Doha Bank H1 Net Profit Rises 10.2% to Qr519mn
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FTC VOTES 3-2 : Page 2 CRISIS DEEPENS: Page 4 Facebook to pay Nissan warns of record $5bn profi t plunge; US fi ne over set to unveil privacy violations 10,000 job cuts Thursday, July 25, 2019 Dhul-Qa’da 22, 1440 AH AVIATION NEWS REPORTS: Page 12 Central Africa GULF TIMES routes on airlines’ BUSINESS radar over Ebola UDC posts QR238mn in H1 net profit on QR912mn revenues United Development Company (UDC) has Al-Othman, who is also member of the reported a net profit of QR238mn over board, said the first half of 2019 marked the revenues of QR912mn for the first half of achievement of several milestones for UDC, 2019. The net profit attributable to the equity both in terms of sales and leasing. UDC’s shareholders was QR225mn and basic earnings success in positioning The Pearl-Qatar as per share was QR0.063. an attractive destination for those seeking UDC chairman Turki bin Mohamed al-Khater a lively community to live, work, and do Sheikh Abdul Rehman: Strong results. Sheikh Fahad: Robust growth. Seetharaman: Untiring eff orts. said UDC managed to build on its stable business was again evident in 2019, he noted. financial results in the first half of 2019 and is He said: “Our business model has proved actively pursuing development projects across its success during challenging times in the The Pearl-Qatar and Gewan Island. regional real estate sector. The residential With the launch of the sale of 10 tower land leasing occupancy rates at The Pearl-Qatar plots in Floresta Gardens and the fourth sales remained steady in the first half of 2019 phase of Al Mutahidah Towers, al-Khater said compared to the same period in 2018.” Doha Bank H1 net profi t UDC is well positioned to sustain its positive Al-Othman said UDC added two prestigious results, as it gears up to launch the construction accolades to its list of honours at the ‘Arabian works for United School International and the Property Awards 2019-2020’, which included Floresta Gardens, as well as Giardino Village the ‘Best Mixed-Use Development Award’ for gated residential compounds. The Pearl-Qatar and the ‘Commercial High-Rise rises 10.2% to QR519mn Al-Khater said, “Through off erings that serve Development Award’ for UDC Tower. the community needs of The Pearl-Qatar, UDC In this context, he said UDC will pursue its will further bolster the island’s position as an eff orts to enhance The Pearl-Qatar’s position oha Bank has posted a portfolio increased by QR5.5bn, tal adequacy ratio of the bank er,” Seetharaman said. During attractive destination for families and business as a local and regional business and tourism half yearly net profi t of showing a signifi cant growth of increased to 17.4% in H1, 2019 the year, Doha Bank completed professionals alike. destination that features annual events and DQR519mn, up 10.2% on 27.7% as compared to the same from 16.6% in the same pe- 40 years of operations. The “In this regard, UDC has named Orbital festivals and a growing number of retail outlets QR471mn registered in H1, 2018. period of the last year. riod last year. The bank, given bank announced a campaign by Education as the operator of United School and brands. Doha Bank chairman Sheikh Sheikh Fahad highlighted that the scale of its operations, has off ering gold rewards, launched International in Giardino Village precinct, and Al-Othman added: “UDC continued to Fahad bin Mohamed bin Jabor the achieved half yearly profi t of achieved a return on the average a new housing loan campaign tasked Al Darwish Engineering Company to provide the necessary public services to the al-Thani said the bank has made QR519mn as against QR471mn assets of 1.05% as of June 30”. as well as a Qatari buyout loan undertake the construction works for the island’s residents and visitors, ratifying a “signifi cant progress in improv- in the same period last year was Sheikh Abdul Rehman “laud- campaign off ering interest development of the School, in addition to new memorandum of understanding in June ing the cost management and due to “robust” growth on in- ed the performance” of the QE rates as low as 0%. awarding Ramaco Trading & Contracting 2019 with the Ministry of Interior to promote, effi cient utilisation of resources” vestment income and control Index ETF ‘QETF’ fund, where On this achievement, Dr Company the design and construction works of ensure, and provide traff ic and road safety where the operating cost for the on operating expenses. This was the fund achieved a total return Seetharaman said, “This new Floresta Gardens Gated Compound.” measurements and traff ic services across The period decreased by 8.2% as done as the bank focus was on of 20% in 2018, outperforming campaign is our way of thank- He added: “Our