Dear Shareholders,
On behalf of myself and my colleagues in the Board of Directors of Qatar Industrial Manufacturing Company (QIMC) and the Company’s staff, it is my pleasure to convey to you my warmest regards and esteem and I would like to take this opportunity to thank you for your confidence and support to the Board of Directors and its executive management.
It also gives me a great pleasure to submit to you QIMC’s Eighteenth Annual Report, which includes its balance sheet & income statement for the fiscal year ending on 31st December 2008 and a summary of its achievements in the latter year and it’s future plans.
With the backdrop of the high economic growth rates achieved by the Qatari economy, QIMC, with the grace of God, was able to achieve excellent results in 2008, with net profits increasing by 63% compared to 2007 to reach QR 188 millions, while total shareholders equity increased by 18% to QR 821 millions.
The year 2008 also witnessed an expansion in the productive capacity of some of QIMC’s group of operating companies in order to meet rising demand for their products, notably that of the Sand Treatment Plant, as well as the completion and coming onstream of an important new project, namely Amiantit Qatar Pipes Company.
On the other hand, 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 in various stages of development and/or study which we hope to complete and/or start implementing in 2009.
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 economic activity as a whole 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 opportunities 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 Second Deputy and Minister of Energy and Industry, H.E. Abdullah Bin Hamad Al-Attiya, and all members of our wise government who have spared no effort towards the attainment of this country’ s progress and prosperity. |
