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The Group Securities: Weekly Report on QSE Performance,
16-20 April 2017
Against the backdrop of financials released by ten companies,
Qatar Stock Exchange could not hold onto the level of 10450
points, sliding below in the first session. The support barrier
at the level of 10300 points was also broken in the following
sessions. Most financial disclosures did not rise to the
expectations. Commercial Bank and Gulf Internal Services saw a
decline in their revenues, much the same with UDC. Qatar Water&
Electricity's income remained flat. Al Ahli Bank and Al Khaliji
Bank posted a slight increase in their revenues. In light of
this conditions, total trading dropped by QR9.2 billion to the
level of QR 552.2 billion. The Group reviews QSE performance in
this week with illustrative charts combined with corporate
business news, and a list of the affecting economic factors.
Corporate News:
1-- Qatar Islamic Bank disclosed the interim financial statement
for the three-month period ended March 31, 2017. The financial
statements revealed a net profit of QR555 Million in comparison
to net profit QR 492 Million for the same period of the previous
year. The Earnings per Share (EPS) per share amounted to QR 2.13
As of March 31, 2017 versus EPS per share QR 1.98 of the same
period in 2016. Qatar Islamic Bank's total income increased by
16.3% to 1496.4 million in the first quarter of 2017, including
QR1325.8 million as investment and financing revenues. In
contrast, total expenses dropped by 1.6% to QR311.2 million,
including QR152.2 million as staff cost which fell by 6.5%. The
losses, incurred as result of a decline in investments and
financing, increased by 56.2% to QR176 million.
The share of unrestricted investment deposits account
holders increased by 26.4% to QR439.4 million. As result, net
profit posted in this period rose by 12.8% to QR 555.4 million.
2-- Ahli bank net profit reached QR 170.021.039, compared to QR
164.983.817 for the same period of the previous year. Earnings
per Share (EPS) amounted to QR 0.85 For the period ended March
31, 2017 to EPS / amounted to QR 0.82 for the same period of the
previous year. Ahli Bank's total operational income increased by
3.5% to 253.7 million in the first quarter of 2017, including QR
202.3 million as net interest revenues. In contrast, total
expenses rose by 4.5% to QR 83.7 million. As result, the profit
made in this period amounted to QR170 million, or 3% increase.
3-- Qatar Electricity & Water Company net profit reached QR 350
Million, compared to QR 347 Million for the same period of the
previous year. The Earnings per Share (EPS) amounted to QR 3.18,
compared to EPS amounted to QR 3.16 for the same period of the
previous year. Qatar Electricity & Water
Company's net operational income dropped by 14.6% to QR 276
million in the first quarter of 2017, as result of a significant
rise in the operating cost. Public and administrative expenses
increased by 4.9% to QR 51 million.
Net financing cost amounted to QR 38.3 million. Adding
other sources of income worth QR41.8 million, its share from
other joint ventures worth QR 128.4 million, then the profit
posted in this quarter stands at QR 356.1 million, without
change. The company registered a comprehensive income of QR
147.6 million-- compared to losses incurred in the same period
last year. The total income attributable to shareholders
increased by 47.5% to QR 497.9 million.
4-- The Commercial Bank net profit stood at QR 91.226 million,
compared to QR 288.115 million for the same period of the
previous year. Earnings per Share (EPS) amounted to QR 0.24
compared to QR 0.85 for the same period of the previous year.
Commercial Bank's operational income dropped by 4.2% to QR885.5
million in the first quarter of 2017, including QR598.6 million
of interests.
Expenses rose by 20.7% to 840.2 million, including QR 189.3
million as staff cost, down by 17%. The bank lost QR484.8
million as result of decline of loans and financial investments.
Adding its share of profit in other joint projects,
deducting taxes, then profit attributable to shareholders falls
by 68.3% to 91.2 million. Comprehensive income fell to 181.9
million, compared to QR 418.9 million in the same period last
year.
