Doha Bank Posts Impressive Net Profit of QR1.37Bn in 2015

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Doha Bank Posts Impressive Net Profit of QR1.37Bn in 2015 GULF UPBEAT | Page 2 SHOPPING SPREE | Page 13 QSE bounces Chinese fi rms back with a set record pace robust gain for foreign deals Monday, January 25, 2016 Rabia II 15, 1437 AH HELPING HAND: Page 16 Qatar SMEs to get GULF TIMES global exposure through QDB’s BUSINESS ‘Franchise Project’ QNCC posts 10% jump in ’15 profit to QR463.55mn Qatar National Cement Company (QNCC) has reported 10% jump in 2015 net profit to QR463.55mn on the back of higher revenues and cost containment. The cement manufacturer, in which government has a 43% stake, has recommended a total 50% dividend (40% cash and 10% bonus stocks). Of the QR463.55mn net profit, its cement busi- ness’ profit was QR401.96mn, sand QR23.13mn and others QR38.46mn, according to its balance Dr Seetharaman and other senior Doha Bank executives at a press conference held last night to announce the lender’s financial results for 2015. sheet filed with the Qatar Stock Exchange. Revenues grew 12% to QR1.17bn, of which sales from cement stood at QR965.07mn, sand QR172.56mn and others QR33.36mn. Although cost of sales rose faster at 16% to QR696.54mn, the company’s gross profit ex- panded 6% to QR474.45mn. Other income was up 1% to QR32.3mn. A 70% surge in interest income to QR7.69mn and 42% Doha Bank posts impressive in transport income to QR6.36mn was to a great extend contained by a 53% decline in other mis- cellaneous income to QR2.51mn, 16% in rental income from investment properties to QR7.1mn and 4% in dividend income from ‘available-for- sale assets’ to QR8.63mn. Moreover, the company reported QR1.44mn as net profi t of QR1.37bn in 2015 share of profit of associates against QR0.47mn share of loss in the previous year. The associ- oha Bank has reported more than 1% strategy to adapt to changing market and eco- ates are Qatar Saudi Gypsum Industries and growth in net profi t to an “impressive” nomic dynamics through innovation, diversi- Qatar Quarries and Building Materials Company, DQR1.37bn in 2015. fi cation and capitalising on market synergies. in which QNCC has 33.33% and 20% stake The lender has recommended 30%, or QR3, The bank’s capital adequacy ratio stood at respectively. per share cash dividend to be approved by 15.7% and its non-performing loans ratio was General and administrative expenses plunged shareholders at the annual general assembly 3.26% for which there was a 109% provision 24% to QR38.33mn mainly on a 28% decline in meeting scheduled on March 7. coverage, Seetharaman said, adding the bank’s salaries and benefits to QR16mn; even as loss on “This is another outstanding result and cost-to-income ratio was 36.7% as at Decem- foreign exchange fell 55% to QR3.23mn. is clear demonstration that Doha Bank con- ber 2015. Selling and distribution expenses were however tinues to perform consistently,” Doha Bank “Despite the diffi cult market conditions, up 3% to QR6.31mn. chairman Sheikh Fahad bin Mohamad bin Ja- Doha Bank recently managed to secure a Total assets were valued at QR3.32bn compris- bor al-Thani said. $575mn syndicated unsecured loan at an at- ing current assets of QR1.02bn and non-current The bank increased its total assets by tractive pricing and was oversubscribed by assets of QR2.29bn. QR7.8bn, a growth of 10.3%, from QR75.5bn $75mn. Furthermore, Doha Bank completed Total equity stood at QR2.84bn on a capital as at December 31, 2014 to QR83.3bn as at De- its issuance of an additional Tier 1 capital in- base of QR540.11mn and earnings-per-share was cember 31, 2015. strument amounting to QR2bn,” Seetharaman QR8.58 at the end of December 31, 2015. Net loans and advances increased to said. QR55.6bn in 2015 from QR48.6bn in 2014, He said the bank is reorganising the busi- registering a growth of 14.5%. Net interest ness model in 2016 to enhance productivity margins stood at 2.61% as at December 31, and will also redefi ne asset classes in order to ‘Aramco IPO could be open 2015. optimise the balance sheet. to international markets ’ Deposits showed a year-on-year increase On raising further capital to support its ex- of 14.8% from QR45.9bn in 2014 to QR52.8bn pansion, he said it was very much on cards but An initial public off ering of Saudi Aramco, as at December 31, 2015 which is “evidence of Sheikh Fahad and Sheikh Abdul Rehman: Impressive results. will take a call at an appropriate time when the world’s biggest oil company, could be the strong liquidity position of the bank”, the conditions are conducive. on the local or international markets but lender said. increase of 17.4% compared with the previous “The bank’s core revenue