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(The Group’s Comments) Investment Holding's Net Profit
Rises to QAR 27.83 Million for the First Half of 2019
August 05, 2019
Profits: Investment Holding Group’s net
profit amounted to QAR 27.8 million for the first half of 2019,
compared to QAR 23.3 million for the same period last year, an
increase of 19.3%, while its earnings per share reached QAR
0.034 versus QAR 0.028 for the corresponding period of 2018. As
for the second quarter, the company posted a net profit of QAR
12.1 million, compared to QAR 8.9 million for the same quarter
of 2018.
Revenues: decreased by about 4% or QAR 8.7
million, to settle at QAR 211.7 million by the end of this
year’s first half, compared to QAR 220.4 million for the first
half of 2018, due to the decrease in contract revenues by about
QAR 21 million, and the climb of maintenance revenues by about
QAR 14 million.
Costs: Despite the decline in revenues, the
cost increased by 1% or about QAR 1.8 million, which led to a
16.7% decline in gross profit from QAR 62.6 million in the first
half 2018 to QAR 52.1 million for this year’s first half.
Other Income: 2018 results
included QAR 28.8 million in non-operating profits from
valuation of financial assets. These profits were not recorded
in the data of this period, while the first half of 2019
included non-operating profits from the valuation real estate
investments of about QAR 2.0 million. As for other revenues,
they increased by QAR 3.0 million to reach QAR 13.2 million.
General & Administrative Expenses: declined by about QAR 34 million, or 47%, and reached QAR 30.3
million for the first half of 2019, compared to QAR 64.3 million
for the same period of 2018, due to a decrease in provisions by
about QAR 27.5 million that the company deducted for stagnant
goods and miscellaneous provisions. The absence of such
provisions had a significant impact on the improvement of the
company's profits and on offsetting the non-recurring profits of
the previous period.
Comprehensive Income: Investment
Holding Group recorded an assessment profit of about QAR 14.6
million for the first half of 2019. It should be noted that the
first half of 2018 did not include any valuations.
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