Ahlibank Posts Net Profit of QR665.6Mn in 2018
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MUMBAI MEET | Page 2 India market ‘crucial’ for Qatar Airways Thursday, January 17, 2019 Jumada I 11, 1440 AH GROWING TIES: Page 16 GULF TIMES Qatar-Turkey trade up 49% to BUSINESS QR7bn in 2018 GWC’s 2018 net profit surges 10% to QR237.5mn Board recommends 19% cash bin Jassem bin Jabor al-Thani said, “Such nology services and solutions provider lence was recognised by Microsoft and dividend to shareholders an achievement reflects the success of our aiding local business transformation, and received the “Digital Transformation long-term strategy, while supporting the launched GWC Marine operations, off ering Award” for its outstanding achievements Driven by its long-term growth strategy, Qatar National Vision 2030 in becoming shipping agency services that meets the in leading the company’s digital transfor- Qatar’s leading logistics provider GWC a sustainable and diverse economy, and economy’s growing needs. mation. posted a net profit of QR237.5mn in 2018, ensuring the best possible returns to our Meanwhile, as the authorised service GWC was also recognised by the Qatar up 10% on the previous year. shareholders.” contractor for UPS in Qatar, and through Green Building Council for its eff orts at In 2017, GWC had registered a net profit of GWC witnessed a number of achieve- its massive logistical infrastructure and contributing to a greener lifestyle, sustain- QR215.4mn. ments within the company’s various human capital, GWC has been assigned able development, and environmental pro- GWC’s board of directors has recommend- departments in 2018. GWC’s contract the agent for UPS Supply Chain Solutions tection both in Qatar and internationally. ed 19% cash dividend to shareholders, logistics, forwarding, transport, records in Qatar. Established as a Qatari public shareholding which is subject for approval during the management and projects departments “Our purpose-driven values of innovation company in 2004, GWC off ers high-quality company’s Annual General Meeting to be have made major in-roads in developing and performance continue to propel us warehousing and distribution services, held on February 4. contracts with clients in the oil and gas, forward in 2018, maintaining and develop- hazmat logistics, freight forwarding, The company’s gross revenues reached government, FMCG, and retail sectors, ing our position as the preferred logistics project logistics, sports and event logistics, QR1.23bn in end-2018 in comparison with while relocations, fine art, equestrian provider in the State of Qatar, and thereby equestrian logistics, fine art logistics, QR981.3mn in 2017. EPS increased to logistics scored high with clients, locally ensuring the best possible returns for our supply chain consulting, transportation QR4.04 at the end of 2018, compared to and internationally. shareholders,” said Ranjeev Menon, GWC management, records management, QR3.68 at the end of 2017. The company also pursued new ventures Group CEO. and door-to-door moving and relocation GWC chairman Sheikh Abdulla bin Fahad by adding LEDD Technologies, a tech- The company’s commitment to excel- services. Sheikh Abdulla (right) and Menon: Success of long-term strategy. Turkey central Ahlibank posts net profi t bank holds rates at 24% after of QR665.6mn in 2018 infl ation retreats Reuters hlibank has posted a net and 12.6% respectively, despite ogy has been important pillars to Istanbul profi t of QR665.6mn in an increase in balance sheet size our strategy. A2018, up 4% on the pre- and equity base. “As a testimony to our per- vious year. In 2017, Ahlibank had Ahlibank’s non-performing formance Moody’s has affi rmed urkey’s central bank left its benchmark earned a net profi t of QR639.7mn. loans ratio (NPL) stood at 1.69% Ahlibank’s A2/Prime-1 deposit interest rate unchanged yesterday as The bank’s balance sheet grew (as of December 2018) with a pro- ratings. Fitch Ratings has also Texpected, allaying investor fears that it to QR40.4bn, up 1.3% on Decem- visions coverage ratio of 134%, affi rmed Ahlibank’s Long Term could loosen policy after infl ation fell from a 15- ber 2017. refl ecting “strong” asset quality. Issuer Default Rating (IDR) at ‘A’. year high due to a rebound in the lira. Ahlibank’s liquid assets as a Loan loss provisions include Both rating agencies have revised The one-week repo rate was held at 24%, percentage to total assets im- IFRS 9 expected credit losses re- the outlook to Stable from Nega- having been raised 11.25 percentage points last proved signifi cantly to 30.6% in lated to Stage 1 and Stage II loan tive. These ratings make us proud year. December 2018 as against 25.8% portfolio. of what we have achieved.” Nineteen of 21 economists in a Reuters poll in December 2017, driven by Ahlibank’s total capital ad- Sheikh Faisal said, “On behalf had said they