(The Group’s Comments) QIMC Net Profit Falls
to QR 34 Million in Q1 2019
April 25, 2019
Profits: After excluding minority interest,
Qatar Industrial Manufacturing Company’s (QIMC) profits fell by
33% to QR 34 million in the first quarter of 2019, compared to
QR 50.8 million for the same quarter of 2018. QIMC’s earnings
per share reached QR 0.71 versus QR 1.07 for the corresponding
period of last year.
Revenues: decreased by 5.5% to QR 96.0
million in the first quarter of 2019, compared to QR101.5
million for the same period of 2018. QIMC’s revenues dropped by
QR 1.1 million, resulting in a decrease in profit margins to a
gross profit of QR 21.4 million, a decrease of 17% compared to
QR25.9 million for the corresponding period of last year. This
decrease resulted in a drop in operating profit to QR 8.6
million, compared to QR 13.8 million in the first quarter of
2018.
Investment Revenue: The company's share of the results
of its associates decreased by QR 5.5 million from the most
prominent associates (Qatar Plastic Industries, Qatar Pipe,
Qatar Aluminum) and dividend income dropped from QR 8.9 million
for the first quarter of 2018 to QR 3.05 million for the first
quarter of 2019.
Comprehensive Income: Losses on investment valuation
through the statement of comprehensive income for the first
quarter of 2019 amounted to QR 2.9 million compared to a loss of
QR 12.6 million for the corresponding quarter of last year.
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