113.4 Million Riyals profits for QIMC in first half, a growth of 16.6%

QIMC announced its half year consolidated financial results of 2017. It has achieved a net profit of QRs 113.4 million, compared to QRs 97.2 million for the same period in 2016, an increase of 16.6% and Earnings Per Share QRs 2.39 compared to QRs 2.05 for the same period in 2016.

QIMC strives to achieve growth in return on capital by increasing operating profits and reducing operation costs as well as improving asset management.

The company is proud to contribute effectively to Qatar’s self-sufficiently through its diverse products such as building materials, chemicals, plastics, paper products and food.

H.E. Sheikh Abdulrahman bin Mohammed bin Jabor Al- Thani, Chairman of the Board has expressed his sincere thanks and gratitude to H.H. Sheikh Tamim Bin Hamad Al-Thani – Emir of the State of Qatar, H.E. Sheikh Abdulla bin Nasser Al-Thani – Prime Minister and Minister of Interior and the wise Government, for their sustained support and assistance extended to QIMC.

QIMC and Doha Bank sign a term loan agreement

Qatar Industrial Manufacturing Company (QIMC) signed a term loan agreement with Doha Bank to finance QIMC’s new mixed-use development project, Abraj Al Tahwiliya.

 

Currently undergoing the foundation phase, the project entails three towers, each of a different size and for a different purpose. Joined at the base, their size totals almost 11,000m2, located at the West Bay of the Corniche.

 

The first tower is a 29-story residential tower which includes a spa, gym and a swimming pool, and apartments offering residents a sea-view of the Corniche. The second is a 24-story tower consisting of office spaces, while the third is a 38-story tower containing 360 luxurious hotel apartments.

 

Mr. Abdul Rahman A. Al-Ansari the CEO of QIMC said: “QIMC was blessed with land on Doha’s Corniche which we are making best use of by developing Abraj Al Tahwiliya in partnership with leading International and local consultants. We are thrilled to be working alongside Doha Bank, as they are helping us to finance this project, it is allowing us to work rapidly and aids in having the towers completed in due time.” Mr. Al Ansari continued, “The towers are really set to bring the Corniche to life with its residential and retail activities.”

 

The loan agreement was signed by Mr. Abdul Rahman Al Ansari, CEO of QIMC as well as Dr. Raghavan Seetharaman, CEO of Doha Bank.

 

Dr. Seetharman stated: “The implementation of projects would have a positive impact on the economic growth and contribute to sustainable development of the economy, the International Monetary Fund expects Qatar to achieve an overall GDP growth rate of 3.4% in 2017. Under the guidance of the Board of Directors, Doha Bank continues to be committed in financing such projects which will further boost the local economy.”

 

KPMG acted as the lead planner to QIMC for structuring and arranging this financing facility.   KPMG invited all major Qatari banks who showed keen interest to participate and provided highly competitive bids.  The successful outcome demonstrates strong and continued desire of local banks to support economic growth and diversity.

QIMC has achieved a net profit of QR 193.8 million in 2016

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The Board of Directors of Qatar Industrial Manufacturing Company (QIMC) held its first meeting of 2016 on Sunday 08/02/2017. H.E. Sheikh Abdul Rahman bin Mohammed Bin Jabor Al Thani – Chairman of the Board presided over this meeting and adopted the final consolidated financial statements for the year ending 31/12/2016. After the meeting, H.E. the Chairman of the Board was pleased to announce that the company has achieved a net profit of QR 193.8 million, compared to QR 168.8 million for the same period in 2015. The company’s assets has increased to QR 2,039,661,717 with an increase of 10% compared to last year, and the total equity of the company’s shareholders is QR 1,554,552,601 compared to QR 1,488,570,961 for 2015. The earnings per share (EPS) has reached 4.08 riyals compared with 3.55 riyals for the same period of 2015.

H.E. the Chairman of the Board also explained that the Board of Directors has agreed to convene the Ordinary and Extraordinary General Assemblies to be held on Sunday 08/03/2017 at 4:00 pm in Radisson Blu Hotel, Giwana Ballroom to submit recommendations for the distribution of (30%) Cash Dividend and the adoption of the following agenda:

 

Ordinary General  Assembly:

  • Hearing of the Board of Directors’ report on the Company’s activities, its financial position for the financial year ending December 31st, 2016 and its future development plans.
  • Hearing of the Auditors’ report on the Company’s final accounting statements for the financial year ending December 31st, 2016.
  • Discussion and approval of the Company’s consolidated Balance Sheet and Profit & Loss Account for the financial yearendingDecember 31st, 2016.
  • Adoption of the Board of Directors’ resolution to distribute (30% of nominal shares) as dividend for the financial year ending December 31st, 2016.
  • Absolve Board Members from liability for the financial year ending December 31st, 2016 and determination of their remunerations.
  • External auditors’ appointment for the financial year 2017 and determination of their remuneration.
  • Review of Governance report of the company for the year 2016.

