(The Group’s Comment) Qatar
Industrial Manufacturing Company Decreases to QAR 100.5 Million
in the 3rd Quarter 2019
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Profits: Profits for the 9 months ended 30 September 2019 declined to QAR 100.5
million compared to QAR 170.6 million of the same period last
year, a decline of 41% while the earnings per share amounted QAR
0.21 versus QAR 0.36. The 3rd quarter’s profits stood
at QAR 30.5 million versus QAR 62.3 million for the same quarter
2018.
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Comprehensive Income: Losses from Investments valuation as stated in the
income statement QAR 53.0 thousand versus QAR 9.17 million for
the same period last year.
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Revenues: Revenues for the period has marginally declined by 1.7% to record QAR
268.7 million versus QAR 262.4 million for the equivalent period
last year. On the other hand cost of sales increased by 1.6%
(QAR 3.2M) which influenced the total profit (revenues – its
cost) to decline by QAR 1.4 million. Cost of sales to sales
ratio stood at 75.3%.
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Operating profits: amounted QAR 31.4 million versus QAR
39.9 million for the same period 2018 declining by 21.3% as a
result of the decline in other revenues by QAR 11.2 million and
the increase in the amortization expense by QAR 1.4 million.
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Profits of associated companies: declined by QAR
30.1 million through the comparison periods. Such profits
represents the Company’s investments in a number of companies on
top of it Qatar Aviation Fuel, Qatar Bricks Co., Ghazal Co. and
Qatari Saudi Gypsum Co.
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The 9 months period 2018 financial
statements included non-reoccurring profits of QAR 16.5 million
pertaining to re-evaluation of financial investments, the same
item was decreased by QAR 1.0 million in the 9 months period
2019.
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The increase of the cost of financing by QAR
4.5 million came from the increase in the interest rates and the
growing Company’s indebtedness where loans reached QAR 511.8
million compared to QAR 392.7 million. The Company has recently
took loans to finance a glass factory.
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