QIMC reports 16.6% increase in H1 profit to QR113.43mn

Qatar Industrial Manufacturing Company (QIMC) has reported a 16.6% year-on-year increase in net profit to QR113.43mn in the first six months of this year.Amidst a 52% decline in operating profit to QR23.95mn, the company’s net share of results from ‘equity-accounted investees’ grew 30.26% to QR89.01mn.“QIMC strives to achieve growth in return on capital by increasing profits and reducing operating costs as well as improving asset management,” its spokesman said.Impairment of available-for-sale investments were cut down by 97.22% to mere QR0.24mn and finance costs by 33.97% to QR0.61mn.The spokesman said QIMC is proud to contribute effectively to Qatar’s self-sufficiency through its diverse products such as building materials, chemicals, plastics, paper products and food.Total assets amounted to QR1.86bn, comprising current assets of QR0.26bn and non-current assets of QR1.6bn at the end of June 30, 2017.Total equity stood at QR1.6bn on a capital base of QR475.2mn and earnings-per-share was QR2.39 at the end of first half ended June 30, 2017.