Qatar Industrial Manufacturing Company

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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