www.cbinvest.com.qa
Qatar Listed Stocks Handbook III Edition, 2012
Qatar Listed Stocks Handbook
1
Foreword
Dear Investors in Qatar,
It gives us great pleasure to introduce the 3rd
edition of Qatar listed stocks Handbook. It highlights the
performance and forecast of the Qatar Economy and describes the Qatar Exchange and its actors. It also
contains brief note on each of the 42 companies listed on the Qatar Exchange.
The Qatar stock exchange has continuously rewarded investors over the past 15 years with CAGR in
excess of 15%. After having delivered solid dividends circa 4% over the past few weeks, the Qatari stocks
still trade at an attractive P/E of around 9 times. We believe Qatar Exchange has a bright upside potential
for the rest of 2012 and beyond.
The aim of this handbook is twofold. First, is to provide you with relevant benchmarks on past
performance and relative valuation of each existing listed Qatari company, and second is to initiate or
reinforce your appetite for increasing your exposure to the Qatar economy and listed Qatari companies.
I hope you will find this handbook and future research editions of Commercialbank Capital (COMCAP) of
interest.
Alex Carre de Malberg Global Head Commercialbank Capital
Dr. Abdulaziz A Al-Ghorairi Senior Vice - President & Chief Economist
Commercialbank Capital
Qatar Listed Stocks Handbook
2
Summary
Qatar is one of the world’s fastest growing economies. The
country’s GDP grew at an impressive rate of 14.7% during
2011, amid times when most of the global economies were
struggling to recover from the financial crisis. For 2012,
Qatar’s GDP growth is estimated to be 6.0%, according to
the IMF.
Qatar’s GDP growth surpassed other GCC nations during
2011; Saudi Arabia‘s GDP grew 6.5%, UAE’s 3.3% and
Bahrain’s just 1.5%.
Oil & gas are major contributors to the GDP, accounting for
58.3% of the nominal GDP, 87% of the export earnings and
55% of the government revenues in 2011. LNG forms a
major portion of revenues from the hydrocarbons sector.
Qatar’s economic indicators signal strong signs of growth –
surging revenues from oil & gas, strong government
financing support, diversification in non-hydrocarbon
sectors, external surpluses, and easing of deflationary
pressure. According to EIA, Qatar had a total of 896 cubic
feet of proved natural gas reserves.
The Qatar Exchange (QE) Index comprises of 20 stocks,
selected based on criteria that ensure transparency as well
as liquidity in the market. Recently, the exchange has
announced new equity indices to further strengthen the
existing QE Index. These will be All Share Index and Total
Return Index to monitor market benchmark and sector
performance in real time. Currently, 42 companies are
listed on the Qatar Exchange.
Qatar benchmark index gained 0.43% to close at 8779
points in 2011. Stocks in the Services sector were the most
traded with 41.7% of the total traded value and 55.8% of
the total traded volume. Banking and Financial sector was
the second most traded sector, followed by Industrial sector
and the insurance sector.
Qatar Exchange also announced formation of QE Venture
Market, an SME market exclusively for the small and
medium sized enterprises for listing and trading their
securities. This has been done as the government realized
the importance of SMEs in economic development, creation
of job opportunities and increasing the country’s output.
