QIMC’s Board of Directors is pleased to invite the shareholders to attend the Annual General Ordinary Assembly and Extraordinary General Assembly, which will be held  at Giwana Ballroom in Radisson Blu Hotel, on Sunday, 10th March 2019 at 4.00 p. m. (In the absence of quorum the meeting will be held in the same place on Sunday, 17th  March 2019 at 4.00 pm.)

Agenda of 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, 2018 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, 2018.
  4. Discussion and approval of the Company’s consolidated Balance Sheet and Profit & Loss Account for the financial year ending December 31st, 2018.
  5. Adoption of the Board of Directors’ resolution to distribute (25% of nominal shares i.e. QR 2.5 per share) as dividend for the financial year ending December 31st, 2018.
  6. Absolve Board Members from liability for the financial year ending December 31st, 2018 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 2018.
  9. Election of members of the Board of Directors for the next three years.

Agenda of Extraordinary General Assembly

  1. To consider and approve the split of the par value of the ordinary share to be QR 1 instead of QR 10, as per the instructions of Qatar Financial Markets Authority, and amendment of the following Articles in the Company’s Articles of Association as shown below:
Existing Article (Article No. 6) Proposed Articles
The capital of the Company is in the amount of QR 475,200,000 (Four hundred seventy five millions two hundred thousand Qatari Riyals), divided into 47,520,000 (Forty seven million five hundred twenty thousand) shares of QR 10 (ten Qatari Riyals) nominal value. The capital of the Company is in the amount of QR 475,200,000 (Four hundred seventy five millions two hundred thousand Qatari Riyals), divided into 475,200,000 (Four hundred seventy five millions two hundred thousand) shares of QR 1 (one Qatari Riyals) nominal value.
Existing Article (Article No. 30) Proposed Articles
A member of the Board of Directors shall: 1. 2. 3.Be a shareholder and hold at least 20,000 (twenty thousand) shares in the Company’s share capital. A member of the Board of Directors shall: 1. 2. 3.Be a shareholder and hold at least 200,000 (two hundred thousand) shares in the Company’s share capital.
  • Approving the amendment to the Articles of Association of Qatar Industrial Manufacturing Company (QIMC) with respect to the ownership of shares of the Qatari government and register the same under the name of Qatar Investment Authority, the original owner of these shares by the Amiri Decree No. 23 of 2005, issued to supersede the Qatari government in the Articles of Association as the owner of these shares, while other shares shall be registered under the name of General Retirement and Social Insurance Authority, and authorizing the Chairman to act accordingly.
Existing Article (Article No. 7) Proposed Articles
No natural or moral person may own more than 2% of the company’s capital at any time other than by inheritance and by will except for the share of the Qatari government. No natural or moral person may own more than 2% of the company’s capital at any time other than by inheritance and by will except for the share of the Qatar Investment Authority and General Retirement and Social Insurance Authority.  
Existing Article (Article No. 29) Proposed Articles
The company shall be governed by a ten-member Board of Directors, two of them shall be appointed by the Qatari government as representatives of its share, while the remaining members shall be elected by the Ordinary General Assembly by secret ballot for a period of three years. In addition, the Qatari government may not participate in the voting to elect the remaining members, except for the first board of directors. The founders shall appoint it for a period of five years commencing from the date of incorporation. The company shall be governed by a ten-member Board of Directors, one of them shall be appointed by Qatar Investment Authority as a representative of its share and one member to be appointed by General Retirement and Social Insurance Authority that represent both shares of Civil Pension Fund and Military Pension Fund. Moreover, the Ordinary General Assembly shall elect the remaining members by the secret ballot for a period of three years. The Qatar Investment Authority and General Retirement and Social Insurance Authority together with both civil and military pension funds may not participate in the voting to elect the remaining members, except the first board of directors. The founders shall appoint it for a period of five years commencing from the date of incorporation.               

QIMC Chairman Sh. AbdulRahman Bin Mohamed bin Jabor Al-Thani has announced its first quarter consolidated financial results of 2018. It has achieved a net profit of QRs 50.8 million, compared to QRs 60.4 million for the same period in 2017, and Earnings Per Share QRs 1.07 compared to QRs 1.27 for the same period in 2017.

The decrease in net profit for the first quarter is due to non-recurring expenses and the Company’s share in the low profits of an associate. It is expected that the company will continue to achieve growth in net profits by the end of the year, God willing.
H.E. Sheikh Abdulrahman bin Mohammed bin Jabor Al- Thani, Chairman of the Board has expressed his sincere thanks and gratitude to H.H. Sheikh Tamim Bin Hamad Al-Thani – Emir of the State of Qatar, H.E. Sheikh Abdulla bin Nasser Al-Thani – Prime Minister and Minister of Interior and the wise Government, for their sustained support and assistance extended to QIMC.

Qatar Industrial Manufacturing Company (QIMC) disclosed its audited financial statements for the period ended on 31st December 2017. The statement shows that the net profit is QRs 206,183,501 compared to net profit QRs 193,878,952 for the same period of the previous year.

Earnings per share (EPS) amounted to QRs 4.34 for the period ended 31st December 2017 to EPS amounted to QRs 4.08 for the same period of the previous year.

Proposed dividend is QR 3 per share.

