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 31 2014 - Saudi Arabia's Sedco Capital eyes $300m Europe real estate dealThe Peninsula
(MENAFN - The Peninsula)  Jeddah-based Islamic investment firm Sedco Capital plans to arrange a club investment of up to $300 million in European real estate, and will soon distribute its Luxembourg ...

 Oct 31 2014 - Qatar Exchange index falls on heavy sell-offThe Peninsula
(MENAFN - The Peninsula)  Qatari stocks plunged on heavy profit-taking yesterday, a day after Federal Reserve announced its decision to wound up its over five-year-long quantitative easing stimulus ...

 Oct 31 2014 - Kuwait prioritizes protection of human rights - EnvoyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  The State of Kuwait on Thursday reaffirmed respect for human rights out of belief in their crucial role in the achievement of sustainable development.The Kuwaiti ...

 Oct 31 2014 - Kuwait welcomes Sweden's recognition of Palestinian statehoodKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Kuwait welcomes Sweden's decision to recognize Palestine as an independent state, a senior Foreign Ministry source said on Thursday.The decision comes in line ...

 Oct 31 2014 - Ban condemns Sudan hostilitiesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  UN Secretary General Ban Ki-moon strongly condemned the resumption of hostilities between the Sudan People's Liberation Army (SPLA) and Opposition forces in ...

 Oct 31 2014 - US, Israeli officials discuss ISIL, IranKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Senior US officials working on the Obama Administration's counterterrorism strategy met with their Israeli counterparts on Thursday for the semi-annual meeting ...

 Oct 31 2014 - Kuwaiti Speaker condemns Israeli closing of Aqsa MosqueKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  We condemn the unjustly Israeli act of closing the Holy Aqsa Mosque in the face of worshippers, Kuwait's National Assembly Speaker and Chairman of the Arab ...

 Oct 31 2014 - S. Korean Pres. calls for more economic ties with Saudi ArabiaKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  South Korean President Park Geun-hye on Friday called for expanding economic ties with Saudi Arabia, saying the two countries should seek exchanges in new areas ...

 Oct 31 2014 - EU condemns ISIL atrocities in IraqKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  The EU Friday expressed condolences to the families of the tribesmen who were killed in recent ISIL atrocities in the Anbar province, as well as to the families ...

 Oct 31 2014 - OPEC basket price down by 45 cents to USD 82.79 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))   OPEC daily basket price stood at USD 82.79 a barrel Thursday compared with USD 83.24 the previous day, the cartel said on Friday.The annual rate of the OPEC ...

more...


 






Google

Click to Apply

 
 

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