(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.