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Robust sales and higher net share of results from ‘equity accounted investees’ led Qatar Industrial Manufacturing Company to report a 6% growth in net profit to QR85.45mn in the first half of this year.
Sales grew 3% to QR175.49mn, but cost of sales rose faster at 5% to QR142.69mn, leading to a 3% fall in gross profit to QR32.8mn, according to its financial statement filed with the Qatar Stock Exchange.
With other income falling 3% to QR3.54mn and general and administrative expenses growing 2% to QR23.41mn, the company registered an 18% decline in operating profit to QR12.93mn.
Net share of results from ‘equity accounted investees’ soared 20% to QR66.2mn, whereas income from investment and other financial assets shrank 45% to QR7.44mn and finance costs by about 1% to QR1.16mn.
Total assets were valued at QR1.67bn, comprising current assets of QR0.36bn and non-current assets of QR1.31bn.
Total equity stood at QR1.46bn on a capital base of QR475.2mn and earnings-per-share was QR1.79 at the end of June 30, 2015.
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