DOHA: The Qatar Industrial Manufacturing Company (QIMC) is expecting to soon commission its aluminium extrusion plant. The company said yesterday in a statement that the plant is likely to be operational in the first half of the current year.
The company has reported robust financials for the first quarter of this year (January to March).
Sheikh Abdul Rahman bin Mohammed bin Jabor Al Thani, Chairman of the company, yesterday announced that the company has achieved net profits of QR51.32m in Q1 (first quarter) of the current year as compared to QR46.9m in Q1 of 2010. With an increase of 10 percent in net profits this year's Q1 it reflects positively on the earnings per share of QR1.30.
Abdul Rahman bin Abdullah Al Ansari, CEO of the QIMC, said that despite the company's capital increase last year by issuing 10 percent bonus shares and the distribution of 25 percent cash dividend, the company maintained its earnings growth for the first quarter of 2011.
Hence, QIMC is expecting the commissioning of the Aluminium Extrusion Plant during the first half of 2011, the required expansion of Qatar Acids Company has already started the implementation of its capacity augmentation of sulfuric acid production from 10,000 to 43,000 tonnes per year and its commissioning is expected to start by the first quarter of 2012, as well as the completion of capacity increase of Amiantit Qatar Pipes Company from 15,000 to 17,000 tonnes per year by adding a new production line for pipes of small diameters. QIMC also has many other projects under study, which are expected to be approved this year.
© The Peninsula 2011