April 2012
Contents
Qatari Economy
Economic indicators
3
4
Qatar Exchange
Recent announcements 5
Overview 7
List of Qatari funds 8
Commercialbank Investment Services 9
QE constituents 10
Summary of companies traded in QE 11
Company profiles 14
Appendix 56
Contacts
Commercialbank Capital
(Investment Banking & Research)
Dr. Abdulaziz A Al-Ghorairi
Senior Vice-President & Chief Economist
Direct Tel: +974 4420 2663
Rajat Gupta, CFA
Associate
Direct Tel: +974 4420 2627
Qatar Listed Stocks Handbook
3
Exhibit 1: GDP growth rates – GCC Countries
Source: IMF
Exhibit 2: Qatar Economic Highlights
Economic Highlights
2010 2011E 2012F 2013F
Nominal GDP
(QAR bn)* 463.5 631.6 654.9 680.9
Real GDP
Growth (%)* 16.6 14.7 6.0 4.3
LNG Production
(mn tones) 55.0 74.8 77.0 77.0
Non-hydrocarbon
GDP growth (%) 8.4 9.0 9.0 9.0
CA/GDP (%) 25.3 32.6 30.1 26.8
External Debt
(USD bn) 70.8 87.4 89.5 93.4
Population (mn) 1.7 1.8 1.8 1.9
Source: IMF, * QSA for 2011
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
2007
2012E
Bahrain Kuwait Oman
Qatar KSA UAE
Qatar Economy – Poised for continuing strong
growth
Qatar has maintained its growth trajectory primarily
due to the resilient nature of the economy backed by
significant enhancements in the production capacity
of liquefied natural gas (LNG), growth in the non-
hydrocarbon sectors, substantial government
support to the banking system, and rising public
expenditure.
The LNG production in Qatar increased from 55 mn
tons per year (mtpy) in 2010 to 74.8 mtpy in 2011.
As a result, earnings from LNG exports rose 46% to
USD 62bn in 2011 and contributed 56% to the total
export earnings.
Qatar’s nominal GDP for 2011 rose 36.3% YoY to
reach QAR631.6bn driven by expansion in the
production levels of LNG, other gas-related products
and condensates, coupled with increases in
hydrocarbon prices. Growth in the Mining and
Quarrying sector increased 52% and manufacturing
sector rose 27.5% in 2011.
Qatar Listed Stocks Handbook
4
Exhibit 3: GCC Long-Term Ratings, 2011
Sovereign S&P Moody's Fitch
Bahrain BBB Baa1 BBB
Kuwait AA Aa2 AA
Oman A A1 N/R
Qatar AA Aa2 N/R
Saudi Arabia AA- Aa3 AA-
UAE N/R Aa2 N/R
Japan AA- Aa3 AA
Singapore AAA Aaa AAA
Germany AAA Aaa AAA
U.S. AA+ Aaa AAA
Source: S&P (29 Nov 2011), Moody's (9 Mar 2012)and Fitch (6 Jan 2012)
Exhibit 4: GCC population – Annual growth (2006-10)
Source: IMF
Exhibit 5: Qatar - Real GDP growth forecast
Source: IMF
0% 5% 10% 15% 20%
Oman
KSA
Kuwait
GCC
Bahrain
UAE
Qatar
Total Expatriates Nationals
5%
29%31%
3%
-0.30%
18%
8% 9% 9% 9%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
2009 2010 2011 2012F 2013F
Hydrocarbon % Non-hydrocarbon %
Real GDP Growth %
Exhibit 6: Impressive credit growth continued in 2011
Source: GCC Central Banks ………………………………………………………….
Exhibit 7: Deposit growth has outpaced peers
Source: GCC Central Banks
Exhibit 8: Qatar - GDP per capita forecast
Source: IMF
4%
0%
9%
1%
5%
17%
14%
2%
17%
2%
10%
28%
0%
4%
8%
12%
16%
20%
24%
28%
32%
Bahrain Kuwait Oman UAE KSA Qatar
2010 2011
13%
1%
14%
4%5%
23%
4%
7%
20%
2%
12%
24%
0%
4%
8%
12%
16%
20%
24%
28%
Bahrain Kuwait Oman UAE KSA Qatar
2010 2011
149167
191 194 195
0
50
100
150
200
250
2009 2010 2011F 2012F 2013F
QA
R '000
GDP Per Capita (QAR '000)
Qatar Listed Stocks Handbook
5
Exhibit 9: Traded Volume
Source: Zawya
Exhibit 10: Turnover (USD mn)
Source: Zawya
0
10
20
30
40
50
60
2006 2007 2008 2009 2010 2011 2012
Millio
ns
0
100
200
300
400
500
600
700
800
2006 2007 2008 2009 2010 2011 2012
US
D M
illio
ns
Qatar Exchange: Recent Announcements
The Qatar Exchange intends to offer a bond trading
platform to capital market investors. The exchange
plans to implement short selling as well as bond and
Sukuk trading on the index as a measure to
encourage the formation of a local debt market.
