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The Group Securities: Weekly Report on QSE Performance,
16-20 July 2017
QSE performance remained relatively steady over the last week,
as most prices remained with no significant change. Concerning
oil, prices marginally increased to hit 47 dollars per barrel.
GCC crisis has not come to an end yet, though Qatar seems in
favorable position. Meanwhile, eight companies announced their
financials for the first half of this year. Widam and QIB
increased their profit; Al Rayan, Al Khaliji and Al Ahli
maintained their profit at a stable level; while CBQ, UDCD and
General Insurance saw a decline in their profit. In light of
these developments, General Index rose by 72 points to the level
of 9542 points. Five sectoral indices increased, namely banking
sector by 2.12%; while transportation and industries indices
fell down. Qatari portfolios dominated net buy transactions,
while trading volumes shrunk by 24.75%. Total capitalization
increased by QR6.3 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-- Masraf Al Rayan's total income increased by 9.4% to QR2061
million, including QR 1848.5 million as investments and
financing revenues. Total expenses dropped by 13.8% to 469.9
million, including 167 million as cost of staffing.
Profit attributable to unrestricted investment deposits
account holders
increased by 42.2% to 564.2 million. As result, net profit
attributable to shareholders dropped by 3% to 1020 million.
2-- Al khaliji's net operational income increased by 3.4% to QR
609.8 million in the first half of this year, including QR 496.2
million as interests and commissions.
Staffing cost amounted to QR 103.9 million. The bank
incurred a loss worth QR 114.6 million as result of an increase
in non-performing loans.
Other expenses dropped to QR 54.2 million.
As result, the profit posted in this period amounted to
QR 319.8, slightly down compared to the same period last year.
There was a negative change in the fair value worth QR11
million. Hence, comprehensive income dropped to 308.6 million,
compared to 281.1 in the same period last year.
3-- Ahli bank's operational income increased by 7.6% to QR 512.8
million in the first half of 2017, including QR 412.9 million as
net interest, and QR 85.5 million as net fees and commissions.
Total expenses increased by 18.2% to QR175.6 million,
including QR 88.9 million as cost of staff.
As result, the net profit posted in this period increased
by 2.9% to QR 342.2 million. Comprehensive income increased
after deducting the losses incurred as result of a change in the
fair value worth QR 334.9 million, compared to QR 325.1 million
in the same period last year.
4-- Widam Food Company total operational loss in the first half
of the year increased by 10% to QR 122 million. The Government
subsidies for meat consumption increased by 12.7% to QR 199.2
million. On the other hand, total expenses increased by 12.3% to
QR 27.4 million. As a result, the net profit for the period
increased by 22.3% to QR 54.1 million. The comprehensive income
increased to QR 53.5 million.
5-- The Commercial Bank net operating income in the first half
2017 decreased by 3% to QR 1.77 billion, of which QR 1.23
billion was net interest income. Total expenses increased by
13.4% to QR 1.67 billion, of which QR 366.8 million were staff
costs and QR 961.5 million were loans and investments impairment
losses. As a result, the net profit for the period attributable
to shareholders decreased by 64.1% to QR 179.6 million. The
comprehensive income amounted to QR 332.5 million due to
positive changes of QR 152.9 million in investments fair value.
6-- United Development Company total operating profit in the
first half of the year decreased by 1% to QR 472.2 million.
Total expenses of all types decreased by 3.4% to QR 163 million.
Operating profit decreased by 5% to QR 368.8 million. After
adding and subtracting other items, including other income and
net financing cost, the profit attributable to the shareholders
decreased by 14.4% to QR 283.9 million. The comprehensive income
attributable to the shareholders stood at QR 278.3 million.
7-- Moody’s, the international credit rating agency, announced
last week that it has affirmed Doha Bank’s A2/Prime-1 deposit
ratings and baa3 baseline credit assessment (BCA) of Doha Bank
Q.S.C.
9-- Qatar General Insurance & Reinsurance Company revenues for
the first half of the year decreased by 9.3% to QR 236.4
million, of which QR 91.7 million net premiums and QR 129.5
million investment income. Net claims on the company increased
by 11.6% to QR 66.2 million. Total expenses increased by 14.6%
to QR 203.1 million, of which QR 83.1 million was operating and
administrative expenses. As a result, the net profit for the
period decreased by 53.8% to QR 39.6 million. There was a fair
value loss on financial assets of QR 113.7 million, resulting in
a comprehensive loss of QR 50.1 million versus a profit of QR
19.6 million in the corresponding period last year.
10-- Vodafone Qatar said it experienced a major network outage
with their Home Location Register (HLR) a key hardware component
of their core network. HLR failure directly impacts the ability
to make and receive calls and data sessions. The equipment
failure took place during a network upgrade and extended to the
network back-up and redundancy systems.
Economic
Developments
1-- Banks consolidated balance sheet for June has not been
released, but that of May shows a rise in total assets by about
QR 5.4 billion to stand at QR 1313.5 billion.
The total domestic public debt, including bonds,
decreased by about QR 6.8 billion to QR 457.6 billion, while the
total domestic private sector deposits increased by QR 2.5
billion to the level of QR 441.6 billion.
2-- Last week, OPEC oil prices recouped 1.82 dollar, closing at
$ 47.48 per barrel on Thursday.
3-- Last week, Dow Jones index lost 58 points to reach the level
of 21580 points. US Dollar exchange rate decreased to the level
of 111.16 yen, and $ 1.17 per Euro. Gold price increased by 27
dollars to the level of $ 1255 per ounce.
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