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UAE
DIB reports 2Q2011 results - earnings+10% Y-o-Y, +72% Q-o-Q; ahead of expectations UNBs 2Q2011 results: earnings up 23% Y-o-Y, ahead of expectations Air Arabia records 20 millionth passenger Waha Capital reports 2Q2011 net income of AED6 million Sharjah Cement reports 2Q2011 net loss of AED9 million
Kuwait
Burgan Bank profits rise 14% Q-o-Q
Qatar
Qatars CPI rises 1.8% Y-o-Y in June 2011 Qatar supplies first LNG cargo to the Netherlands Qatar Railways invites partners for Doha Metro project Al Khalij Holdings net profit rises 2.5% Y-o-Y to QAR32.5 million in 1H2011 QIMCs net profit declines by 19.5% Y-o-Y to QAR98.8 million in 1H2011 GISs net profit declines by 44% Y-o-Y to QAR140.7 million in 1H2011
Agenda
UAE Wed 3 August >> du 2Q2011 results Thu 4 August >> Arabtec BOD meeting (2Q2011 results expected) Qatar Sun 31 July >> Qatar Oman Investment Company 2Q2011 results Sun 31 July >> Medicare Group 2Q2011 results Sun 31 July >> Qatar Oman Investment Company 2Q2011 results Mon 1 August >> The National Leasing Holding Company 1H2011 press conference Mon 1 August >> Aamal Company 2Q2011 results Tue 2 August >> Masraf Al Rayan 2Q2011 results Wed 3 August >> Qatar National Cement Company 2Q2011 results Wed 3 August >> Aamal Company press conference Tue 9 August >> Masraf Al Rayan press conference Tue 9 August >> Qatar Electricity & Water Company (QEWC) 2Q2011 results Sun 14 August >> Qtel 2Q2011 results Sun 14 August >> Doha Insurance 2Q2011 results
UAE News
DIB reports 2Q2011 results - earnings+10% Y-o-Y, +72% Q-o-Q; ahead of expectations Dubai Islamic Bank (DIB) [DISB.DU] 2Q2011 results: earnings bounce Q-o-Q, beat expectations. According to press reports, DIB reported 2Q2011 headline profit of AED331 million, up 10% Y-o-Y and 72% Q-o-Q. Earnings were well ahead of our forecast of AED193 million owing to stronger-than-expected revenues and lower-than-expected provisions. Provisions for
2Q2011 came in at AED210 million compared to our AED300 million estimate. We will provide more details once financial statements and companys press release is available. (Company Disclosure, Murad Ansari, Shabbir Malik) Dubai Islamic Bank: AED2.00, Rating: Sell, FV: AED1.94, MCap: USD2,068 million, DIB UH / DISB.DU UNBs 2Q2011 results: earnings up 23% Y-o-Y, ahead of expectations Union National Bank (UNB) [UNB.AD] reported a 2Q2011 net profit of AED415 million, up 23% Y-o-Y and down 9% Q-o-Q. Earnings were ahead of our forecast of AED363 million owing to stronger-than-expected net interest income. We will follow up with more details soon. (Company Disclosure, Murad Ansari, Shabbir Malik) Union National Bank: AED3.54, Rating: Sell, FV: AED5.10, MCap: USD2,407 million, UNB UH / UNB.AD Air Arabia records 20 millionth passenger Air Arabia (AIRA.DU) announced that it welcomed onboard its 20 millionth passenger in less than eight years after its first flight. Chief Executive Officer (CEO) of Air Arabia, Adel Ali, said Today, despite serving over 20 million passengers, we remain a young company committed to further expanding our horizons. (Trade Arabia) Air Arabia: AED0.68, Rating: Neutral, FV: AED0.76, MCap: USD864 million, AIRARABI UH / AIRA.DU Waha Capital reports 2Q2011 net income of AED6 million Waha Capital (WAHA.AD) reported 2Q2011 net income of AED6 million, flat Y-o-Y. Total income for the period was AED64.3 million, down 33% Y-o-Y. Total assets increased 2% YTD to AED3.87 billion. (Company Disclosure) Sharjah Cement reports 2Q2011 net loss of AED9 million Sharjah Cement (SCID.AD) reported 2Q2011 sales of AED143.6 million, up 3 % Y-o-Y, and gross profit of AED4.8 million, up 7% Y-o-Y. The company booked AED5 million in impairment charges against available for sale investments. The resulting net loss for 2Q2011 was AED9 million (up 172% Y-o-Y). (Company Disclosure)
Kuwait News
Burgan Bank profits rise 14% Q-o-Q Burgan Bank of Kuwait (BURG.KW) reported a profit of KWD13.46 million for 2Q2011, up 14% Q-o-Q. The banks management said that the company is optimistic about 2H2011. (Bloomberg) Burgan Bank: KWD0.495, Rating: Neutral, FV: KWD0.550, MCap: USD2,669 million, BURG KK / BURG.KW
Qatar News
Qatars CPI rises 1.8% Y-o-Y in June 2011 Qatars Consumer Price Index (CPI) rose 1.8% Y-o-Y and 0.1% M-o-M in June 2011, Qatar Statistics Authority said in a statement. The highest Y-o-Y increase in consumer prices was in the clothing and footwear group, where prices jumped by 9.3% Y-o-Y, followed by transport and communication, which both increased by 5.9% Y-o-Y. The inflation data for June are in line with our forecasts. We expect to see an acceleration in inflation in 2H2011, and we forecast an annual average inflation of 1.9% in 2011. (Qatar News Agency, Monica Malik) Qatar supplies first LNG cargo to the Netherlands Qatargas announced that it has delivered the first liquefied natural gas (LNG) cargo to the Netherlands aboard its Q-max vessel, Al Samriya, The Peninsula Qatar reported. (The Peninsula Qatar) Qatar Railways invites partners for Doha Metro project Qatar Railways Company announced that it has invited local, regional and international companies to submit an expression of interest to participate in the design and construction of infrastructure and civil works in the Qatar Integrated Railways Project, Doha Metro, Zawya Dow Jones reported. A statement from Qatar Railways Company did not provide details on the value of the project. However, a company official said in June that the total investment costs of the railway project would reach QAR130 billion (USD35.7 billion). (Reuters, Zawya Dow Jones) Al Khalij Holdings net profit rises 2.5% Y-o-Y to QAR32.5 million in 1H2011 Al Khalij Holding (KHCD.QA) reported a net profit of QAR32.5 million in 1H2011 compared to QAR31.7 million in the corresponding period last year, the company said in a statement to the Qatar Exchange. EPS stood at QAR0.26 as at 30 June 2011 compared to QAR0.25 as at 30 June 2010. (Qatar Exchange)
QIMCs net profit declines by 19.5% Y-o-Y to QAR98.8 million in 1H2011 Qatar Industrial Manufacturing Company (QIMC) [QIMC.QA] reported a net profit of QAR98.8 million in 1H2011 compared to QAR122.8 million in the corresponding period last year, the company said in a statement to the Qatar Exchange. EPS stood at QAR2.46 as at 30 June 2011 compared to QAR2.77 as at 30 June 2010. (Qatar Exchange) GISs net profit declines by 44% Y-o-Y to QAR140.7 million in 1H2011 Gulf International Services Company (GIS) [GISS.QA] reported a net profit of QAR141 million in 1H2011 compared to QAR250 million in 1H2010, the company said in a statement to the Qatar Exchange. EPS stood at QAR1.04 as at 30 June 2011 compared to QAR1.85 as at 30 June 2010. (Qatar Exchange)