al khaliji posts gain of qr262mn in h1
Last Updated : GMT 15:30:33
Arab Today, arab today
Arab Today, arab today

Al khaliji posts gain of QR262mn in H1

Arab Today, arab today

Arab Today, arab today Al khaliji posts gain of QR262mn in H1

Abu Dhabi - Arabstoday

Al khaliji has reported a 5% gain in its first half net profit to QR261.9mn despite slippage in net interest earnings. Net interest income had fallen 11% to QR273.48mn, according to its financial statement filed with the Qatar Exchange. Although net fee and commission income surged 20% to QR66.99mn and dividend income by 7% to QR6.48mn and net profit from ‘available-for-sale’ financial investments by 69% to QR127.17mn, the lender reported an 8% decline in its net operating income to QR458.26mn. Other operating income plummeted 99% to a mere QR0.43mn, which pulled down the net operating earnings. Of the QR458.26mn net operating income, domestic operations accounted for 81% and the remaining 19% from al khaliji France (which includes both the UAE and France). “Economic indicators suggest that Qatar’s economy continues its vigorous growth and the recently announced 2012 – 2013 government budget should create ample opportunities in various sectors of the economy,” al khaliji chairman Sheikh Hamad bin Faisal bin Thani al-Thani, said. On the expenses side, net impairment losses on loans considerably reduced by 88% to QR3.05mn and general and administrative expenses by 3% to QR146.28mn. Total assets were valued at QR27.84bn, comprising credit portfolio of QR11.32bn and financial investments of QR11.88bn. Total non-performing loans and advances was 0.5%. Customer deposits stood at QR12.75bn. Total shareholders equity stood at QR5.32bn on a capital base of QR3.60bn and earnings-per-share was QR0.39 at the end of June 30, 2012. “Our results for the first half of 2012 reflect our strategy of continuing to expand and improve our operations in the corporate, treasury, consumer and commercial areas and to diversify our sources of income in order to deliver a sound return to our shareholders,” according to al khaliji CEO Robin McCall. QIIC Qatar Islamic Insurance Company has reported a 4% rise in its net profit to QR34.84mn in the first six months of this year. Under shareholders’ account, total income rose marginally to QR45.73mn; while total expenses fell 11% to QR10.89mn, according to its financial statement filed with the Qatar Exchange. Within earnings, income from shareholders’ investments gained 46% to QR9.54mn, shareholders’ share in policyholders’ investment income by 35% to QR8.17mn and rental income by 65% to QR3.92mn. However, income from investment in associates fell 50% to QR1mn, wakala fee by 7% to QR22.27mn and other income by 82% to QR0.83mn. Under policyholders’ account, total surplus was down 14% to QR7.68mn. Net contributions fell 5% to QR57.16mn. A fall in unexpired premium and net commissions paid helped the insurer to report a 27% rise in underwriting income to QR52.29mn. But net claims surged 38% to QR47.33mn, thus resulting in a 28% decline in net underwriting results to QR4.96mn. However, net investment income gained 35% to QR2.72mn. Total assets were valued at QR620.38mn comprising policyholders’ assets of QR336.24mn and shareholders’ assets of QR284.14mn. Total equity stood at QR252.03mn on a capital base of QR150mn and earnings-per-share was QR2.32 at the end of June 31, 2012. Emaar Properties Emaar Properties, builder of the world’s tallest tower, more than doubled its quarterly profit, boosted by gains in its retail and hospitality businesses following a shift away from the battered Dubai property market. Dubai’s largest real estate developer made a net profit of 614mn dirhams ($167mn) in the three months to June 30, up from Dh250mn in the year-earlier period, Emaar said yesterday. This beat the forecasts of three analysts polled by Reuters, who on average had expected Emaar would make a net profit of Dh516.33mn.  Revenue for the quarter was Dh2.1bn compared to Dh2.03bn in the second quarter of 2011. Emaar, which saw its sales of apartments plunge 85% last year, is gradually shifting its focus from the Dubai property market towards the more profitable hospitality and retail sectors. It owns the Dubai Mall, billed as the world’s largest, and operates Armani-branded hotels. Its rental, retail and hospitality business contributed more than half of Emaar’s six-month revenue, the company said. Revenue from its retail business was Dh1.3bn in the first half of 2012, up 23% from a year earlier. Aluminium Bahrain Aluminium Bahrain (Alba) said its second quarter net profit dropped by almost half to 35.6mn Bahraini dinars ($95mn) on lower metal prices and higher gas costs. Aluminium prices on the London Metal Exchange dipped close to $600 a tonne when compared with the same period last year, according to the company. from gulf times.

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