Qatar Exchange recently announced launch of
equity indices to complement the exchange. These
will include All Share Index and Total Return Index,
to help the investors monitor overall market
benchmark and performance of various sectors on
real time basis. These indices will go live from April
1st, 2012.
The new sectoral indices will be in conjunction with
the new sector classification to be introduced on the
exchange. This intends to offer investors better
market visibility.
Exhibit 9 & 10 shows that the average traded
volumes and turnover have dropped in past few
months due to the regional uncertainty and global
risk aversion
Contains 20 largest liquid stocks
Ranked by free float and average daily
turnover
Single constituent weight capped at
15%
Only captures price performance of
constituent stocks
Contains 20 largest liquid stocks
Ranked by free float and average daily
turnover
Single constituent weight capped at
15%
Captures prices performance as well
as reinvests dividend income in the
overall index
Contains all stocks in the market with
a minimum velocity of 1%
No capping of single constituents
Captures prices performance as well
as reinvests dividend income in the
overall index
QE Index QE Total Return Index QE All Share Total Return Index
Qatar Exchange: Core Indices
Source: Qatar Stock Exchange
Qatar Listed Stocks Handbook
6
Also, the Qatar Exchange has recently announced
the formation of Qatar’s new SME market – The QE
Venture Market. This market will provide the
infrastructure to list and trade securities of small
and medium sized enterprises. This move aims to
provide an efficient capital raising platform for the
cash-starved SMEs. Qatar exchange plans to
successfully implement and develop the Venture
market in association with Qatar Development
Bank, Enterprise Qatar and Silatech. The exchange
is also planning to launch Exchange Traded Funds
(ETFs).
Exhibit 12 showcases the drop in correlation
between the QE Index, Gas prices and Crude
Prices during past few months; hence, pointing to
the fact that commodity no longer acts as a proxy
exposure to QE Index.
Qatar Exchange (QE) launched its own debt market
by listing Qatari Government short term treasury
bills (T-Bills) to trade on the bourse from December
29, 2011.
The launch of debt market is expected to stimulate
investment in debt instruments by commercial
banks and other institutions. The Central Bank of
Qatar (CBQ) has been issuing about QAR 2bn
worth of T-bills per month, since May 2011 with
maturities ranging from three to nine months, to
drain excess liquidity from the banking system and
help create a domestic yield curve. Qatari banks
held about QAR 8bn of T-bills at the end of
September 2011.
Exhibit 11: QE Index Performance
Source: Zawya ………………………………………………………….
Exhibit 12: QE Index vs. Crude & Gas Prices
Source: EIA, Zawya
Exhibit 13: QE Valuation vs. GCC indices
P/E (x) P/BV (x)
Dividend Yield (%)
Qatar Exchange 9.1 1.7 4.4
Bahrain Stock Exchange 9.3 0.9 5.4
Kuwait Stock Exchange 34.9 1.2 3.4
Saudi Arabia Stock Exchange 17.2 2.2 2.9
Dubai Stock Exchange 17.6 0.8 2.9
Abu Dhabi Stock Exchange 9.1 1.1 3.9
Muscat Stock Exchange 13.2 1.5 4.9
GCC Average 15.8 1.3 4.0
Source: Bloomberg as on 3rd April, 2012
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
2006 2007 2008 2009 2010 2011 2012
0
50
100
150
200
250
300
2007 2008 2009 2010 2011 2012
Natural Gas WTI Crude QE Index
Qatar Listed Stocks Handbook
7
Qatar Exchange – Overview
The Qatar Exchange (previously Doha Securities
Market) was established in 1995 to provide efficient
capital market services in the country. It is regulated
by the Qatar Financial Markets Authority (QFMA),
and provides a common platform for capital
transactions to corporate as well as investors.
