Quotes: 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
 Nov 28 2015 - UAE's international sphere inks contract with LiechtensteinMENAFN
(MENAFN) UAE based investment firm signed a business contract with the Liechtenstein Foundation for State Governance.Moreover; global sphere will organize the important approvals from African ...

 Nov 28 2015 - Saudi's National Trans and Despatch Co. gets USD 4.5mn for power projectMENAFN
(MENAFN) National Transmission and Despatch Co. Limited (NTDCL) and United Bank Limited signed a finance facility of USD 4.5mn for building a 270km transmission line.Furthermore; this investment ...

 Nov 28 2015 - Qatar fund plan gives optimism for the blindMENAFN
(MENAFN) Qatar fund plan is giving hope for millions of children suffering from blind issues, the donation worth USD 8mn.Furthermore, the joint "Qatar Creating Vision" plan will fund surgical ...

 Nov 28 2015 - Saudi- Schools to improve science educationArab News
(MENAFN - Arab News) JEDDAH: The Ministry of Education and King Abdulaziz City for Science and Technology (KACST) have signed several agreements to boost science and technology teaching at schools. ...

 Nov 28 2015 - MCI judged best e govt department in GCCArab News
(MENAFN - Arab News) RIYADH: The Ministry of Commerce and Industry (MCI) won the award for providing the Best E-Government Service among Gulf Cooperation Council countries. The award 'Best ...

 Nov 28 2015 - Saudi- Al Qaeda supporter gets 19 yearsArab News
(MENAFN - Arab News) JEDDAH: A special court has sentenced a Syrian national to 19 years in jail for supporting Al-Qaeda and other terror-related activities. The sentence includes three years for ...

 Nov 28 2015 - Saudi- 67 of visits to emergency 'not urgentArab News
(MENAFN - Arab News) JEDDAH: A whopping 67 percent of people who seek help at the emergency units of hospitals do not need urgent attention says a study. The research published by a local ...

 Nov 28 2015 - Saudi- Be ready for new wet cold spellArab News
(MENAFN - Arab News) RIYADH: Another wave of bad weather is likely to affect the Kingdom Tuesday through Friday. The Presidency of Meteorology and Environment (PME) announced Friday that rains ...

 Nov 28 2015 - Saudi- Researchers trying to turn roadside weed into biofuelArab News
(MENAFN - Arab News) RENO Nevada: Three decades ago a University of Nevada researcher who secured one of the first Energy Department grants to study the potential to turn plants into biofuels became ...

 Nov 28 2015 - Saudi- Six win Abdul Aziz Book AwardArab News
(MENAFN - Arab News) RIYADH: Six winners five authors and a researcher from scientific and educational institutions have been announced as winners in the King Abdul Aziz Book Award this year. The ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help