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The Group Securities: Weekly Report on QSE Performance, 15-19 April
2018
General Index Breaks Through the 9000 Points Ceiling to Settle at
9197 Points
QSE’s performance during the last week benefited from the momentum
achieved by two key factors; the positive results of a large
number of companies that disclosed their statements during the
week, and the price of oil that reached US $70 per barrel. Of
the 14 companies that reported their first-quarter results, all
proved to be positive without any losses, with good profits for
companies such as Commercial Bank, Al Rayan, Alijarah, GWC and
Medicare. The general index managed to break the resistance
barrier at 9000 points for the second time in two weeks, and
strode firmly to settle at 9197 points. On another hand, the
trading volume increased, the total capitalization gained about
QR20 billion, and the profit spread increased to a multiple of
13.31.
In depth, the General Index increased by about 278 points or 3.12%,
to the level of 9197 points. Al Rayan Islamic Index rose by
2.48%, as well as all Sector Indices, most noticeably
Telecommunication, Services, and Banking. It has been noticed
that the share price of Ezdan made the largest gain with a 14.1%
hike, followed by Khaleej Takaful by 12.8%, Aamal by 8.2%, and
Barwa by 7.9%, and then Doha Bank by 7.8%. In contrast, the
share price of Qatar Cinema recorded the biggest loss with a
9.6% drop, followed by Zad by 8.8%, and finally Mannai by 3.1%.
Total trading volume increased by 0.48% during the week to QR1441
million, consequently the average daily trading increased to
QR288.3 million. QNB led the traded shares with a volume of
QR247.5 million, followed by the share of Vodafone with QR177
million, Qatar Industries with QR132.9 million, and then Doha
Bank with QR80.2 million. It was noticed that Non-Qatari
portfolios dominated the net purchases that amounted to QR192.1
million. Qatari portfolios, on the other hand, made net sales of
QR156.3 million, while Qatari individual investors made total
net sales of QR31.1 million, as for non-Qatari individuals, they
made net sales of QR4.7 million. As a result, QSE’s total
capitalization increased by QR20.1 billion to reach QR514
billion. P/E ratio increased to a multiple of 13.31 compared to
12.79 a week earlier.
Corporate News:
1.
Alijarah
Holding net profit reached QR1.2 million for the first quarter
of 2018, compared to QR712.4 thousand for the same period last
year. The holding’s earnings per share recorded QR3, compared to
QR1 for the same period in 2017. Alijarah’s total revenues
increased by 5.2% in the first quarter to reach QR40.7 million,
of which QR29 million were generated from major activities,
compared to QR38.3 million in the corresponding period of 2017.
The remaining QR11.5 million were collected from investments
that did not exist a year ago. Total expenses were down QR1
million to QR43.96 million, of which QR35.6 million of operating
expenses and QR8.3 million of administrative and general
expenses. After adding the net financing income of QR4.5
million, the result is a net profit that gained 74% to settle at
QR1.24 million.
2.
Qatar Islamic
Insurance Co. net profit amounted to QR23.1 million in the first
quarter of 2018, compared to QR22.7 million for the same period
last year. The company’s earnings per share amounted to QR1.54,
versus QR1.51 for the corresponding period in 2017. Qatar
Islamic Insurance gross revenue stood at QR31.7 million in the
first quarter, of which QR25.5 million were generated from the
agency fees. Net Takaful revenues stood at QR2.3 million, while
total expenses increased slightly to QR8.5 million. The result
is a net profit of QR23.1 million, an increase of 1.8% compared
to the corresponding period of 2017.
3.
Al Rayan net
profit reached QR531 million in the first quarter of 2018,
compared to QR510 million for the same period of the previous
year. The bank’s earnings per share reached QR0.71 compared to
QR0.68 for the corresponding period in 2017. Al Rayan's total
revenue increased by 20.7% to QR1.22 billion in the first
quarter of 2018. The bank’s total expenses increased by 62.4% to
QR368.7 million, of which QR207.5 million were financing
expenses and QR90.5 million went to personnel. Unrestricted
Investment Account Holders saw a return increase of 14.2% to
QR312.7 million - despite the stable balance of unrestricted
investment. As a result, the net profit attributable to
shareholders increased by 4.1% to QR531 million.
4.
GWC’s net
profit amounted to QR56.7 million compared to QR50.7 million for
the same period of last year. The company’s earnings per share
amounted to QR0.97 compared to QR0.86 for the corresponding
period in 2017. Qatar Warehousing profit increased by 25.7% to
QR99.7 million in the first quarter of 2018, in addition to
other revenues of about QR4.1 million. The total operating
expenses increased by 16.5% to QR28.9 million, and the cost of
financing increased by about 133% to QR18.1 million. As a
result, the net profit increased by 12.2% to QR56.7 million.
5.
Medicare Group
net profit amounted to QR20.45 million in the first quarter of
2018, compared to QR17.87 million for the same period of the
previous year. The Group’s earnings per share reached QR0.73,
versus QR0.64 for the same period in 2017. Medicare’s gross
profit increased by 1.9% to QR53.1 million in the first quarter
of 2018, in addition to other income of QR3.3 million. On the
other hand, general and administrative expenses increased by
8.9% to QR27.8 million. As a result, Medicare’s net profit
increased by 14.5% to QR20.5 million, but the comprehensive
income decreased to QR18.4 million due to losses in the fair
value of securities.
6.
