Qatar Industrial Manufacturing profit drops 2.7% in 2018; dividends proposed

Qatar Industrial Manufacturing Company (QIMC) reported a 30.3% year-on-year profit decline in the fourth quarter of 2018.

During the October-December period of 2018, QIMC’s profits amounted to QAR 29.7 million ($8.2 million), compared to QAR 42.6 million ($11.7 million) in the corresponding period in 2017, according to the Qatar-based firm’s statement to the Qatar Stock Exchange (QSE) on Sunday.

For the full-year 2018, the Qatari firm’s profits retreated 2.7% to QAR 200.28 million, against QAR 206.18 million in the prior year.

Earnings per share (EPS) amounted to QAR 4.21 in 2018, versus QAR 4.34 in 2017.

Meanwhile, QIMC’s board of directors proposed distributing cash dividends of 25% of the share’s nominal value, or QAR 2.5 per share.

QIMC’s ordinary general meeting (OGM) will be convened on 10 March to discuss the financial results and approve the cash dividend for 2018.

During the first nine months of 2018, QIMC reported a 4.2% profit increase to QAR 170.5 million, from QAR 163.5 million in the year-ago period.