Mubasher: Qatar Industrial Manufacturing Company (QIMC) on Wednesday announced that its profits dropped 15.9% year-on-year for the first quarter of 2018.
Profits amounted to QAR 50.82 million in Q1-18 down from QAR 60.44 million in the same period of 2017, according to the company’s filing to the Qatar Stock Exchange (QSE).
Earnings per share (EPS) amounted to QAR 1.07 for the three-month period ended 31 March 2018, versus QAR 1.27 for the same period of the prior year.
The company attributed the decrease in net profit to non-recurring expenses and the company’s share in the low profits of an associate, the statement showed.
Earlier this week, QIMC’s board approved distributing cash dividends of QAR 3 per share, representing 30% of the share’s nominal value for 2017, after the industrial manufacturing firm posted a 6.3% rise in profits to QAR 206.18 million in 2017 from QAR 193.88 million during 2016.
By the end of Wednesday’s session, QIMC’s stock levelled down 0.62% to QAR 39.80.
