Qatar Industrial Manufacturing Company

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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.