“The impact of global markets and supply chain as a result of what economies are going through in terms of transformations and fluctuations is a natural phenomenon. It is a healthy business cycle that reflects the correct relationship among the components of the economy. But the challenge lies in the ability of markets and organizations to reduce the adverse effects of extremely difficult conditions, such as the current Corona pandemic, which has affected the entire global economy during the past year 2020, causing a decline in every global economic indicator.”
The pandemic has impacted all important economic sectors, including the industrial sector, where sales and cash flows have decreased, in addition to the disturbing the flexibility and guaranteed continuity in supply chains, thereby casting a shadow on overall performance.
“QIMC” is not immune to all these debilitating conditions. We too faced these challenges, but we have amply demonstrated our ability to tide over the effects of this pandemic through agile strategies and policies, with the support of the government sector in facing the crises and, thanks to the cooperation with and among our subsidiary and associate companies and the efforts of all company employees.
Despite the pandemic, QIMC continued its activities through its various entities, with the prime aim of ensuring the flow of products to the local market, while continuing to meet global demand for some of our products. The government support through well thought-out package of financial incentives and exemptions had an important role in strengthening the company’s capability to mitigate the ravaging repercussions of Covid-19 on the domestic and foreign markets, that suffocated even the leading companies in the world.
QIMC, has maintained its position as a pioneer in the industrial sector in the State of Qatar and as a major player in the country. Qatar Aluminium Extrusion Company has doubled its production capacity to reach 30,000 tons annually of aluminium profiles, through the acquisition of the assets of the AbdulNoor Aluminium Factory And increasing the share of “QIMC” in Qatar Aluminium Extrusion Company to 45% of the total capital after purchasing part of the share of one of the partners.
The past year also witnessed stability in the export of the high quality products of Qatar Aluminium Extrusion Company, KLJ Organic Qatar, Amiantit Qatar for Pipes and its subsidiary, Sarplast Qatar. The difficult circumstances did not prevent us from fulfilling our commitment to our customers, in both domestic and export markets.
I would like to assure you that the work on the implementation of a factory project for glass containers is progressing as planned, and it is expected that commercial production will begin in the third quarter of 2022. Meanwhile, we continue to look for promising new industrial projects that will make gainful use of locally available production inputs, in cooperation with a number of international and local companies to develop a number of industrial projects.
As for real estate investments, work is underway in the construction of the company’s headquarters (QIMC Towers), which has begun to take an aesthetic form adjacent to the Doha Corniche Towers. On the other hand, the leasing of storage facilities in the logistic warehouse complex in the Aba As Salil area has been accomplished with one of the specialized Qatari companies.
In conclusion, I would like to acknowledge the tireless efforts of the Board of Directors of Qatar Industrial Manufacturing Company and its employees in monitoring and guiding the performance of its subsidiary and associate companies through periodic meetings and other well established procedures.
I would also like to take this opportunity to express my sincere thanks and gratitude to His Highness the Emir, Sheikh Tamim Bin Hamad Al Thani, to His Excellency Sheikh Khalid bin Khalifa Bin Abdulaziz Al Thani, Prime Minister and Minister of Interior, and to His Excellency Mr. Ali bin Ahmed Al-Kuwari, the Minister of Trade and Industry, and all the ministers in the wise government for their continuous support for the progress and prosperity process of this generous country, and thanks are extended to all governmental and semi-governmental institutions, our partners and our esteemed clients, and all the other distinguished contributors for their long standing and continuous support for the company to help achieve its great goals and aspirations.
Sheikh Abdul Rahman Bin Mohammed Jabor Al Thani