Qatar Islamic Bank (QIB) has reported a net profit of QR291mn in the first quarter of this year.
Total income amounted to QR724mn. Income from financing and investments were up 2% to QR662mn, while fee and commission income were lower, which included certain non-recurring items.
Financing portfolio continues to be the major growth driver and have reached QR37.8bn, representing 18.6% growth since the first quarter 2012, the bank spokesman said.
“The bank is building on its long term strategy to create a strong banking group with local and international presence which meets the expectations of its shareholders, customers and strategic partners,” QIB chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani said.
Total assets stood at QR68.8bn, while customer deposits were at QR40.5bn.
Total expenses of the bank rose 5% to QR233mn.
The bank allocated QR96mn in the first quarter 2013 towards improving the provision coverage on financial investments and financing activities compared to QR85mn in the same period previous year.
Total shareholders’ equity of the bank reached QR10.9bn at the end of the first quarter 2013, helping it to maintain its healthy capital adequacy ratios.
During the first quarter 2013, Standard & Poor’s affirmed its ‘A-’ long-term and ‘A-2’ short-term counterparty credit ratings to QIB with a stable outlook rating on the long-term. Capital Intelligence (CI) also affirmed the bank’s financial strength rating of ‘A’, which reflects its strong Islamic banking franchise, evidenced by substantial growth in financings and customer deposits, and the bank’s strong capitalisation.
Woqod
Woqod (Qatar Fuel Company) has reported a marginal 0.21% gain in net profit to QR241.21mn in the first three months of this year.
Revenue, otherwise, rose 10% to QR2.95bn but cost of sales grew faster at 12% to QR2.58bn, resulting in a marginal 0.68% slippage in gross profit to QR367.03mn, according to its financial statement filed with the Qatar Exchange.
Other operating income expanded 22% to QR61.70mn while general and administrative expenses rose 8% to QR167.41mn.
Total assets were valued at QR8.54bn comprising current assets of QR6.22bn and non-current assets of QR2.32bn.
Total equity stood at QR5.58bn on a capital base of QR649.69mn and earnings-per-share was QR3.71 at the end of first quarter this year.
Dlala
Dlala Brokerage and Investments Holding Company’s first quarter net profit rose 8% to QR16.52mn despite slippages in net brokerage and commission earnings.
Net brokerage and commission income, otherwise, shrank 46% to QR4.58mn; which was rather made up by a 57% surge in real estate income to QR15.77mn, according to its financial statement.
Although investment income fell 2% to QR5.11mn and interest income by 59% to QR0.21mn, its net operating income reported a 5% expansion to QR25.66mn.
General and administrative expenses were down 7% to QR7.09mn and there was a fresh QR1.02mn Islamic finance costs. Total assets were valued at QR563.99mn, comprising current assets of QR515.07mn and non-current assets of QR48.92mn.
Total equity stood at QR236.08mn on a capital base of QR200mn and earnings-per-share was QR0.74 at the end of March 31, 2013.
Nawras
Oman’s No 2 telecom operator Nawras reported a 21% drop in first-quarter profit yesterday, missing analysts’ estimates as text and domestic call income fell.
The firm posted a fifth straight quarterly profit decline as margins shrunk and depreciation rose while overall revenue increased 3%.
Nawras, majority-owned by Ooredoo (formerly Qatar Telecom), made a net profit of 7.7mn rials ($20mn) in the three months to March 31, down from 9.8mn rials in the year-earlier period.
Two analysts polled by Reuters forecast Nawras, which ended Oman Telecommunication Co’s (Omantel) monopoly in 2005, would make a quarterly profit of 10mn rials.
Margins at Gulf telecom operators are under sustained pressure as subscribers increasingly switch to Internet-based communications such as instant messaging and Voice over IP (VoIP) services.
Earnings before interest, tax, depreciation and amortisation (EBITDA), a key industry metric, fell 4.1% to 23.2mn rials.
Nawras said increased depreciation arising from network modernisation had impacted its net profit. First-quarter revenue was 48.2mn rials, Nawras said in a statement. This compares with 46.8mn rials a year ago.
GIS profit jumps 48%
Gulf International Services (GIS) – a holding company for insurance, drilling, aviation and catering businesses – has reported a 48% growth in January-March net profit to QR135.78mn on more than doubled revenues.
The insurance arm (Al Koot) saw its profit more than doubled to QR28.95mn and aviation arm of Gulf Helicopters (pictured) surged 23% to QR53.99mn.
Its share of results of the drilling joint venture (Gulf Drilling International) saw an 11% gain to QR40.76mn, and there was a fresh QR18.67mn as profit from catering business since GIS had last year acquired Amwaj from Qatar Petroleum.
Revenues more than doubled to QR552.62mn but direct costs also more than doubled to QR444.89mn; yet translating into more than doubled gross profit of QR107.73mn, according to its financial statement.
Revenue grew 22% to QR161.91mn and aviation by 26% to QR149.24mn. GIS also saw QR241.47mn revenue accruing from catering business.
Finance income grew 4% to QR5.67mn and other income by 81% to QR7.82mn; while net gains on financial assets at fair value plunged 42% to QR1.53mn.
Finance costs almost quadrupled to QR4.48mn and general and administrative costs more than tripled to QR23.26mn.
Total assets were valued at QR5.17bn comprising current assets of QR2.56bn and non-current assets of QR2.61bn.
Total equity stood at QR2.55bn on a capital base of QR1.49bn and earnings-per-share was QR0.91 at the end of March 31, 2013.
