Aluminum extrusion plant of QIMC soon

The Peninsula reported that the Qatar Industrial Manufacturing Company is expecting to soon commission its aluminum extrusion plant.

The company said that the plant is likely to be operational in the H1 of the current year. The company has reported robust financials for the Q1 of this year.

Mr Sheikh Abdul Rahman bin Mohammed bin Jabor Al Thani chairman of the QIMC announced that the company has achieved net profits of QAR 51.32 million in Q1 of the current year as compared to QAR 46.9 million in Q1 of 2010. With an increase of 10% in net profits this year's Q1 it reflects positively on the earnings per share of QAR 1.30.

Mr Abdul Rahman bin Abdullah Al Ansari CEO of the QIMC said that despite the company's capital increase last year by issuing 10% bonus shares and the distribution of 25% cash dividend, the company maintained its earnings growth for the Q1 of 2011.

Hence, QIMC is expecting the commissioning of the Aluminum Extrusion Plant during the H1 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 tonnes to 43,000 tonnes per year and its commissioning is expected to start by the Q1 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.