163.5 million Riyals profits for QIMC in 9 months

 

H.E. Sheikh AbdulRahman Bin Mohamed Bin Jabor Al-Thani, Chairman of the Board of Qatar Industrial Manufacturing Company (QIMC) has announced QIMC’s financial results as of September 30, 2017. QIMC has achieved a net profit of QRs 163.5 million, compared to QRs 163.1 million for the same period in 2016 and Earnings Per Share of QRs 3.44 compared to QRs 3.43 for the same period in 2016.

Total shareholders’ equity amounted to 1,537 million riyals compared to QRs 1,516 million riyals for the same period in 2016.
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 the sustained support and assistance extended to QIMC.

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