streams have He said depending on the conditions and would not include Saudi energy reserves, “Overseas operation accounts for 20% of year. shown strong growth over the prior year pe- subject to approval of regulators, some of the the company’s chairman told Saudi-owned the balance sheet,” Doha Bank Group chief ex- “Through the effi cient asset allocation riod refl ecting on the bank’s intrinsic strength representative offi ces it has will be converted Al-Arabiya television. ecutive offi cer R Seethraman said, adding the model, the return on average shareholders’ towards recurring earning capacity and also into full-scale branches. “The reserves would not be sold, but the bank has consistently delivered sustainable equity is 16.1% as at December 2015 one of the on the bank’s productive operational per- In line with its international expansion company’s ability to produce from the performance. best in the industry,” he said. formance,” Sheikh Abdul Rehman said. strategy, Doha Bank inaugurated its 12th rep- reserves is being studied,” Khalid al-Falih Doha Bank managing director Sheikh Abdul The bank has achieved a very high return on Doha Bank’s solid result in this challenging resentative offi ce in South Africa, completed told the channel in an interview from Rehman bin Mohamad bin Jabor al-Thani said average assets of 1.73% as at December 2015, market scenario, portray its commitment to the amalgamation formalities of the India op- Davos, Switzerland where the annual World the lender continues to perform well with total which is a “clear demonstration of the eff ective maximising shareholder value, the bank said. erations of HSBC Bank Oman and inaugurated Economic Forum was held last week. equity, as at December 2015, at QR13.3bn, an utilisation of shareholder’s funds”, he added. This was possible largely due to the bank’s its India operations in April 2015. Oxy to ‘stay very diligent’ in Qatar and Mideast By Pratap John Occidental also participates in the Dol- processes and technical development Chief Business Reporter phin Gas Project, the premier trans-border programmes. gas project in the Middle East, which sup- On how she assessed Dolphin Gas Project, plies natural gas produced from wells off - Hollub said, “It is a great project. It was very ccidental Petroleum (Oxy) is “very shore Qatar to customers in the UAE and well designed, very well executed, built and happy” with its core areas of opera- Oman. is running very effi ciently now. It has been a Otion in Qatar besides Abu Dhabi and Occidental has a 24.5% undivided inter- great project…generates a good cash fl ow for Oman and “wants to focus and stay very dil- est in the development and production of the owners and does a really good thing for igent” here, said Vicki A Hollub, Oxy Presi- the project in Qatar’s North Field, one of the Qatar to get their gas out and for Abu Dhabi dent and chief operating offi cer. world’s largest gas reservoirs. The Dolphin and Oman to receive it.” “We are not interested in going to Iran,” Gas Project, which became fully operational She was all praise for Qatar and Abu Dhabi replied Hollub in an exclusive interview in 2007, has had a signifi cant impact in the for cooperating and collaborating on the when Gulf Times asked whether the end region and is expected to be a steady con- Dolphin Gas Project. of Iran sanctions will open gates to energy tributor to Occidental’s fi nancial perform- “That took some regional cooperation… companies that are keen to enlarge their ance for several years. and some agreement, in collaboration be- markets. For more than two decades, Occidental tween Abu Dhabi and Qatar to make it happen. “The reason why we are not (going to Iran) has worked in close cooperation with Qatar I applaud these kinds of things when they can is because we are still very happy with our Petroleum (QP) to develop and operate off - happen, and when companies can be a part of core areas here in the Middle East – in Qatar, shore oilfi elds. that. We always feel good when we are part of Abu Dhabi and Oman,” said Hollub, who was Oxy started production in Qatar in 1994 a project that we know is going to be benefi - on a brief tour of Qatar recently. (from the fi eld it was assigned at that time) cial to an area where we operate. Because what “We still think there are opportunities at less than 20,000 bpd, Hollub said. we are always striving is to be the ‘partner of working in these core areas for us to help In less than two and a half years, produc- choice’ in all the areas where we operate and these governments, national oil companies tion was ramped up to 140,000 bpd, which the companies that partner with us.” and communities.
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