Qatar Stock Exchange has approved the listing of Investment Holding Group (IHG's) shares on August 14, which would increase the number of firms listed on the exchange to 45.
IHG had offered 49.8mn shares, or 60% of its share capital, at a price of QR10.1 per share in its initial public offer during January, making the value of the IPO about $138mn, a Reuters’ dispatch said.
Meanwhile, IHG chairman Ghanim bin Sultan al-Hodaifi al-Kuwari thanked “the regulatory and official authorities for the approval on listing Investment Holding Group, and trading its shares as a Qatari public shareholding company on the Qatar Stock Exchange.”
In a statement al-Kuwari said, “We succeeded, during the last year, in the reduction of the Group's expenses in line with returns, which led to an increase of the total profit margin by 33.2% in 2016, compared to 31.9% in 2015, equivalent to 1.3%, and the net profit amounted to 10.2% in 2016, compared to 9.3% in 2015, or an increase equivalent to 0.9%.
The Group's revenues for the financial year that ended in December 2016 amounted to QR447.7mn compared to QR561.6mn for the financial year that ended in December 2015, or a decline by QR113.9mn (20.3%), with a similar decline in the direct costs equivalent to 21.8%.
“This decline in the revenues was due to the economic situation of the region, which was negatively affected by the global financial crisis, and the decrease in oil prices, which had the biggest impact on the economy of oil exporting countries,” IHG said.
As for the group's financial position, it witnessed an increase in the total assets to QR1.05bn in 2016, compared to QR982mn in 2015, or an increase of QR72mn, equivalent to 7.3%.
