QNCC to Operationalise Fifth Plant in H1 of 2018
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BRAZIL WOES | Page 3 TRADE ROW | Page 15 Army will need Trump said more than guns to favour to fi x Rio crime stiff est tariff s Monday, February 26, 2018 Jumada II 10, 1439 AH BEST PRACTICES : Page 16 Mwani Qatar GULF TIMES signs MoU with Indonesian port BUSINESS fi rm Pelindo 1 Nakilat posts 2017 profit of QR847mn Nakilat posted a net profit of QR847mn in 2017, the company said yesterday. The company’s earnings per share stood at QR1.53. Nakilat’s board of directors recommended distributing cash dividends to the shareholders equal to 10% of the nominal value of its capital, which is equivalent to QR1 per share. During the year, Nakilat successfully deployed the company’s strategic plans towards maintaining its global leadership in LNG transportation and the integral role it plays in Qatar’s LNG supply chain. Despite the challenges facing the energy and maritime indus- try, the company managed to achieve positive results across its operations that exceeded planned expectations in 2017 through enhanced operational eff iciency and a reduction in general, administrative expenses and finance costs. Additionally, the net profit achieved in the fourth quarter of 2017 was higher than that achieved in the third quarter and fourth quarter of 2016, by 21% and 16% respectively. Global agencies continued to rate Nakilat highly during rating aff irmations processes last year, and had attributed the com- pany’s success to its resilience to market volatility as well as its consistent and reliable record for operating LNG vessels. Nakilat’s board of directors commended the company’s steady financial results notwithstanding the challenging business environment, a reflection of the company’s strength and resil- ience. Complemented by strategic long-term agreements with well-established charterers, Nakilat has managed to maintain steady cashflow and generate positive value for our share- The QNCC board outlines the 2018 strategy before shareholders yesterday. The company has supported the construction boom in Qatar by meeting the market demand for all types of holders. Given the volatile market conditions, the company cement and washed sand successfully from its own production and at competitive prices for all products. PICTURE: Shemeer Rasheed has embarked on cost optimisation initiatives, capitalising on profitable business growth, and achieving cost savings. Nakilat continues to explore and capitalise on diff erent busi- ness opportunities and mitigating business risks to strengthen the company’s international position as a global leader in the LNG shipping industry. The board of directors also recognised Nakilat’s eff orts at attracting Qatari nationals to undertake various roles in the maritime industry which resulted in the achievement of the QNCC to operationalise ‘award for supporting Qatarisation’ at the Energy and Industry Sector’s Annual Qatarisation Review Meeting 2017. The board of directors has decided to convene the annual fi fth plant in H1 of 2018 general meeting on March 20. New production line to boost daily various products at competitive prices, its On January, 25 and February, 6, 2017, and washed sand successfully from its own cement output by 5,500 tonnes chairman and managing director Salem bin Fives commissioned two new cement mill- production and at competitive prices for all Butti al-Naimi told shareholders yesterday ing units for QNCC as part of the construc- products. By Santhosh V Perumal at the annual general assembly meeting tion of its fi fth production line in Umm Bab, The company’s production in both cat- Business Reporter (AGM) that approved QR327mn net profi t Qatar. egories of cement OPC & SRC reached and the 45% cash dividend for sharehold- QNCC is not only diversifying the pro- 3.5mn tonnes in 2017. The production of ers for 2017. duction by adding new types of cement to washed sand increased to 9.1mn tonnes and atar National Cement Company QNCC has already completed the indus- meet the demand of local market and uti- Calcium carbonate to 40,000 tonnes. (QNCC) is planning to operational- trial test for cement mills of its fi fth plant in lise the opportunity of export but also op- Sales of all types of cement reached Qise the fi fth plant by the fi rst half of accordance with the designed cement pro- timising the production capacity of washed 3.4mn tonnes in 2017, washed sand at this year to enhance the cement production duction capacity of more than 5,000 tpd. sand and calcium carbonate to meet the ex- 9.5mn tonnes and calcium carbonate at Nakilat’s board of directors has recommended by 5,500 tonnes per day (tpd). In 2014, the company had signed a let- pected local market demand. 