expected the rate to be kept steady. growth in liquid assets. equacy ratio as of December 2018 of the board of directors I would Two had forecast a rate cut. The bank’s stable funding con- stood at a healthy 16.9%, refl ect- like to thank our customers for There had been speculation the central bank sisting of medium-term loans ing its “strong” capital position, their loyalty, the shareholders for could cut rates given a recent easing in infl ation and debt notes as a percentage of the bank noted. their confi dence in our mission, — the rate declined to around 20% in December, total liabilities improved to 17.6% On the results, Ahlibank the management and staff for all after peaking at a 15-year high of 25.24% in Oc- in December 2018 compared with chairman and managing direc- their dedication and hard work, tober. 16.8% in the same period in 2017 tor Sheikh Faisal bin AbdulAziz and extend a special gratitude to Investors also see the potential for pressure as the bank focused on improving bin Jassem al-Thani said, “We Qatar Central Bank for their un- for lower rates before March local elections. the maturity profi le of liabilities. are pleased and proud with the interrupted guidance and sup- “Leaving the rates unchanged was what the Total operating income in- bank’s solid and steady fi nancial port.” markets wanted to see but the rhetoric is also creased by 5.4% to QR1.1bn on performance for the year ending The bank’s board of directors still about maintaining a hawkish stance,” said account of higher non-interest 2018. There are many parallels has proposed a cash dividend of Kaan Nazli, a senior economist at Neuberger income, driven by higher fee and between Qatar’s economic per- 10% (QR1 per share) and a bo- Berman. commission income and invest- formance and Ahlibank’s fi nan- nus share of 10% (10 new shares “They have not gone softer, given that infl a- ment income. cial performance, both proved for every 100 shares held) as the tion has been on a downward trajectory and this Ahlibank’s cost-to-income resilient, stable and made con- dividend distribution for 2018. is what markets wanted to see on both forward ratio last year improved to 28.1% sistent progress. The dividend proposal takes guidance and the rate decision. Now we are from 30.6% (in 2017) due to a “Ahlibank continues to re- into account maximisation of looking at March, and what will happen then.” 5.4% growth in total operating port steady and consistent in- shareholders’ wealth, the bank’s The lira fi rmed to 5.3825 against the dollar income and a 3.1% reduction in come growth, while maintaining internal capital requirements, li- following the decision, from 5.4169 beforehand. total operating expenses, refl ect- strong and diversifi ed funding quidity and balance sheet growth It was at 5.3900 at 1111 GMT. ing effi cient management of the and healthy asset quality. Ahl- projections. “While developments in import prices and bank’s operations. ibank is now looking to build on The results are subject to the domestic demand conditions have led to some The return on average assets the steady performance through fi nal approval of the Qatar Cen- improvement in the infl ation outlook, risks on (ROAA) and return on average eq- investment in new technologies. tral Bank and the General Assem- price stability continue to prevail,” the bank said uity (ROAE) stood solid at 1.73% Focus on innovation and technol- bly, Ahlibank noted. Sheikh Faisal: Solid and steady financial performance. in a statement. UDC awards Parsons contract for Floresta Gardens masterplan, infrastructure design United Development Company (UDC) Parsons scope of services includes the boost Qatar’s position as an attractive for the infrastructure works and the has selected Parsons to provide master design of masterplan, infrastructure, lifestyle destination.” construction works of the retail centre planning and infrastructure consultancy landscape, public realm, and retail Welch also said, “Our team is excited to in the Floresta Gardens will be shared services for the development of Floresta centre, as well as the schematic design create a high-quality residential com- with the contractors in March 2019, Gardens, which will have a distinctive of the precinct’s 10 mid-rise residential munity that off ers a diverse lifestyle, UDC added. architectural feature at The Pearl-Qatar. towers and utilities tie-in points for three with stunning waterfront and public UDC is one of the foremost luxury real UDC is one of the leading Qatari public gated villas. realm views.” estate development companies in Qatar shareholding companies in Qatar and Al-Othman said, “The distinguished UDC said Floresta Gardens will off er a with an expanding portfolio of projects, the master developer of The Pearl-Qatar Floresta Gardens’ development will play variety of community living options, which includes real estate development, and Gewan Islands.