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.

Construction of QIMC Tower

Agreement signing ceremony with the Redco Construction – Almana Company

H.E Sheikh Abdulrahman bin Mohammed bin Jabor Al Thani, Chairman of Qatar Industrial Manufacturing Company (QIMC), has signed an agreement with the Redco Construction – Almana Company for the construction of mixed towers consisting three towers on QIMC’s land in Al Corniche Street.

The expected cost of the complete project is QRs 1.2 billion. The towers consist of a base of 120,000 square meters, including an underground parking area. Each tower will differ from the other two towers in size and usage. The 29-storey residential tower will offer first-class views of the Corniche and the Bay with balconies of various sizes and features a range of amenities including a spa, gym and swimming pool. The second tower will consist of 23 floors for full office space. The third tower, comprising 38 floors, will be a Luxury Hotel.

A 5-storey base connects the three towers to each other and is designed for commercial activities that will host the public for shopping, dining and relaxation at the Corniche and a large number of parking spaces.

Mr. Abdulrahman Al Ansari, Chief Executive Officer of QIMC said: “QIMC has a unique location on the Doha Corniche, and we are seeking to use this space better by constructing the towers in partnership with reputed international and local consultants. 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.

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.