43,000 tonnes. distributing cash dividends equal to 10% of the This production augmentation is to ter of intent with Fives FCB, France for the The company has supported the con- Sales revenue was recorded at QR 1.03bn nominal value of its capital, translating into QR1 support the infrastructure upgrade of the construction of the fi fth production line, at struction boom in Qatar by meeting the in 2017 compared to QR1.14bn the previous per share country to meet the market demand of an estimated cost of QR950mn. market demand for all types of cement year. QIC Group gets nod to hike capital to QR3.2bn By Peter Alagos Business Reporter Sheikh Jassim and al-Kawari along with another senior off icial disclose the 2017 financial results. atar Insurance Group shareholders approved the board’s recommenda- Qtion to increase the group’s capital QInvest records net profit of QR65.9mn from QR2.7bn to QR3.2bn during the com- pany’s annual general meeting held at the on revenues of QR368.6mn in 2017 Four Seasons Hotel yesterday. The meeting, chaired by deputy chair- man Abdulla bin Khalifa al-Attiyah, also QInvest has reported net profit of QR65.9mn on rev- said over the past years the group has successfully approved the distribution of 15% cash divi- enues of QR368.6mn in 2017. The group’s global assets structured new investment opportunities across dend and an issue of bonus shares of three stood at QR4.46bn at the end of December 31, 2017. several asset classes, with a particular focus on the for every 20 held. QInvest’s prudent investment approach, stringent international real estate market, debt and equity Al-Attiyah said the group’s consist- Al-Attiyah delivers the board of directors’ report during QIC Group’s annual general provisioning policy, and underleveraged balance investments, and funds. ent approach of applying global standards meeting yesterday. PICTURE: Shaji Kayamkulam sheet have provided stability amid regional uncertain- “These opportunities were structured with our inves- and best practices in its assessment of the ties, its spokesman said. tors in mind as we understood early on that there was current and future solvency and capital Al-Attiyah said key contributors to this percussion, which has massively infl uenced It maintained a healthy capital adequacy ratio of 26% an unmet demand in the market for access to the US adequacy requirements ensured that it re- growth were the group’s dedicated global major sectors in the region, QIC Group has as per the QFCRA (Qatar Financial Center Regulatory real estate market in a Shariah-compliant manner,” mained well-positioned and capitalised reinsurance and speciality insurance sub- witnessed strong business momentum and Authority) Basel rules against the regulatory require- he said. amidst the pressures of global market con- sidiaries, as well as the life and medical seg- has performed in line with our expectations.” ment of 10.5%. It has continued to enjoy a strong QInvest is set to launch the third in the series of ditions. ments of the business emanating from the He added, “The overall performance in liquidity position of about $120mn at the end of 2017. income-generating Ijara fund, the QInvest SQN In- Despite challenges in 2017, al-Attiyah Middle East. The international subsidiaries 2017 highlights the group’s well-thought- “In 2017, we were able to capitalise on relatively more come fund, in 2018 to meet the market demand. The said, the group recorded strong operational namely Qatar Re, Antares and QIC Europe out strategy and its successful execution. favourable global market conditions. We remain closed-ended fund provided a unique opportunity performance, coupled with robust premi- Limited (QEL) now account for approxi- For 2018, our outlook remains cautiously prudent in our management of risk and have built for investors to access income generating assets in um growth, taking gross written premium mately 75% of the group’s total GWP. positive. We shall focus on consolidation up a strong liquidity position and an underleveraged developed markets. (GWP) to QR11.7bn, up by 18% vis-à-vis the QIC Group’s net investment income came and enhance our operational effi ciency. balance sheet that has enabled us to invest in key On investment banking division, which completed same period in 2016. in at QR903mn, which can be attributed to “With a renewed focus on achieving bot- global markets on an opportunistic basis,” said Sheikh several transactions and advisory mandates, QInvest The underwriting results for the group in the group’s prudent principle of managing tom line driven growth, we will continue to Jassim bin Hamad bin Jassim bin Jaber al-Thani, said it sees significant interest from Qatari institutions 2017 amounted to QR115mn, while consoli- the investment portfolio and pursuing an maximise value for shareholders, our trust- QInvest chairman. and private clients as they look to re-adjust business dated net profi t stood at QR418mn. As of eff ective cost discipline. ed business partners and customers, while Tamim Hamad al-Kawari, QInvest chief executive, portfolios in light of the current market environment.