QIMC

On behalf of myself and my colleagues in the Board of Directors of Qatar Industrial Manufacturing Company (QIMC) and the Company, I would like to convey to you my warmest regards and take this opportunities to thank you for your continuous support to the Board of Directors and executive management.
It also gives me great pleasure to submit to you QIMC’s Twentieth Annual Report containing the Company’s balance sheet and income statement for the financial year ending 31st December 2010 as well as a summary of its achievements in 2010 and its future plans.
Despite the slowdown in economic activity in the wake of the worldwide economic recession in 2010, we in QIMC, with the grace of God, still managed to achieve outstanding results, with net profits reaching QR 202.5 Million, against QR144 Million in 2010, or by an increase of 40.6%, while shareholders equity increased to QR 1,144 Million against QR960 million in 2009, or by an increase of 19.2%.
The year 2010 has also witnessed very important achievements related to the implementation of new projects and the expansion of existing ones. The first of these achievements is represented by the completion of civil works of Qatar Aluminium Extrusion Co, the start of the plant equipment erection and the project is expected to be commissioned in May 2011 with a production capacity of 8,000 Tonnes/year. The second achievement is represented by the start-up of KLJ Organic Qatar for the production of Chlorinated paraffin wax and Caustic soda, which is expected to be commissioned by the 1st Quarter of 2013.
Furthermore, Qatar Acids Company has signed an agreement for the increase of its Sulfuric Acids production capacity from 10,000 to 43,000 Tonnes/year and Amiantit-Qatar Pipes Company has increased its Fiber Glass Pipes production capacity from 15,000 to 17,000 Tonnes/year.
QIMC continued its ceaseless efforts to find suitable and economically viable new investment opportunities which it can implement in the future in collaboration with interested local, regional and international partners. In this regard, there are currently a number of such projects under study, and which, it is hoped, will be approved in 2011
Increasing production in and raising the productive capacity, where viable, of our group of operating companies and the estableishment of economically viable new projects and the corresponding new investments such activity entails, will undoubtedly enhance the effective role of our Company in the national economy and increase its growth rate beside increasing the Company’s earnings and its shareholders equity.
It is pertinent to add that none of the achievements of our Company would have been possible without the support of the shareholders, government and semi-government department and institutions and the dedication of the Company's staff, to all of whom I express my thanks.
Above all, I would like to take this opportunity to extend my sincere thanks and gratitude to The Emir, H.H. Sheikh Hamad Bin Khalifa Al-Thani, The Heir Apparent, H.H. Sheikh Tamim Bin Hamad Al-Thani, The Prime Minister, H.E. Sheikh. Hamad Bin Jassem Bin Jabor Al-Thani, The Deputy Prime Minister, H.E. Abdulla Bin Hamad Al-Attiyah, The Minister of Energy and Industry, H.E. Mohammed Saleh Al-Sadda, and all members of our wise Government who have spared no effort towards the attainment of this country's progress and prosperity.