Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- Corporate earnings up 9.7pc  Join our daily free Newsletter

MENAFN - The Peninsula - 09/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) The growth rate of Qatar's listed companies' earnings increased by 9.7 percent year-on-year to reach 11.2bn during 2013, compared to 10.2bn a year ago. Five of the total seven sectors posted gains in their earnings while two declined during year 2013



The overall growth was led by heavyweight banks and financial services sector, which accounted for 42.4 percent of the consolidated earnings , registering a YoY growth of 6.3 percent. Growth in the banks and financial services sector was driven by 13.7 percent YoY growth in earnings of heavyweight Qatar National Bank (QNB) , accounting for 54.7 percent from the sector's total earnings, due to strong growth in net interest and non-interest income in addition to the acquisition of Egypt-based NSGB (now known as ALAHLI).



Masraf Al Rayan followed with a 13 percent YoY increase, while Qatar Islamic Bank with a 4 .7 percent rise came next accounting for 7.5 percent, the Global Research's GCC Earnings Review-2013, said yesterday.



The insurance sector also contributed significantly to the growth in the consolidated earnings with a robust 214.3 percent YoY increase in earnings. The sector contributed 7.5 percent to the total earnings of the QE listed companies. The Insurance sector was driven by Qatar General Insurance and Reinsurance which posted a 12.2x growth in its net profit. The rise was due to a 68-fold jump in fair value gains, reported at QR2.04bn



Excluding the contribution of Qatar General Insurance and Reinsurance, the sector's earnings increased by only 18.6 percent. However, the telecommunications sector posted a decline of 8.1 percent during 2013 due to Ooredoo as a result of foreign exchange losses. Industrial sector also witnessed a decline of 2 percent in its consolidated earnings due to 5.1 percent decline in the earnings of Industries Qatar driven by lower global fertiliser prices



Overall, the corporate earnings in the GCC rose by 12.4 percent YoY to 61.8bn in 2013, led by the UAE. The UAE posted a 21.3 percent increase, led overall earnings and contributed 4.4 percent to the incremental rise in earnings.



In a separate note issued yesterday, Investment Bank SICO said Qatari companies' earnings are expected to decline 7 percent YoY for the first quarter of 2014 due to lower earnings forecast for telecom and industries sector



The Boston Consulting Group (BCG) said yesterday that the revenues of banks in Qatar grew by 20 percent in 2013. "In 2013, loan loss provisions varied significantly. In particular, banks in Qatar and Kuwait had to build higher provisions due to increasing delinquencies", BCG's Reinhold Leichtfuss said.

 


The Peninsula




  MENA News Headlines
 Oct 30 2014 - UAE- Hawaii lava flow reaches home threatens townKhaleej Times
(MENAFN - Khaleej Times) Red-hot lava from a slow-erupting volcano has reached a home on Hawaiis Big Island and is threatening an entire town emergency officials said Tuesday. The lava flow from ...

 Oct 30 2014 - UAE- Slow-moving lava creeps closer to Hawaii homesKhaleej Times
(MENAFN - Khaleej Times) A branch of the molten stream was less than 100 yards (90 meters) from a two-story house.This photo provided by the US Geological Survey shows the lava flow from Kilauea ...

 Oct 30 2014 - UAE- Mudslide buries Sri Lanka tea labor quartersKhaleej Times
(MENAFN - Khaleej Times) The military has mobilized troops to help in the rescue operations. Colombo Sri Lanka: A mudslide in central Sri Lanka has buried several rows of workers’ houses at a ...

 Oct 30 2014 - UAE- 10 people killed 200 missing in Sri Lanka after mudslidesKhaleej Times
(MENAFN - Khaleej Times) A local hospital source said that two men and a woman rescued from the mud had been brought in for treatment. Colombo: Around 200 people were reported missing and 10 ...

 Oct 30 2014 - UAE- Heavy rains continue in Telangana two deadKhaleej Times
(MENAFN - Khaleej Times) Two women both sisters were washed in the swirling waters of a rivulet near Madgula village in Guntur district of Andhra Pradesh as heavy rains caused by Cyclone Nilofar ...

 Oct 30 2014 - UAE- Magnitude 6.1 earthquake hits near Samoa: USGSKhaleej Times
(MENAFN - Khaleej Times) A police spokeswoman in the capital Apia told Reuters by telephone that the quake had not been felt in the city and that she was unaware of any damage. Sydney: A 6.1 ...

 Oct 30 2014 - Ottawa shooting was madmans last desperate act says motherKhaleej Times
(MENAFN - Khaleej Times) Susan Bibeau said her estranged son had wanted to travel to Saudi Arabia to study Islam and the Quran not Syria to join militant fighters. Michael Zehaf-Bibeau killed by ...

 Oct 30 2014 - UAE- Kidnapped women used by Boko Haram on front line: Rights groupKhaleej Times
(MENAFN - Khaleej Times) Suspected militant fighters kidnapped about 30 children including girls as young as 11 in Borno state at the weekend. Lagos: Boko Haram has used kidnapped young women and ...

 Oct 30 2014 - Ottawa gunman made video before attack: PoliceKhaleej Times
(MENAFN - Khaleej Times) Michael Zehaf-Bibeau who was shot dead by police in the parliament in Ottawa after killing a soldier Wednesday was mentally ill and wanted to die his mother wrote in a ...

 Oct 30 2014 - UAE- Nepal bus crash kills 14 injures dozens: PoliceKhaleej Times
(MENAFN - Khaleej Times) Among those killed Friday were two people including a woman who was part of a group heading to the Langtang trekking area. Katmandu: A Nepal bus packed with people ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help