(The Group’s Comment) Qatar Industrial Manufacturing Company Decreases to QAR 100.5 Million in the 3rd Quarter 2019

 

Ø  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.

 

Ø  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.

 

Ø  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%.

 

Ø  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.

 

Ø  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.

 

Ø  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.

 

 

Ø  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.