Qatar Industrial Manufacturing Company (QIMC) yesterday said it achieved a net profit of QR193.8m for the year 2016 compared to QR 168.8m a year ago. Company's assets increased to QR 2.04bn, registering an increase of 10 percent compared to last year.
The earnings per share (EPS) reached QR4.08 in 2016 compared with QR3.55 for the same period of 2015.
The total equity of the company's shareholders was QR1.55bn in 2016 compared to QR1.49 for 2015. The Board of Directors of QIMC held its first meeting of 2016 on February 8 and Sheikh Abdul Rahman bin Mohammed bin Jabor Al Thani (pictured), Chairman of the Board, presided over this meeting and adopted the final consolidated financial statements.
The Chairman of the Board said that the Board of Directors has agreed to convene the Ordinary and Extraordinary General Assemblies to be held on Sunday in Radisson Blu Hotel to submit recommendations for the distribution of (30 percent) cash dividend and the adoption of agenda.
The agenda for Extraordinary General Assembly includes approval for raising of ownership limit for non-Qatari investors to 49 percent according to provisions of Qatari Law No 9 of 2014.
The agenda for Ordinary General Assembly includes hearing of the Board of Directors' report on the Company's activities, its financial position for the financial year ending December 31, 2016 and its future development plans.
Hearing of the Auditors' report on the Company's final accounting statements for the financial year ending December 31, 2016 will be part of the agenda.
Discussion and approval of the Company's consolidated Balance Sheet and Profit & Loss Account for the financial year ending December 31, 2016.
