Middle East ETF News Older than One Year
Batelco hit three-month high despite profit decline
January 23, 2013--The Bahrain All Share Index declined a quarter percentage point to 1,070.44 points.
Bahrain Telecom or Batelco posted the largest gain, closing up 2.94% at BD0.42. Earlier in the day, Batelco said it earned in 2012 a net income of BD60.3m ($160m), down from BD80m ($212.2m) in 2011. "The decline was attributed to aggressive competitive conditions in Bahrain, restructuring costs for 2012 and 2013 and a number of one-off adjustments," the firm said in a statement to its shareholders. However, Batelco added that the subscriber base increased 18% to 7.8m.
Source: AME Info
Yanbu Cement cashes in on KSA construction boom
January 23, 2013--The Saudi Stock Exchange's lead index Tasi continued to quarrel woth the 7,000 resistance level Wednesday.
The gauge slipped in volatile trading 0.13%, closing at 6,998.34 points. Yanbu Cement climbed 0.90% to reach SR84.75. Earlier in the day, the Jeddah-based producer of building materials said it generated in 2012 a net profit of SR720m, an increase of 36.13%. The company said the increase in profits was the result of an increase in sales and the start of a new production line. Yanbu Cement shares gained 31% in the last 12 months. According to Citigroup, construction projects planned and underway in KSA stood end of 2012 at $790bn, up 19% year-on-year.
Source: AME Info
Batelco hit three-month high despite profit decline
January 23, 2013--The Bahrain All Share Index declined a quarter percentage point to 1,070.44 points.
Bahrain Telecom or Batelco posted the largest gain, closing up 2.94% at BD0.42. Earlier in the day, Batelco said it earned in 2012 a net income of BD60.3m ($160m), down from BD80m ($212.2m) in 2011. "The decline was attributed to aggressive competitive conditions in Bahrain, restructuring costs for 2012 and 2013 and a number of one-off adjustments," the firm said in a statement to its shareholders. However, Batelco added that the subscriber base increased 18% to 7.8m.
Source: AME Info
Qatar Intl. Islamic Bank posts higher net profit, shares rise
January 23, 2013--The Doha-based QE 20 Index advanced 0.34%, closing at 8,652.86 Wednesday.
The shares of Qatar International Islamic Bank (QIIB) jumped almost four percent in value to reach QR55. Earlier in the day, the Shari'ah-compliant institution said (interim) net profit in 2012 was QR679m, indicating a growth of 4% year-on-year. Total assets grew by 22.3%, Customer’s deposit by 18.6%, financing assets by 38.6%, the bank said in an e-mailed statemet. "The board of directors recommends paying a cash dividend of QR3.5 per share", said QIIB.
Source: AME Info
Aldar, Sorouh rebound after merger shock
January 23, 2012--The Abu Dhabi equity market index ADXGI gained 1.05%, finishing at 2,783 points straight.
The emirate's two largest developers Aldar Properties and Sorouh Real Estate ended 4.41% and 4.24% higher at Dhs1.42 and Dhs1.72, respectively. Both shares fell sharply during the week after the boards of directors at both firms decided to recommend to their shareholders to go ahead with planned merger. Under the agreed deal, Aladar will offer 1.288 of its shares for every Sorouh share priced on Jan. 17. Aldar would pay Dhs5.5bnfor the transaction which the Abu Dhabi government, which holds 38% in Aldar, backed. Sorouh shares would be de-listed from the ADX.
Source: AME Info
Dubai market rebounds, Tabreed gains on Abu Dhabi Yas Waterworld deal
January 23, 2013--Buying power returned to the local Dubai bourse Wednesday as the market index DFMGI ended up 0.85% at 1,792.30 points.
Trading turnover dropped by over 50% compared to a week ago as 212m shares worth Dhs273.8m changed hands. Emaar was the most liquid share, gaining 2.75% to reach Dhs4.48, the highest level since Oct. 2009. Aramex lost the most (down 3.29% at Dhs2.06). National Central Cooling Co., known as Tabreed advanced 1.83%, closing at Dhs1.67. Earlier in the day, Tabreed said it was awarded an exclusive contract to provide of district cooling services to Yas Waterworld Abu Dhabi, the capital's largest waterpark. Spread over 15 hectares, Yas Waterworld will open its doors to the public Thursday, Jan. 24. The park, comparable to Dubai's fun-park Wild Wadi at the Burj Al Arab but bigger in size, will be the largest water-park in the UAE capital. Tabreed said compared to conventional cooling solutions, the expected reduction in CO2 emissions at Yas Waterworld would be almost 2,000 tons per year and the potential cost saving would reach almost Dhs600,000 per year thanks to Tabreed technology.
Source: AME Info
Batelco net income hit by competition, charges
January 22,2013--Bahrain's Batelco has reported its 10th profit decline in 11 quarters, as domestic competition and one-off charges from a cost-cutting programme hurt the bottom line, Reuters has reported.
The firm made a net profit of BD17.75m ($47.1m) in the three months to December 31, down from BD23.5m in the year-earlier period. Batelco's fourth-quarter revenue was KD77.16m, compared with BD81.5m a year ago, Batelco said. "Beyond aggressive competition in the Bahrain market and elsewhere in the region, our results for 2012 were also impacted by a number of one off charges including expenses associated with an extensive restructuring and cost rationalisation programme at our Bahrain operations," said chairman Sheikh Hamad al-Khalifa.
Source: AME Info
Bahrain insurance market up 9% in Q3 2012
January 22, 2013--Bahraini central bank has said the kingdom's insurance market has witnessed a 9% year-on-year increase in its gross premiums during the third quarter of 2012 to BD184.11m ($480.6m) by the end of September 2012.
The rise was mainly due to a surge in long-term insurance (Life & Savings Products), registering around 17% increase in gross premiums to reach BD42.34m in September 2012 from BD36.06m the previous year, representing almost 23% of the gross premiums written in September 2012, the central bank said.
Source: AME Info
NBK shares end flat amid bank's stable net profit
January 22, 2013--The Kuwait Stock Exchange (KSE) Market Index hit a 7-month high Tuesday as the gauge ended up 0.30% at 6,191.21 points, The country's largest lender National Bank of Kuwait, known as NBK, ended even at KD0.970.
On Monday, NBK said net earnings in 2012 reached $1,085m (KD305.1m) compared with $1,075m (KD302.4m) for 2011. Ibrahim Dabdoub, NBK's Group Chief Executive Officer said "NBK managed to deliver a strong set of results for the year notwithstanding the ongoing challenges". Dabdoub will speak this week at the annual World Economic Forum 2013 in Davos, Switzerland, on prospects in the Middle East after the Arab Spring.
Source: AME Info
Tadawul closes 007 points above key support/resistance
January 22, 2013--The Saudi Stock Exchange's lead index TASI closed Tuesday trading 0.33% higher at 7,007.61 points.
Shares of telecom firm Etihad Etisalat, known as Mobily, gained 2.74% to reach SR75. Earlier today, Mobily invited the shareholders to attend its ordinary general meeting scheduled to take place on Tuesday, dated 19 Feb. 2013. Saudi Real Estate Co. gained the most (up 9.86% at SR32.30). According to German chemistry and adhesion giant Henkel, KSA has a housing gap of 5 million homes.
Source: AME Info
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