Company news

Masraf Al Rayan

Masraf Al Rayan, Qatar’s largest Islamic lender by market value, is seeking shareholder approval to buy a strategic stake in a Libyan commercial bank through a capital increase, it said yesterday, without naming the target entity. The Sharia- compliant bank will ask shareholders to approve the stake purchase, due diligence of which is currently in progress, at a meeting on February 18, it said in a bourse filing. No further details on the planned acquisition were provided. The bank may issue an Islamic bond, or sukuk, in the future as it seeks to expand regionally, a brokerage note from QNB Financial Services said. Masraf is also in talks to acquire a 70- per cent stake in the Islamic Bank of Britain from Qatar International Islamic Bank. Masraf, the second- largest bank in Qatar by market value, also said it earned a net profit of 1.52 billion riyals ($ 417.5 million) for 2012, an increase of 7.9 per cent over 2011. Its board recommended a cash dividend of 1 riyal per share. The bank did not provide fourth- quarter figures.

Commercial Bank of Qatar

Commercial Bank of Qatar, the country’s third largest lender by market value, posted a 19 per cent jump in fourth quarter net profit, missing some analyst forecasts, as it extended more loans to customers. In a statement, the bank also known as CBQ, said net profit for the last three months of 2012 rose to 447 million Qatari riyals ($ 123 million), from 376.3 million riyals in the year ago period. Full- year loans and advances jumped 17 per cent on the year to 48.6 billion riyals, it added. The quarterly result missed the 475 million riyals predicted by EFG Hermes and the 470 million riyals pencilled in by analysts at Sico. Full- year net profit increased 7 per cent to 2.01 billion riyals, up from1.88 billion riyals a year earlier.

Maaden

A subsidiary of Saudi mining firm Maaden plans to shut a diammonium phosphate ( DAP) fertiliser plant in Ras Al Khair yesterday until around February 18 to do maintenance during a period of low seasonal demand, Maaden said in a bourse statement. Maaden said the three- week shutdown would have no impact on its ability to meet its obligations to customers of the industrial fertiliser and that the ammonia plant at Ras Al Khair would continue to operate normally. Maaden Phosphate Co ( MPC) is 70 per cent owned by Maaden and 30 per cent by Saudi Basic Industries Corp.

Saudi Kayan

Saudi Kayan sought yesterday to reassure investors about the temporary shutdowns of two plants, saying it would increase production at other units and sell surplus stocks of petrochemical to cushion the financial impact. Fluctuating prices for feedstock and petrochemical made it impossible to calculate in advance the financial impact of the closures, Kayan said yesterday in a statement on the website of the Saudi stock exchange. Share prices of Kayan, a subsidiary of Saudi Basic Industries, or Sabic, fell another 0.41 per cent on Sunday, to 12 Saudi riyals following the company’s announcement on Saturday it would close two plants for several weeks starting next month, for maintenance. The shut- downs would impact earnings for the first and second quarters of 2013, Kayan had said on Saturday.

Nawras

Omani Qatari Telecommunications Co., better known as Nawras, on Sunday said its fourthquarter net profit fell 13 per cent on the year after the telco’s highest ever quarterly revenue performance was more than offset by increased depreciation charges and a hike in costs. Nawras made a net profit of 10.3 million Omani riyals ($ 26.6 million) in the quarter, down from 11.9 million riyals in the year before period, according to an emailed statement. Revenues for the quarter were 51.4 million riyals, up 1.2 per cent from 50.8 million riyals compared to a year earlier. The company’s net profit for the full year was 37 million riyals, compared with 47.5 million riyals in the previous year, while revenues for the full year were 193.5 million riyals, compared with 196.9 million riyals in 2011.