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
 Jul 30 2015 - Egypt- Trial of businessman Ehab Talaat postponedqDaily News Egypt
(MENAFN - Daily News Egypt) The trial of prominent businessman Ehab Talaat was postponed to 26 December on Tuesday for an expert report on the matter.Talaat is being sued by the Al-Ahram Foundation ...

 Jul 30 2015 - Egypt participates in UN counter-terrorism meetingDaily News Egypt
(MENAFN - Daily News Egypt) An Egyptian delegation participated Tuesday in the UN counter-terrorism meeting in the Spanish capital, Madrid, and discussed efforts to tackle militancy.Egypt also ...

 Jul 30 2015 - Egyptian court postpones verdict in Al Jazeera journalists' retrialDaily News Egypt
(MENAFN - Daily News Egypt) A court in the Egyptian capital, Cairo, has postponed the verdict in the retrial of three Al Jazeera journalists, jailed for aiding a terrorist organization with false ...

 Jul 30 2015 - Egypt- 'Will justice be served this Thursday?' (1):JournalistsDaily News Egypt
(MENAFN - Daily News Egypt) An Egyptian court will conclude one of Egypt's most hotly debated cases since the ouster of the Muslim Brotherhood regime in 2013, and one of the longest trials the ...

 Jul 30 2015 - Al-Jazeera re-trial case adjourned to 2 AugustDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian court was to conclude Thursday one of Egypt's most debated cases since the toppling of the Muslim Brotherhood's regime, also among the longest trial the ...

 Jul 30 2015 - Egypt- Trial against Fatima Naoot continuesDaily News Egypt
(MENAFN - Daily News Egypt) The prosecution at the Sayeda Zeinab Misdemeanour Court decided on Wednesday to postpone the case against Fatima Naoot, who is charged with contempt of religion.In turn, ...

 Jul 30 2015 - Ooredoo Oman profit up 18.7 percent in H1MENAFN
(MENAFN) Omani Qatari Telecommuni-cations Company (Ooredoo), has reported an 18.7 percent increase in its net profit for the first half of this year.The company's revenues for the first half of 2015 ...

 Jul 30 2015 - Dubai real estate down, under pressureThe Arabian Post
(MENAFN - The Arabian Post) The Dubai residential market continues to face downward pressure as rents and sale prices decline. It's perhaps indicative of a systemic shift that the current phase's ...

 Jul 30 2015 - Consumer choice, innovation 'key drivers of aviation sector'The Arabian Post
(MENAFN - The Arabian Post) Consumer choice and innovation are the fundamental drivers of competition in the international airline industry, said Etihad Airways president and CEO James Hogan at the ...

 Jul 30 2015 - Qatar's transport sector posts double-digit growth in H1MENAFN
(MENAFN) Qatar's transport sector witnessed a healthy double-digit expansion in profitability in the first half of this year, mainly on the back of earnings in logistics segment.The cumulative net ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


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