Qatar Industrial Manufacturing Company records QR206.1m net profit for 2017

12/02/2018 06:04 AST

Qatar Industrial Manufacturing Company (QIMC) has posted a net profit of QR206.1m for the year ended December 31, 2017, up from QR193.8m reported a year ago. The total equity of the company's shareholders is QR1.57bn compared to QR1.55bn for 2016. The earnings per share (EPS) has reached QR4.34, compared with QR4.08 for the same period of 2016.

The financial results were announced after the board of directors meeting yesterday, which was presided over by the Chairman Sheikh Abdul Rahman bin Mohammed bin Jabor Al Thani (pictured).

Announcing the results, the Chairman of the Board said the Board of Directors has agreed to convene the Ordinary and Extraordinary General Assemblies on Sunday, March 11, 2018 in Radisson Blu Hotel to submit recommendations for the distribution of 30 percent of Cash Dividend and the approval of other agenda.

The agenda for the ordinary general assembly include 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.

The extraordinary general assembly will 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. It will also take decisions on authorising 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 percent upon the approval of the relevant regulatory authorities.

The Peninsula