To further enhance the efficiency and transparency of
the exchange, Qatar Holding (the investment arm of
Qatar Investment Authority) and NYSE Euronext
(world’s leading exchange group) signed an
agreement of strategic partnership in 2009.
The centerpiece of the collaboration is QE’s
participation in the NYSE-Euronext’s electronic
trading system, known as the Universal Trading
Platform (UTP) using the NYSE’s Secure Financial
Transaction Infrastructure (SFTI) that links Qatari
brokers directly to as many as eight major American
and European exchanges.
In a new step to develop its services to various types
of investors, the Qatar Exchange (QE) launched a
new improved Market Watch for its investor
community.
The new Market Watch features include: higher
performance in term of orders and trades throughput,
support for blackberry, iPad and iPhone, the ability to
view the historical graphs of prices and correlate
price variations with events and corporate actions,
and improved blinking functionality.
Exhibit 14: QE All Share vs QE Total Return Index
Source: Qatar Exchange Report
Exhibit 15: Sectoral Weights in Qatar Benchmark Index
Source: Qatar Exchange Report
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2007 2008 2009 2010 2011 2012
QE Total Return QE All Share
Banks and Financial Services
48%
Consumer Goods & Services
5%
Industrials22%
Insurance4%
Real Estate7%
Telecoms6%
Transportation8%
QE: Sector Reclassification
Source: Qatar Exchange Report
QE Index QE All Share Total Return Index
Bank & Financial Services Services
Industrials Insurance
Bank & Financial Services
Consumer Goods
Industrials Insurance
Real Estate Telecoms
Transportation
Qatar Listed Stocks Handbook
8
Exhibit 16: New Issues* in 2012
Company Name No. of shares
offered
Total value of Rights Issue
(QAR)
% of total capital
Share Price (incl.
Premium)
Record date
IPO start date
IPO end date
Al Ahli Bank 22,425,000 672,750,000 20% 30.0 29/05/2012 30/05/2012 Two weeks
National Leasing Holding 16,493,400 486,555,300 50% 29.5 12/04/2012 15/04/2012 Two weeks
Source: Stock Exchange; * All are Rights Issues
List of Qatari Funds
Fund Name Asset Types
Geographic Focus
Fund Size (USD Mn)
3-year Performance (%)
Al Rayan GCC Fund (Q) Equity GCC 44.7 N/A
Al Watani Fund Equity Qatar 23.1 96.71
Al Waseela Fund (Q Class) Equity Qatar 19.6 71.2
Al-Beit Al-Mali Shariah Compliant Fund Equity Qatar 17.3 97.42
Al Waseela Fund (F Class) Equity Qatar 15 70.28
Al Watani Fund 2 Equity Qatar 14.2 99.51
Qatar Gate Fund (N) Equity Qatar 12.1 135.68
Al Rayan GCC Fund (F) Equity GCC 10.3 N/A
Qatar Gate Fund (Q) Equity Qatar 5.2 130.57
Source: Zawya as on 3rd April, 2012
Who can trade on QE
Potential investors (local as well as foreign),
companies and any other establishments are
allowed to trade on the Qatar Exchange after
complying with the trading procedures and getting
registered as an investor on the exchange.
The investors are required to obtain an Investor
Card that carries a National Identification Number
(NIN) which allows them to trade in listed
securities. Once registered, the investor can
choose any of the licensed brokerage firms to buy
and sell shares on the exchange.
In 2010 the MFs assets as proportion of the
Nominal GDP indicates that Qatar was 3% as
compared to Bahrain 26.8%, United Kingdom
33.2% and United States 70.3%. Hence, it shows
the MF industry in Qatar has more growth
potential for new funds and equity assets. Source:
Investment Co. Institute, Washington
Asset allocation to Qatar
Every investor should carefully consider how
much exposure he wishes to have to Qatari
equities. A number of parameters will influence
the Qatar equities asset allocation. A young
Qatari student will have a different investment
appetite than an Indian expatriate close to
retirement, a Saudi family office or a financial
institution from Northern Europe. The set of
parameters to consider includes: expected
duration of investment, geography of investor
today and in the future, risk appetite and
distribution objectives.
