Al Meera H1 profit jumps 23% to QR57.56mn

Robust sales and shop rentals helped Al Meera Consumer Goods Company to report a 23% jump in net profit to QR57.56mn in the first six months of this year.

Its domestic operations reported QR57.79mn net gains; while the Omani market witnessed net losses to the tune of QR0.33mn, according to its financial statement filed with the Qatar Exchange.

Sales grew 22% to QR876.58mn, but cost of sales rose by a similar proportion to QR735.45mn, resulting in a 19% jump in gross profit to QR141.13mn.

Of the total sales income of QR876.58mn, Qatari market contributed QR811.83mn and Oman QR64.75mn. Other income grew 58% to QR22.28mn and shops rental income by 12% to QR17.85mn.

General and administrative expenses expanded 24% to QR105.07mn even as interest costs shrank 41% to QR3.65mn.

Total assets were valued at QR1.63bn, comprising current assets of QR0.88bn and non-current assets of QR0.75bn.

Total equity stood at QR1.27bn on a capital base of QR200mn and earnings-per-share was QR3.16 at the end of June 30, 2013.

Qatar Cinema

Shrinkage in operating income and higher administrative costs led Qatar Cinema and Film Distribution Company to report a 30% decline in net profit to QR5.64mn in the first half of this year.

Operating income stood at QR7.59mn, while direct costs were higher at QR7.91mn; leading to a gross loss of QR0.33mn, according to its financial statement.

Dividend incomes gained 23% to QR2.39mn and rental income by 1% to QR8.17mn; even as other income fell 39% to QR0.54mn.

General and administrative expenses shot up 21% to QR2.05mn, while finance costs were down 20% to QR0.79mn.

Total assets were worth QR173.57mn, comprising current assets of QR14.24mn and non-current assets of QR159.34mn.

Total shareholders’ equity stood at QR135.90mn on a capital base of QR57.10mn and earnings-per-share was QR0.99 at the end of June 30, 2013.

Al Noor Hospitals

Al Noor Hospitals, the Abu Dhabi healthcare firm which raised $342mn from a London listing in June, said total profit for the first half of the year fell 24.4%, posting its first financial results as a publicly traded company.

The oil-rich emirate’s largest private healthcare provider reported a total profit of $24.8mn for the first-half of the year compared with $32.8mn for the same period last year, Al Noor said in a statement yesterday.

Underlying profit for the period, which excludes marketing costs associated with its London listing, rose to $34.1mn, compared with $32.8mn for the same period last year.

Revenue for the first half of the year rose 10.9% to $179.5mn aided by rising life-style related diseases in the Gulf region.

Al Noor has the biggest market share among private health-care services providers in Abu Dhabi for both outpatients and inpatient, according to the company. The listing had valued the company $1bn.

Shuaa Capital

Shuaa Capital, the Dubai-based investment bank, eked out a small profit in the second-quarter helped by growth in its asset management and lending business.

Shuaa, which has laid off staff since 2011 to cut costs, made a net profit of 1.3mn dirhams ($353,900) in the quarter, compared with a loss of 15.9mn dirhams for the same period last year, it said in a bourse statement yesterday. Quarterly revenues rose 95% to 43.4mn dirhams, Shuaa said.

Talaat Moustafa

Egyptian property developer Talaat Moustafa said its net profit for the first six months fell 4.9% to 312.8mn Egyptian pounds.

Profit for the first half of 2012 was 328.8mn pounds. Revenue rose to 2.42bn pounds from 2.39bn pounds, the company said in a statement.