Agreement signing ceremony with the Redco Construction – Almana Company

H.E Sheikh Abdulrahman bin Mohammed bin Jabor Al Thani, Chairman of Qatar Industrial Manufacturing Company (QIMC), has signed an agreement with the Redco Construction – Almana Company for the construction of mixed towers consisting three towers on QIMC’s land in Al Corniche Street.

The expected cost of the complete project is QRs 1.2 billion. The towers consist of a base of 120,000 square meters, including an underground parking area. Each tower will differ from the other two towers in size and usage. The 29-storey residential tower will offer first-class views of the Corniche and the Bay with balconies of various sizes and features a range of amenities including a spa, gym and swimming pool. The second tower will consist of 23 floors for full office space. The third tower, comprising 38 floors, will be a Luxury Hotel.

A 5-storey base connects the three towers to each other and is designed for commercial activities that will host the public for shopping, dining and relaxation at the Corniche and a large number of parking spaces.

Mr. Abdulrahman Al Ansari, Chief Executive Officer of QIMC said: “QIMC has a unique location on the Doha Corniche, and we are seeking to use this space better by constructing the towers in partnership with reputed international and local consultants. QIMC has so far participated in 20 industrial projects, most of them are in the production stages in various industrial sectors, including petrochemical, chemical, construction and food. In addition, number of new projects are in the stage of incorporation.

The State of Qatar has given great importance to the need of private sector involvement in the economic development process in the country by investing in small and medium industries. This trend was evident in the establishment of the Qatar Industrial Manufacturing Company in 1990, in which the State shared 20% in equity.

Qatar Industrial Manufacturing Company (QIMC) disclosed its financial statements for the period ended on 30th September 2017. The statement shows that the net profit is QRs 163,549,380 compared to net profit QRs 163,161,601 for the same period of the previous year.

Earnings per share (EPS) amounted to QRs 3.44 for the period ended 30th September 2017 to EPS amounted to QRs 3.43 for the same period of the previous year.

QIMC announced its half year consolidated financial results of 2017. It has achieved a net profit of QRs 113.4 million, compared to QRs 97.2 million for the same period in 2016, an increase of 16.6% and Earnings Per Share QRs 2.39 compared to QRs 2.05 for the same period in 2016.

QIMC strives to achieve growth in return on capital by increasing operating profits and reducing operation costs as well as improving asset management.

The company is proud to contribute effectively to Qatar’s self-sufficiently through its diverse products such as building materials, chemicals, plastics, paper products and food.

H.E. Sheikh Abdulrahman bin Mohammed bin Jabor Al- Thani, Chairman of the Board has expressed his sincere thanks and gratitude to H.H. Sheikh Tamim Bin Hamad Al-Thani – Emir of the State of Qatar, H.E. Sheikh Abdulla bin Nasser Al-Thani – Prime Minister and Minister of Interior and the wise Government, for their sustained support and assistance extended to QIMC.

Qatar Industrial Manufacturing Company (QIMC) signed a term loan agreement with Doha Bank to finance QIMC’s new mixed-use development project, Abraj Al Tahwiliya.

 

Currently undergoing the foundation phase, the project entails three towers, each of a different size and for a different purpose. Joined at the base, their size totals almost 11,000m2, located at the West Bay of the Corniche.

 

The first tower is a 29-story residential tower which includes a spa, gym and a swimming pool, and apartments offering residents a sea-view of the Corniche. The second is a 24-story tower consisting of office spaces, while the third is a 38-story tower containing 360 luxurious hotel apartments.

 

Mr. Abdul Rahman A. Al-Ansari the CEO of QIMC said: “QIMC was blessed with land on Doha’s Corniche which we are making best use of by developing Abraj Al Tahwiliya in partnership with leading International and local consultants. We are thrilled to be working alongside Doha Bank, as they are helping us to finance this project, it is allowing us to work rapidly and aids in having the towers completed in due time.” Mr. Al Ansari continued, “The towers are really set to bring the Corniche to life with its residential and retail activities.”

 

The loan agreement was signed by Mr. Abdul Rahman Al Ansari, CEO of QIMC as well as Dr. Raghavan Seetharaman, CEO of Doha Bank.

 

Dr. Seetharman stated: “The implementation of projects would have a positive impact on the economic growth and contribute to sustainable development of the economy, the International Monetary Fund expects Qatar to achieve an overall GDP growth rate of 3.4% in 2017. Under the guidance of the Board of Directors, Doha Bank continues to be committed in financing such projects which will further boost the local economy.”

 

KPMG acted as the lead planner to QIMC for structuring and arranging this financing facility.   KPMG invited all major Qatari banks who showed keen interest to participate and provided highly competitive bids.  The successful outcome demonstrates strong and continued desire of local banks to support economic growth and diversity.

QIMC declares the opening of opportunity for nominations from eligible candidates to choose 8 Members for the 8 seats of the Board of Directors for the next term (2016-2018), from Sunday 3rd January 2016 till Thursday, 14 January 2016, 12.00 noon.

QATAR INDUSTRIAL MANUFACTURING COMPANY
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P.O.Box 16875
Doha - State of Qatar
Tel: +974 44344222
Fax: +974 44837878
Email : qimc@qimc.com.qa
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