However, the significant medium and long term
GDP growth expected in Qatar, probably the
highest in the world over the next 10, 20 or 50
years justifies a higher Qatar exposure.
Qatar Listed Stocks Handbook
9
In conclusion, Commercialbank Capital suggests the following equity allocation matrix for
Qatar (As of March, 2012):
Investment Duration < 1 year 1 yr -5 yrs 5 yr -10 yrs 10 yr - 20
yrs Over 20 yrs
Region of Domicile % suggested of Qatar Equities within total portfolio
Qatar Opportunistic 5% 15% 30% 60%
GCC Opportunistic 1.7% 5.0% 10.0% 20%
MENA Opportunistic 1.3% 3.8% 7.5% 15%
International ex. MENA Opportunistic 0.5% 1.5% 3.0% 6%
Disclaimer: Suggested allocation may differ based on your goals, risk tolerance and time horizon. Please do
not hesitate to consult your Cb relationship manager to perform a detailed analysis to determine which
allocation suits you the best.
Qatar Listed Stocks Handbook
10
QETR Index Constituents: Comprising of 20 companies
Symbol Company Name Free Float Shares Weightage
QNBK Qatar National Bank 349,704,763 15.0%
IQCD Industries Qatar 165,000,000 11.7%
MARK Rayan 749,100,000 10.4%
QIBK Qatar Islamic Bank 194,661,000 7.5%
CBQK Comm. Bank of Qatar 189,502,689 7.3%
QTEL Qatar Telecom 102,935,002 7.0%
QEWS Electricity & Water 78,800,000 5.7%
BRES Barwa 388,724,637 5.5%
QGTS Nakilat 553,100,000 4.9%
DHBK Doha Bank 155,712,346 4.8%
QNNS Qatar Navigation 104,221,236 3.9%
UDCD United Dev. Company 316,954,750 3.1%
QIIK Intl. Islamic Bank 119,329,038 3.1%
KCBK Al Khalij Commercial Bank 359,400,000 3.0%
QATI Qatar Insurance 76,886,408 2.9%
GISS Gulf International 94,605,501 1.4%
VFQS Vodafone Qatar 338,160,000 1.3%
NLCS National Leasing 32,286,800 0.8%
MERS Al Meera Consumer Goods 7,390,000 0.6%
QMLS Qatar Co. For Meat & Livestock Trading 16,730,000 0.4%
Source: Qatar Exchange, as on April 1st 2012
QE Index: Constituents and Index
Methodology
The Qatar Exchange (QE) Index comprises of 20
stocks, selected based on criteria that ensure
transparency as well as liquidity in the market.
Currently, the index constituents are ranked and
scored on the equally weighted selection criteria
– the free-float market capitalization and average
daily traded value. In addition, there are two
exclusion criteria, a minimum annual velocity of
5.0% and an individual shareholder ownership of
at least 1.0%. Based on these four, the 20
highest ranking securities are selected for
inclusion in the index.
The index value is then calculated on the basis of
price return, which is arrived at by dividing the
free-float market capitalization by the divisor.
Here, the divisor is determined on the basis of the
market capitalization (rebased to the index as on
January 1, 1998) of the constituents and modified
to incorporate the effects of various corporate
actions and composition changes.
To ensure the selection criteria meet the purpose
of the index, QE conducts a semi-annual review
of the index in contrast to the annual review done
earlier. The new review methodology entails
reconstituting the index towards the end of March
and September based on a 12-month observation
ending in December and June, respectively.
