QATAR: Qatari companies are forecast to increase their profits by 7.3 percent this year …

Doha

Qatari companies’ Q2, 2103 profits are forecast to increase by 7.3 percent on a year-on-year, mainly led by QNB, Ooredoo and Gulf Warehousing. The profits are expected to grow 1.4 percent on quarter-on-quarter basis.

The earnings of  Ooredoo  is forecast to grow 31 percent on year-on-year, while Gulf Warehousing and QNB are estimated to grow 28 percent and 12 percent respectively. Masraf Al Rayan is expected to grow 12 percent.

Qatar Electricity is expected to grow  a high 73 percent on Quarter-on-Quarter basis, while Gulf Warehousing  and Nakilat is estimated to grow by 37 percent and 20 percent respectively  in Q2, 13 compared to the previous quarter. Qatar Islamic Bank (QIB) is estimated 15 percent up during the second quarter compared to the previous quarter, the Investment Bank SICO noted yesterday.

According to a consensus estimate by  the SICO analyst, GCC companies’ profits are expected to   increase a healthy 8.8 percent on a y-o-y basis this quarter and by 8.2 percent versus Q1, 2013. The analysts’ estimates were available for a total of 121 companies representing 71.9 percent of the total market capitalisation.

Kuwaiti companies are expected to report a 29 percent y-o-y profits, while Omani and Bahraini companies expected to report lower y-o-y and quarter-on-quarter profits.

The report noted GCC markets have gained 11 percent year-to-date outperforming global markets by four percent.

In a separate report, the SICO recently noted Qatari banks’ earnings are expected to grow a modest four percent in Q2, 2103, compared to the same period last year. QNB and Doha Bank are likely to report better financial performances during the second quarter of 2013.

The SICO analysts said Qatari banks are likely to continue their strong balance sheet growth, with several government projects rolled out in first half of 2013 and more being in the pipeline. QNB will benefit the most, while other banks will witness balance sheet growth from Q3, 2013 onwards.

Source: Caye Global News, The Peninsula

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