total assets were valued at QR4.71bn, comprising investment properties worth QR2.14bn, investment portfolio of QR878.46mn, reinsurance contract assets of QR432.62mn and insurance and other receivables of QR421.47mn.

Total equity stood at QR2.58bn on a capital base of QR501.27mn and earnings-per-share was QR3.50 at the end of December 31, 2012.

Mazaya Qatar

Mazaya Qatar has reported a 29% jump in net profit to QR62.85mn in 2012 on robust rental earnings and fair value gains in investment properties.

The company has suggested a 6% cash dividend, which will have to be approved by shareholders at the annual general assembly scheduled on March 11.

Income from operations gained 44% to QR17.89mn mainly on the back of a 71% gain in rental income to QR21.26mn. However, operating expenses grew more than 56-fold to QR3.37mn.

The company reported a 57% surge in fair value of investment properties to QR69.03mn, even as gain on sale of investment properties shrank 89% to QR1.24mn and profit from deposits with Islamic banks and financial institutions by 19% to QR5.57mn.

General and administrative costs soared 18% to QR25.59mn and management fees by 50% to QR3mn.

Total assets were valued at QR1.24bn comprising current assets of QR0.26bn and non-current assets of QR0.98bn.

Total shareholders’ equity stood at QR1.14bn on a capital base of QR1bn and earnings-per-share was QR0.63 at the end of December 31, 2012.

Source: Caye Global News, Gulf Times

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