(The Group's Comments) Qatar First Bank Net
Loss Increased to QR 482 Million in 2018
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Profits/Losses: The Bank recorded a loss of QR 481.91 million for the year 2018,
compared to a loss of QR 269.36 million in 2017, i.e. the losses
jumped by 79%. Meanwhile, the losses per share stood at QR 2.41
compared to a loss of QR 1.35 for the year 2017. As for the last
quarter of 2018, losses amounted to QR 56.36 million versus
losses of about QR 129.66 million for the same period in 2017.
The total losses amounted to QR 998.46 million at the end of the
year, equivalent to 50% of the paid up share capital.
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Comprehensive income: recorded a loss of QR 109.02 million compared to a profit of
QR59.86 million for the year 2017. The losses were due to the
sale of one of the bank’s investments in Turkey, which resulted
in losses of QR 119.29 million, and losses of QR211.4 million
due to the revaluation of investments at fair value through
income statement.
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Expenses: The total expenses amounted to QR 278.7 million at the end of 2018,
compared to QR252.7 million in 2017, an increase of
approximately 10%. The amount of QR 38.1 million is included in
the expenses relating to impairment of the investment value of
one of the subsidiary companies.
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Assets: decreased by QR 1,700 million by the end of 2018 compared to the
previous year by approximately 34%. This decrease resulted from
equity investments of QR 514.1 million or 56% due to QR 209
million disposals and a decline in fair value of QR211 million.
The bank also sold one of its investments as mentioned above.
The book value of the share at the end of 2018 is about QR 5.00.
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Dividends: No cash dividends
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Market ratios: The share incurred a loss therefore the lack of a profit ratio.
Meanwhile the stock is currently traded at a market value
multiple of 0.80 times.
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