“Gulf Glass Factory LLC, a subsidiary of QIMC, announces the establishment of a Glass Containers project in Qatar”

Gulf Glass Factory LLC signed EPC contract to build the first Glass Containers Project in Qatar with the Italian company Falorni Gianfranco Srl. Qatar Industrial Manufacturing Company (QIMC) owns 50% of Gulf Glass Factory. Mr. Abdul- Rahman Abdullah Al Ansari, Chairman of Gulf Glass Factory and CEO of QIMC and Mr. Riccardo Scarselli, CEO of Falorni Gianfranco Srl, signed the agreement.
The project specializes in the production of glass containers used in the packaging of water, soft drinks, dairy products and various foodstuffs as well as medicines and perfumes. The design capacity of the plant in the first phase will be 200 tons / day through one furnace. A second furnace will be built in the second phase of the project, which will raise the production capacity to about 450 tons per day. The total cost of the first phase of the project is estimated at QR 238 million and is expected to reach QR 300 million at the end of the second phase.
The project is based on melting raw sand and some other additives in a furnace with a temperature of about 1600 °C. Natural gas is the main source of energy in this process. The raw sand and the other raw materials are converted into glass and is then formed in special molds before being cooled gradually then inspected to ensure quality and conformity to specifications. The project will be based on local sand available from the sand washing plant of QIMC. Tests were carried out on local sand which proved its good quality and suitability to produce high quality glass containers. In addition to sand, other natural materials and chemicals additives are used to improve the quality and properties of the glass and reduce the melting point of the sand, thus reducing production costs. Waste glass (CULLET) can also be used if it becomes available in the future in Qatar.
The project will have a positive impact on the industrial sector in Qatar and will contribute to the development of the growing food & beverage sector which includes; mineral water, soft drinks, juices, dairy products, packaged foods (pickles, oils, sauces, jams, honey, etc.). The food industry is gaining special importance from the Government and is expected to be one of the most important components of the national economy in the near future.
The project will satisfy the local needs of glass containers, which are currently imported from outside sources at high costs, in addition to exporting a some of its products to neighboring Arab markets, most importantly Lebanon, Jordan, Syria and Iraq. These countries suffer from a severe shortage in the availability of glass containers since they do not have any glass containers produced locally, while their needs are very large given the size and importance of their food industries. It is expected that the project will have a good opportunity to compete in these countries as well as other world markets.

50.8 million Riyals profits for QIMC in 3 month

QIMC Chairman Sh. AbdulRahman Bin Mohamed bin Jabor Al-Thani has announced its first quarter consolidated financial results of 2018. It has achieved a net profit of QRs 50.8 million, compared to QRs 60.4 million for the same period in 2017, and Earnings Per Share QRs 1.07 compared to QRs 1.27 for the same period in 2017.

The decrease in net profit for the first quarter is due to non-recurring expenses and the Company’s share in the low profits of an associate. It is expected that the company will continue to achieve growth in net profits by the end of the year, God willing.
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 has achieved a net profit of QR 206.1 million in 2017

The Board of Directors of Qatar Industrial Manufacturing Company (QIMC) held its first meeting of 2018 on Sunday 11/02/2018. 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 31/12/2017. After the meeting, H.E. the Chairman of the Board was pleased to announce that the company has achieved a net profit of QR 206.1 million, compared to QR 193.8 million for the same period in 2016. The total equity of the company’s shareholders is QR QR 1,575,130,548 compared to QR 1,554,552,601 for 2016. The earnings per share (EPS) has reached 4.34 riyals compared with 4.08 riyals for the same period of 2016.

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 11/03/2018 at 6:00 pm in Radisson Blu Hotel, Giwana Ballroom to submit recommendations for the distribution of (30%) Cash Dividend and the adoption of the following agenda. In the absence of Quorum, the meeting will be conducted on 18th March 2018 at 6.00 pm at the same venue.

Ordinary General Assembly:

1) Confirmation of the Quorum
2) Hearing of the Board of Directors’ report on the Company’s activities, its financial position for the financial year ending December 31st, 2017 and its future development plans.
3) Hearing of the Auditors’ report on the Company’s final accounting statements for the financial year ending December 31st, 2017.
4) Discussion and approval of the Company’s consolidated Balance Sheet and Profit & Loss Account for the financial year ending December 31st, 2017.
5) Adoption of the Board of Directors’ resolution to distribute (30% of nominal shares i.e. QR 3 per share) as dividend for the financial year ending December 31st, 2017.
6) Absolve Board Members from liability for the financial year ending December 31st, 2017 and determination of their remunerations.
7) External auditors’ appointment for the financial year 2018 and determination of their remuneration.
8) Discussion and approval of Corporate Governance report of the company for the year 2017.

Extraordinary General Assembly:

1. To consider the amendment of the Articles of Association of the company according to Commercial Companies Law No. 11/2015 and the Corporate Governance Law No. 5 of 2016 and authorize Chairman of the board for necessary action
2. Authorize the Board of Directors to carry out acquisitions in the company’s activity, in which the volume of investment of the company’s total assets does not exceed 2.5% upon the approval of the relevant regulatory authorities.

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.

QIMC buys UDC stake in GFC

Doha, Qatar – 18 February 2018: Qatar Industrial Manufacturing Company (QIMC) has finalized the acquisition of United Development Company’s (UDC) stake (400 shares) in Gulf Formaldehyde Company (GFC), representing 10% of GFC’s share capital therefore increasing QIMC’s ownership in GFC to 30%.

The sale deal was signed by H.E Sheikh AbdulRahman Bin Mohamed Bin Jabor Al-Thani, Chairman of QIMC and Mr. Ibrahim Jassim Al-Othman, President & CEO of UDC.

Commenting on the acquisition, H.E Sheikh AbdulRahman Bin Mohamed Bin Jabor Al-Thani, Chairman of QIMC said QIMC is keen on strengthening its investment portfolio in the industrial sector. “QIMC hopes the deal will have a positive impact on its future corporate earnings”, he added.

For his part, Mr. Al-Othman said “The sale of UDC’s shares is consistent with the company’s strategy of focusing on core activities, namely real estate development and related operational services.Following the sale, Qatar Industrial Manufacturing Company’s share in the capital of Gulf Formaldehyde increased from 20% to 30% The sale will have an impact on UDC’s financial results for the first quarter of 2018”.

“Over the last several years, UDC has emerged as a leader in the real estate development sector in Qatar, and the region, and we will continue along this successful path by focusing on the businesses that cater to our targeted growth,” Mr. Al-Othman added.

GFC was established in 2003 between Qatar Fertilizer Company (QAFCO), Qatar Industrial Manufacturing Company (QIMC) and United Development Company (UDC) to produce Urea Formaldehyde Concentrate with a design capacity of about 170 tons per day.

United Development Company (UDC) is a leading Qatari public shareholding company with a mission to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value. Established in 1999, the company became listed on the Qatar Stock Exchange in June 2003.

QIMC has so far participated in 20 industrial projects, most of them are in the production stages in various industrial sectors, including petrochemical, chemical, construction and food. In addition, number of new projects are in the stage of incorporation.

The State of Qatar has given great importance to the need of private sector involvement in the economic development process in the country by investing in small and medium industries. This trend was evident in the establishment of the Qatar Industrial Manufacturing Company in 1990, in which the State shared 20% in equity.