Business

Wednesday, May 08, 2024 | Daily Newspaper published by GPPC Doha, Qatar.

Business

Gulf Times

Qatar Chamber official, UK Shadow Secretary for business and trade review commercial relations

Qatar Chamber first vice-chairman Mohamed bin Towar al-Kuwari held a meeting with Jonathan Reynolds, the UK’s Shadow Secretary of State for Business and Trade, in Doha today.The meeting discussed bilateral economic and commercial relation between both countries and ways to enhance them, as well as the investment climate and opportunities in both sides and ways to strengthen co-operation between the business sectors in Qatar and the UK.During the meeting, Reynolds praised the advanced infrastructure in Qatar and its attractive investment environment, stressing the UK’s keenness to improve economic ties with Qatar to higher levels.Al-Kuwari said Qatar and the UK share strong and developed relations across all fields, emphasising that the UK is a significant trade partner to Qatar. He also emphasised the Qatari private sector’s keen interest in strengthening co-operation with its British counterpart through the establishment of commercial alliances and partnerships across various sectors.He said Qatari investors are eager to explore opportunities available in the UK, which he described as “a prominent destination for investment.”Al-Kuwari also emphasised the importance of establishing joint enterprises and projects between Qatari and British companies that achieve added value to the Qatari economy, particularly in sectors such as petrochemicals, services, technology, and tourism, among others.

Videos

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Damage in Israeli air base after Iran attack

Israeli army footage of what it says is the damage caused by the Iranian attack on the Nevatim Air Base, which was launched late Saturday in retaliation for a deadly air strike widely blamed on Israel that destroyed its consular building in Syria's capital early this month. AFP

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Six months of bloodshed: The toll on Gaza’s children

The bloodiest ever Gaza war which broke out over six months ago has taken an appalling toll on children. NGO Save the Children estimates that some 26,000 children have been killed or injured in the war, 17,000 have been orphaned, according to UNICEF, and 1 in 3 children under two years old in northern Gaza is suffering from acute malnutrition. In total, at least 33,207 people have been killed in the besieged Palestinian territory in Israel's retaliatory campaign for the October 7 attack, according to Hamas-run Gaza's health ministry. The unprecedented Hamas raid on southern Israel resulted in the deaths of 1,170 Israelis and foreigners, most of them civilians, according to an AFP tally based on official Israeli figures. AFP

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Gazans struggle to secure flour for daily bread

"I spent the night on Kuwait Roundabout to secure this bag of flour", says a Palestinian in Gaza City carrying a bag of flour he managed to get from an aid truck. A UN-backed report warned that half of Gazans are experiencing "catastrophic" hunger, with famine projected to hit the north of the territory unless there is urgent intervention. AFP

Banks remained the biggest contributor to the QSE’s aggregate earnings at 57.5% (Q1,2023: 55.8%) followed by industrials (18.1% vs 19.2% in Q1,2023) and telecoms (8.1% vs 8.8% in Q1,2023), according to the latest ‘earnings review’ of QNBFS.

QSE Q1 aggregate profit rise to QR13.1bn sets positive tone for 2024: QNBFS

Listed companies on the Qatar Stock Exchange reported a year-on-year growth of 5.8% and quarter-on-quarter growth of 30.7% in aggregate earnings to QR13.1bn during the first quarter, QNB Financial Services (QNBFS) said in its latest ‘earnings review’.Sectoral performances were mixed but banks, insurance and transportation were the only three sectors out of eight that saw positive earnings growth both year-on-year (YoY) and sequentially. Aggregate topline increased 4.2% YoY but saw a modest 2.3% sequential decline to QR42.8bn.Aggregate net profit margin came in at 30.6% compared with 30.1% in Q1, 2023 and 22.9% in Q4, 2023.Banks remained the biggest contributor to the QSE’s aggregate earnings at 57.5% (Q1,2023: 55.8%) followed by industrials (18.1% vs 19.2% in Q1,2023) and telecoms (8.1% vs 8.8% in Q1,2023).The banking sector posted a large increase in Q1, 2024 aggregate earnings, both YoY and sequentially. For Q1, 2024, the banking sector posted a 9.1% YoY and 15.7% QoQ growth in aggregate headline net income.The Banks and Financial Services Index underperformed the QSE Index and dropped by 10.6% (QSE Index: -9.1%) in Q1,2024.Loans experienced an increase QoQ and YoY with a mixed performance. The loan book grew by 1.3% sequentially (+4.4% YoY) to QR1.40tn in Q1,2024.Deposits also increased both sequentially and YoY. Aggregate deposits increased by 3.2% sequentially (+6.8% YoY) reaching QR1.39tn.Capitalisation levels of Qatar banks remained robust. Sector average Tier-1 ratio came in at a robust 18.8%. All the banks generated strong Tier-1 ratios with CBQK improving the most.In the Industrials sector, there was both top and bottom line sector recovery YoY following a decline in 2023 due to high base effects by sector heavyweight Industries Qatar.This could mark the beginning of earnings recovery/momentum for the sector for the rest of the year, according to the report.The Industrials Index was down by 1.4% (QE Index: -9.1%) in Q1,2024.Total traded value was QR8.2bn in Q1, 2024 compared with QR7.6bn in Q4, 2023.The telecoms sector remained healthy with its aggregate top-line up YoY and down only marginally sequentially.Aggregate net income, while down modestly YoY, increased significantly compared with Q4,2023.The Telecoms Index was lower by 2.2% (QSE Index: -9.1%) in Q1,2024.Total traded value was QR1.9bn in Q1,2024 vs QR1.4bn during Q4,2023.

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