16-03-2025
Qatar Industrial Manufacturing Co. announces the results of the EGM. The meeting was held on 16/03/2025 and the following resolution were approved
1) Article (98)
Approval of amending Article (98) of the Company's Articles of Association in accordance with Qatar Financial Markets Authority Resolution No. (7) of 2023, amended by Resolution No. (5) of 2024 regarding the controls for distributing profits in joint stock companies listed in the financial markets and Commercial Companies Law No. (11) of 2015 and its amendments to allow the company to distribute interim profits (quarterly or semi-annual) and authorize the Board of Directors to do so after obtaining the necessary approvals, provided that they are read as follows:
The following paragraphs are added to this article to read:
7) The Board of Directors has the right to distribute interim profits during the fiscal year by issuing a resolution specifying the percentage of interim profits (quarterly or semi-annual) and the due date for profits in accordance with the controls in the Company's Articles of Association.
8) The Board of Directors may not approve the distribution of interim profits except after the issuance of the company's quarterly or semi-annual financial statements accompanied by a review report from the company's external auditor.
9) The company shall announce the date of the Board of Directors meeting to discuss the item of distributing interim profits at least one week before the meeting.
10) To distribute interim profits, the company must have achieved net profits in the quarterly or semi-annual financial statements on which it is decided to distribute profits to shareholders. Interim profits may not be distributed except after deducting the percentage set for optional legal reserves.
11) To distribute interim profits, the value of the distributed profits at the end of each quarter must be greater than the profits achieved in the financial statements for the quarter after deducting the set reserves.
12) The company's annual report submitted to the General Assembly must include the percentages of interim profits distributed to shareholders during the year in addition to the percentage of profits proposed to be distributed at the end of the fiscal year and the total of these distributions.
13) The shareholder is not obligated to return the interim profits distributed in accordance with the controls in this article in the event that the company incurs losses in subsequent financial periods during the year.
14) The external auditor's report on reviewing the interim financial statements (quarterly/semi-annual) must include the following data:
1- The company's achievement of real profits, not book profits (fictitious).
2- The value of net profits achieved after deducting reserves.
3- Providing sufficient liquidity to cover the distributions proposed by the Board of Directors.
4- The proposed distributions do not affect the company's payment of its debts and obligations on their scheduled dates.