Qatar Listed Stocks Handbook
11
Details of companies traded on Qatar Exchange
Sector Company Name Symbol MCap (QAR mn)
Dividend Yield (%)**
Current P/E (x)**
Foreign Ownership Limit (%)*
YTD Price Movement
(%)*
Company Profile (Refer Page)
Banking & Financial
QNB QNBK 94,534 2.7 12.6 12.5 10.9 14
Comm. Bank of Qatar CBQK 19,004 7.8 10.1 19.2 9.4 15
Rayan MARK 20,661 4.0 14.8 49.0 1.4 16
Qatar Islamic Bank QIBK 18,171 5.8 13.4 20.6 8.4 17
Doha Bank DHBK 12,588 7.4 10.1 18.8 4.9 18
Intl. Islamic Bank QIIK 7,690 6.9 11.9 19.7 5.9 19
Al khalij Commercial Bank KCBK 5,904 6.1 12.1 25.0 4.2 20
National Leasing NLCS 1,544 7.5 7.2 25.0 -0.3 21
Dlala DBIS 671 2.9 31.0 24.4 -55.8 22
Qatar Oman QOIS 279 5.5 19.4 15.0 13.0 23
Islamic Holding IHGS 96 4.2 20.6 21.9 4.4 24
Al Ahli Bank ABQK 6,728 0.0 15.2 17.7 37.7 25
Consumer goods & services
Qatar Fuel QFLS 12,734 3.3 11.0 15.0 -1.2 26
Salam International SIIS 1,463 7.1 9.2 No limit -7.7 27
Al Meera MERS 1,670 4.2 21.7 18.5 -9.5 28
Qatar Meat & Livestock QMLS 780 6.8 12.4 23.2 -29.2 29
Medicare MCGS 836 4.1 19.4 20.5 -15.8 30
Zad Holding Company ZHCD 661 N.A. 7.3 22.8 -8.0 31
Cinema QCFS 380 2.1 28.4 24.2 22.8 32
Qatar German Co. Med QGMD 100 N.A. 261.4 25.0 -5.1 33
Industrial
Industries Qatar IQCD 77,275 5.6 10.4 7.5 -6.1 34
Electricity & Water QEWS 14,500 4.5 11.1 25.0 -3.1 35
Aamal AHCS 9,430 N.A. 16.8 25.0 -8.6 36
Mannai Corp. MCCS 3,158 6.0 11.3 24.9 7.4 37
National Cement Co. QNCD 5,229 5.7 11.7 14.2 5.2 38
Gulf International GISS 3,918 4.4 13.5 17.5 -11.4 39
Ind. Manf. Co. QIMD 2,138 0.6 10.2 25.0 11.8 40
The Investors KHCD 2,017 3.0 27.6 24.9 -4.6 41
Insurance
Qatar Insurance QATI 6,564 4.6 10.9 21.6 6.9 42
General Insurance QGRI 2,331 2.5 13.7 23.0 15.9 43
Islamic Insurance QISI 830 5.3 18.7 22.8 6.6 44
Al Kaleej Takaful Group AKHI 598 7.1 9.5 22.5 6.4 45
Doha Insurance DOHI 571 0.0 8.7 24.4 19.8 46
Real Estate
Barwa BRES 10,934 3.6 8.8 25.0 6.3 47
United Dev. Company UDCD 6,562 0.0 1.8 25.0 39.3 48
Mazaya MRDS 961 0.0 20.0 24.9 -20.8 49
Ezdan ERES 52,785 0.8 152.1 22.5 11.2 50
Telecoms Q Telecom QTEL 30,889 1.7 11.8 No limit 5.6 51
Vodafone Qatar VFQS 6,324 0.0 NM No limit 0.7 52
Transportation
Nakilat QGTS 9,707 4.8 11.8 24.7 -1.1 53
Qatar Navigation QNNS 8,544 4.7 11.9 25.0 2.3 54
Gulf Warehousing Co. GWCS 1,486 4.1 23.8 24.9 -0.8 55
Source: Thomson Reuters; * Qatar Stock Exchange, Data as of April 2nd
2012; ** Qatar exchange – Financial indicators report (29th March, 2012)
Qatar Listed Stocks Handbook
12
Top 5 stocks by Dividend Yield**
Company Name Symbol Dividend Yield (%)
Comm. Bank of Qatar COMB.QA 7.8