 

Extraordinary General  Assembly:

  1. Approval for raising of ownership limit for non-Qatari investors  to 49%  according to provisions of Qatari Law No. 9  of 2014.
  1. Upon approval of the above, authorization to Chairman of the Board, to amend the Articles of Association in accordance with the 2015 Commercial Companies Law No 11 and the Rules and Regularions No. 4 of 2014.

On this occasion, H.E. Sheikh Abdul Rahman Bin Mohammed Bin Jabor Al Thani, Chairman of the Board of Directors expressed his deep gratitude for the kind patronage and continuous support of H.H. Sheikh Thamim Bin Hamad Al-Thani, Emir of Qatar and H.E. Sheikh Abdulla Bin Nasser Khalifa Al-Thani, Prime Minister and Minister of Interior.

 

Main Financial Indicators

 

Indicators

31 Dec.

2014

31 Dec.

2015

31 Dec.

2016

Period Net Profit, QR Million 160.9 168.8 193.8
Return per Share, QR 3.39 3.55 4.08
Total Shareholders’ Equity Rights, QR Million. 1507 1488 1651
Total Assets, QR Million. 1732 1848 2039

 

KLJ ORGANIC QATAR W.L.L and GULF CHLORINE sign a Joint Venture Agreement

default-news-imageKLJ ORGANIC QATAR W.L.L and GULF CHLORINE have signed an agreement on November 27, 2016 for setting up of a Calcium Chloride plant in Mesaieed Industrial City under the name of UNITED CHEMICALS W.L.L. The new proposed plant will produce 60,000 tons per year of Calcium Chloride. Newly formed JV shall also market Hydrochloric Acid and Calcium Chloride. Further, JV is also discussing other business synergies.

 

KLJ Organic Qatar is a JV between Qatar Industrial Manufacturing Company (QIMC) (60% shareholding) and KLJ Organic Limited, India (40% shareholding). Located in Mesaieed industrial area, KLJ Organic Qatar will manufacture Chlorinated Paraffin Wax, Caustic Soda Prills, Hydrochloric Acid and Sodium Hypo Chlorite.

 

Gulf Chlorine WLL is a JV between Oman Chlorine S.A.O.G and Al Mirqab Capital. The plant is located in Mesaieed Industrial City (MIC) situated at a proximity to the world-class export Port terminal. Gulf Chlorine will be producing Chlor-Alkali derivatives, employing the latest state-of-the-art membrane technology and Distributed Control system, while catering for the Oil & Gas sector demand. Gulf Chlorine will manufacture Hydrochloric Acid, Caustic Soda Lye Caustic Soda Flakes and Sodium Hypochlorite.

 

The agreement was signed by Mr. Abdul Rahman A. Al-Ansari the CEO of QIMC & board member of KLJ Qatar and Mr. Fouad El Bacha the CEO  of Gulf Chlorine. The signing ceremony was also attended by a number of officials from both organisations.

 

On the occasion, Sheikh AbdulRahman Bin Mohamed Bin Jabor Al-Thani, the Chairman of QIMC and KLJ Qatar said “This agreement will go a long way in providing a long-term partnership between us and is a strong sign of the confidence on the strong economy of Qatar. We are focused on playing our part in the development of this great country and we would like to be one of the recognized players in supporting Qatar’s National Vision 2030”.

Mr. Abdul Rahman A. Al-Ansari the CEO of QIMC said “the New JV shall contribute to country’s non-oil sector growth. This collaboration between our two companies will strengthen our relationship and will grow further in the years to come. This project will also positively contribute in our expansion plans which are based on our strategy for development of the industrial sector in Qatar with emphasis on utilizing locally available raw materials, improving skills and employment among the Qataris.”

 

Mr. Fouad El Bacha said  “this project will open up avenues to the downstream industries and create opportunity for new employment. New JV shall also jointly study and oversee other investment opportunity in Qatar.”