DOHA: Qatar Industrial Manu-facturing Company (QIMC) is set to fly high by constructing a multi-use high rise tower in Doha’s skyline with an estimated cost of QR500m.
The Board of Directors has approved the construction of the tower at the existing location of the building that houses the current QIMC headquarters at the Corniche. The construction is to be completed in three years.
QIMC held its 4th board meeting on Sunday in which it also approved and announced the financial results for the first half of 2013 posting a net profit of QR80m, up 3.8 percent compared to the corresponding period last year. The board said the company will maintain its level of pay out of dividends.
During the first half of fiscal year 2013, QIMC management has focused on the completion of all investment and legal requirements for a number of promising new industrial projects within an ambitious business plan to add the quality of industrial activities that contribute to the diversification of the sources of income of the company and maximizing the return on investment in the long term. The company plans to re-invest in its assets of a number of existing projects to raise the production of its designed capacity .
QIMC said the results were affected by some factors related to its industrial nature that may include but not limited to the low-margin wind on some petroleum products, as well as the high cost of some industrial raw materials, the increase of some direct and indirect industrial costs, as well as realising of pre-operating costs for some of new industrial projects, where these expenditure will be absorbed during the first financial period of the projects, in compliance with the International Accounting Standards. And it is planned for these projects to be able to extinguish those costs during the second half of the fiscal year 2013.
Sheikh Abdul Rahman bin Mohammed bin Jabor Al Thani, Chairman of the Board of Directors expressed his sincere thanks and gratitude for the continuous support and patronage of the Emir H H Sheikh Tamim bin Hamad Al Thani and the Prime Minister and Minister of Interior H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani.
The Peninsula