excellent customer service and Pearl-Qatar. We look forward to a promising compared to same period last strengthening the provisions. most ETFs in the world. ing our loyal customers for their rich portfolio of projects across The Pearl-Qatar future, as we continue to invest in the year thus reducing the cost to in- He expressed his satisfaction On Doha Bank H1 perform- continued support throughout will attract new investors to the Island and development of sustainable projects that will come ratio to 35.5% from 36.6% with the growth of the interest ance, Dr Seetharaman, chief the years as well as for inspiring enable UDC to sustain its diversified revenue reward the shareholders over the long term.” showing bank’s productive op- income by 5.5% as compared to executive offi cer said, “This us to innovate new products and stream.” UDC, the master developer of The Pearl- erational performance. the same period last year. achievement is the culmina- services to excel in our business.” UDC president and CEO Ibrahim Jassim Qatar and Gewan Islands, is a leading Qatari Sheikh Fahad said Doha Fitch has affi rmed Doha tion of untiring eff orts of various Furthermore, the bank also al-Othman said UDC is committed to pursue public shareholding company with a mission bank’s total assets increased by Bank’s Long-Term Issuer De- parties who contributed to the off ered a new Al Dana Savings its development activities mainly evidenced to identify and invest in long-term projects QR11.6bn, registering a growth fault Rating (IDR) at ‘A’ with a QETF’s success in its fi rst year Plan, a summer promotion for by the development of Gewan Island project contributing to Qatar’s growth and providing of 13.1%, from QR89.2bn as on ‘Stable’ outlook, which recog- of operations.. We believe the visa credit cardholders to earn with an investment value of approximately good shareholder value. June 30 last year to QR100.8bn nise Doha Bank’s sustainable QETF holds immense promise additional Doha Miles on in- QR3bn. Established in 1999, the company was first as in June this year. business model in the current and opens a gateway to the Qatari ternational spend, a personal According to the development plans, the listed on the Qatar Exchange in June 2003. It Net loans and advances in- business environment. market for global investors.” loan campaign with MetLife’s award of the marine works to UrbaCon has a shared capital of QR3.5bn and total assets creased to QR60.9bn in H1 from Doha Bank managing director “Despite challenging market Future Protect insurance policy Trading & Contracting Company and Promar of approximately QR18bn as of June 30, 2019. QR58bn for the same period last Sheikh Abdul Rehman bin Mo- conditions, Doha Bank’s per- and a new car loan campaign. Marine Contracting Company, and securing UDC activities cover a multitude of vital year, registering a growth of 5.1%. hamed bin Jabor al-Thani said, formance throws light on its Earlier in the year, Doha Bank the financing arrangement with QNB and investment sectors, including real estate Customer deposits showed a “The total shareholder’s equity superior products and services, launched the 16th edition of its Commercial Bank for the development of development, property management, year-on-year increase of 7.2% stood at QR13.3bn as of June 30 ongoing customer demand and Al Dana Scheme, crowned the Gewan Island with a credit ceiling of QR1.25bn infrastructure and utilities, maritime, and from QR51.9bn to QR55.6bn as this year, from QR12.5bn for the capitalising on market syner- fi nal millionaire of Al Dana Sav- have been concluded, al-Othman said. hospitality related businesses. of June 30 this year, which is same period last year, registering gies.” The bank’s top ranking ings Scheme’s 15th edition, un- evidence of the “strong liquid- a growth of 5.7%. of listed companies in Qatar by veiled the latest release of ‘Doha ity position” of the Bank. “The bank continued to ESG Invest, for the second year Bank My Book Qatar’ and felici- Sheikh Fahad pointed out that strengthen its key capitalisa- in a row, reinforced its position tated winners of its ‘Qmiles’ and the total fi nancial investment tion ratios, where the total capi- as a global sustainability lead- ‘Gold Rush Cards’ campaigns. Pinsent Masons holds seminar on Arbitration in Qatar International law firm Pinsent Masons held a professional body promoting and enforcing tion and what the proceedings and enforcement seminar on ‘Arbitration in Qatar — practical the highest international standards in the valu- of an arbitration involve. The session also issues and pitfalls to avoid’ to an audience of ation, management and development of land, considers techniques aimed at reducing the cost professionals in key sectors including infra- real estate, construction and infrastructure.