QIIB net profit
reached QR253.2 million, compared to QR236.5 million for the
same period last year. The bank’s earnings per share reached
QR1.67, versus QR1.56 for the same period last year. QIIB’s
total international revenues increased by 12.5% to QR517.3
million in the first quarter of 2018, of which QR480.8 million
were generated from financing and investment. On the other hand,
the bank’s total expenses increased by 3% to QR125.6 million, of
which QR38 million went to personnel and QR44.5 million to
financing expenses. Return on investment holders increased by
35.5% to QR134.1 million - although the balance of this account
increased by only 7.2% during the period. The result is a net
profit increase of 7.1% to QR253.2 million.
7.
Commercial Bank
net profit increased several multiples to QR404.69 million in
the first quarter of 2018, compared to QR91.22 million for the
same period last year. The bank’s earnings per share recorded
QR1, versus QR0.25 for the same period in 2017. Commercial
Bank’s net operating income increased by 3.8% to QR919.2 million
in the first quarter, of which QR659.2 million were generated
from interest. The bank’s personnel costs decreased by 6.8% to
QR176.5 million, and impairment losses of loans and advances
decreased by 53.7% to QR221.7 million. After adding and
subtracting other items, the resulting profit for the first
quarter increased by 343.7% to QR404.7 million. It should be
noted that there was a decline in the fair value of investments
amounting to QR201.9 million, against a profit of QR90.7 million
in the corresponding period of last year. As a result, the total
income increased by 11.5% to QR202.8 million.
8.
Ahli Bank's net
profit amounted to QR176.1 million in the first quarter of 2018,
compared to QR170 million for the same period last year. The
Bank’s earnings per share reached QR0.84, versus QR0.81 for the
corresponding period in 2017. The Gross revenues of Ahli Bank
increased by 10.3% to QR260.9 million during the first quarter
of 2018, of which QR206 million were generated from interest,
while the bank’s total expenses increased by 1.3% to QR84.7
million. As a result, the net profit reached QR176.1 million, an
increase of 3.6% compared to the first quarter of 2017. It
should be noted that there was a fair value loss of QR4.4
million, with a decline in the total income of QR171.7 million.
9.
Qatar National
Cement Co. net profit amounted to QR90.3 million in the first
quarter of 2018, compared to QR84.8 million for the same period
last year. The company’s earnings per share recorded QR1.38,
versus QR1.30 for the corresponding period of 2017. Qatar Cement
gross revenues rose to QR9.7 million in the first quarter of
2018, while its total expenses decreased by 10.2% to QR9.7
million. As a result, the company's net profit increased by 6.4%
to QR90.3 million. It should be noted that the change in fair
value was negative by QR9.9 million, resulting in a
comprehensive income of QR80.3 million.
10.
Qatari
Investors Group net profit amounted to QR84.15 million in the
first quarter of 2018, compared to QR84.86 million for the same
period of last year. The group’s earnings per share recorded
QR0.68, similar to the figures of the corresponding period in
2017. The gross income of the company increased by 2.2% to
QR124.6 million in the first quarter of 2018, while its total
expenses rose by 5.9% to QR41 million. Consequently, the net
profit fell by 0.8% to QR84.2 million. However, the change in
fair value was positive by QR1 million, resulting in an increase
of the comprehensive income of QR85.2 million.
11.
Dlala Holding
net profit amounted to QR1.3 million in the first quarter of
2018, compared to QR8.2 million for the same period last year.
The holding’s earnings per share recorded QR0.05, versus QR0.29
for the corresponding period of 2017. Dlala's net income from
commissions decreased by 40% to QR6 million in the first quarter
of 2018, adding other revenues, the net operating income reached
QR9.58 million, compared to QR15.8 million in the same period
last year. Expenses, on the other hand rose by 7.9% to QR8.2
million, resulting in a net profit of QR1.38 million in this
quarter, compared to QR8.2 million in the same quarter of 2017.
It should be note that there was a loss of fair value of QR1.28
million, making the comprehensive income only QR108 thousand,
compared to QR1.93 million made during Q1 2017.
12.
Doha Insurance
Group's net profit amounted to QR28 million during the first
quarter of 2018, compared to QR27.5 million for the same period
last year. The group’s earnings per share recorded QR0.56,
versus QR0.55 for the same period in 2017. Net premiums
decreased by 14.1% to QR2.6 million in the first quarter, and
with the cost of compensation down to QR27.3 million, the net
insurance profit decreased by 8.5% to QR23.6 million. The
investment income increased by 21.9% to QR1.7 million, but the
total expenses increased by 10.7% to QR18.6 million. As a
result, the profit attributable to shareholders recorded a 1.8%
hike to QR28 million.
13.
Al Khaliji
Commercial Bank made a net profit of QR169.49 million during Q1
2018, up 5.3% compared to last year’s first quarter net profit
of QR160.94 million. The bank’s earnings per share recorded
QR0.47 for period ended on 31 March 2018, versus QR0.45 for the
same period in 2017.
14.
Doha Bank and
Amwal have announced a cash dividend of QR4.25 per unit.
Accordingly, as of the end of April 23, registered fund holders
will receive the said cash dividend.
Economic
Developments:
1- Ministry of Development Planning &
Statistics issued the consumer price index for March 2018, which
shows a decrease in inflation to 0.4% compared to 0.8% in
February 2018.
2- OPEC
oil increased during the previous week until Wednesday 18th April
by US $1.10 to US $69.39 per barrel, compared to the previous
week’s price tag of US $68.29 per barrel.
3- Dow
Jones index gained 135 points to the level of 24483 points until
closing on Thursday. US dollar held its position at US $1.23
against the euro, and held steady once again against the yen at
¥107.61 per dollar. Gold rose by about US $5 to the level of
$1344.7 per ounce.
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