5-- United Development Company's net profit amounted to QR 231
million in compared to QR 259 million for the same period of the
previous year. The Earnings per Share (EPS) amounted to QR 0.65 As of
March 31, 2017 versus EPS per share QR 0.73 of the same period
in 2017. UDC's operating income dropped by 7.7% to QR267.9
million in the first quarter of 2017, including QR 288.6 million
from its core business.
Public and administrative expenses dropped by 5.1% to QR
83.2 million. Adding other sources of income, deducting net
financing cost, then the profit of this quarter declines by
10.9% to QR 230.8 million. Comprehensive income amounted to QR
226.8 million.
6-- Doha Bank's net profit settled at QR 364 million, compared
to QR 354 million for the same period of the previous year.
Earnings per Share (EPS) amounted to QR 1.41, compared to QR
1.37 for the same period of the previous year. Doha Bank's net
income from insurance increased by 51.8% to QR25.8 million in
the first quarter of 2017, while it dropped from investments and
other sources by 22% to QR 17.8 million. Expenses settled at QR
16.8, slightly up. As result, the bank's net profit increased by
22.8% to QR 27.4 million.
7-- Al Khaliji's net profit stood at QR 160.9M, compared to QR
156.2M for the same period of the previous year. The Earnings
per Share (EPS) amounted to QR 0.45 compared to QR 0.43 for the
same period of the previous year. Al Khaliji's net operational
income increased by 5.1% to QR 312.1 million in the first
quarter of 2017, including QR 230.9 million as interest and QR
62.1 million as commissions.
Total expenses increased by 12% to QR148.2 million,
including QR 51.9 million as staff cost; QR64 million as
impaired loans; QR 25 million as other losses. As result, net
profit rose by 3% to QR160.9 million. There was a positive
change in the fair value of investment worth QR92.5 million,
thus causing the comprehensive income to rise to QR 253.5
million, compared to QR 94 million in the same period last year.
8-- Gulf International Services' net income from core business
dropped by 36.2% to QR87.8 million in the first quarter of 2017,
including revenues from investments and other sources worth
QR17.9 million. Total expenses increased by 8.6% to QR 61.6
million, in addition to net financing cost worth QR29 million.
As result, the company's profit declined by 81% to QR 15.1
million.
9-- Doha Bank's net profit is QR 364 million, compared to QR 354
million for the same period of the previous year. Earnings per
Share (EPS) amounted to QR 1.41 compared to QR 1.37 for the same
period of the previous year. Doha Bank's net income from
insurance increased by 51.8% to QR25.8 million in the first
quarter of 2017, while it dropped from investments and other
sources by 22% to QR 17.8 million. Expenses settled at QR 16.8,
slightly up. As result, the bank's net profit increased by 22.8%
to QR 27.4 million.
10-- Islamic Holding net profit amounted to QR 1.309.809
compared to QR226.857 for the same period of the previous year. The Earnings per Share (EPS) per
share amounted to QR 0 .23 compared to QR 0.04 of the same
period in 2017. Islamic Holding Group's net operational income
increased by 43.2% to QR 3.4 million, including QR 2.8 million
net income from commission and brokerage. Expenses dropped by
4.5% to QR 1.91 million. As result, the profit posted in this
quarter amounted to QR 1.31 million, including QR 226,000 in the
same period last year.
Economic
Developments
1-- Banks consolidated balance sheet for March has
been released; it shows a rise in total assets by about QR 17.9
billion to stand at QR 1264.4 billion.
The total domestic public debt, including bonds,
increased by about QR 0.3 billion to QR 437.2 billion, while the
total domestic private sector deposits increased by QR 0.5
billion to the level of QR 439 billion.
2-- Last week, Opec oil
prices went down again by 3.19 dollars and closed at $ 50. 48
per barrel on Thursday.
3-- Last week, Dow Jones index gained 95 points to reach the
level of 20548 points. US Dollar exchange rate increased to the
level of 109.22 yen, and $ 1.07 per Euro. Gold price decreased
by 3 dollars to the level of $ 1287 per ounce.
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