National Leasing NLCS.QA 7.5
Doha Bank DOBK.QA 7.4
Salam International SALM.QA 7.1
Al Kaleej Takaful KINS.QA 7.1
Top 5 stocks by ROE
Company Name Symbol ROA (%)
United Dev. Company UDCD.QA 65.0
Electricity & Water QEWS.QA 38.1
Nakilat QGTS.QA 34.1
Industries Qatar IQCD.QA 33.1
National Leasing NLCS.QA 30.5
Top 5 stocks with lowest P/E**
Company Name Symbol P/E (x)
United Dev. Company UDCD.QA 1.8
National Leasing NLCS.QA 7.2
Zad Holding Company ZHCD.QA 7.3
Doha Insurance DICO.QA 8.7
Barwa BRES.QA 8.8
Top 5 stocks by YTD Price Performance*
Company Name Symbol Change YTD
2012 (%)
United Dev. Company UDCD.QA 39.3
Al Ahli Bank ABQK.QA 37.7
Cinema QCFS.QA 22.8
Doha Insurance DOHI.QA 19.8
General Insurance QGRI.QA 15.9
Top 5 stocks by ROA
Company Name Symbol ROE (%)
Qatar Fuel QFLS.QA 17.6
Qatar Meat & Livestock QMLS.QA 16.3
Islamic Insurance QISI.QA 15.3
Ind. Manf. Co. QIMD.QA 14.8
Al Meera MERS.QA 12.9
Top 5 stocks with lowest P/BV**
Company Name Symbol P/BV (x)
Qatar Telecom QTEL.QA 0.8
United Dev. Company UDCD.QA 0.8
Qatar Navigation QNNC.QA 0.8
Salam International SIIS.QA 0.9
Qatar Oman QOIS.QA 0.9
Source: Thomson Reuters, **Qatar Stock Exchange, Values as on 29th March 2012; * Qatar Stock Exchange, Data as of April 2
nd2012
Qatar Listed Stocks Handbook
13
Worst 5 stocks by YTD Price Performance*
Company Name Symbol Change YTD
2012 (%)
Dlala DBIS.QA -55.8
Qatar Meat & Livestock QMLS.QA -29.2
Mazaya MRDS.QA -20.8
Medicare MCGS.QA -15.8
Gulf International GISS.QA -11.4
Top 5 stocks by Volume traded YTD*
Company Name Symbol
Average monthly
volume/ free float (%)
Qatar Meat & Livestock QMLS.QA 40
Dlala DBIS.QA 28
Qatar Oman QOIS.QA 24
Mazaya MRDS.QA 12
National Leasing NLCS.QA 9
Top 5 stocks with highest Foreign Ownership*
Company Name Symbol Foreign
Ownership (%)
Al Ahli Bank ABQK.QA 33.3
Qatar Oman QOIS.QA 29.1
Gulf Warehousing GWCS.QA 24.4
General Insurance QGRI.QA 23.2
Qatar Telecom QTEL.QA 22.7
Top 5 stocks by Market Capitalization
Company Name Symbol Market Cap (QAR mn)
QNB QNBK.QA 94,534
Industries Qatar IQCD.QA 77,275
Ezdan ERES.QA 52,785
Qatar Telecom QTEL.QA 30,889
Rayan MARK.QA 20,661
Top 5 stocks by Turnover YTD*
Company Name Symbol Value
(QAR Mn)
Rayan MARK.QA 2528
Industries Qatar QGTS.QA 2161
QNB QNBK.QA 1506
United Dev. Company UDCD.QA 1419
Comm. Bank of Qatar CBQK.QA 1210
Top 5 stocks with least Foreign Ownership Availability*
Company Name Symbol Ownership available**
(%)
Gulf Warehousing GWCS.QA 0.5
Industries Qatar IQCD.QA 0.9
Comm. Bank of Qatar CBQK.QA 2.2
Qatar Fuel QFLS.QA 3.6
Mazaya MRDS.QA 4.4
Source: Thomson Reuters, *Qatar Stock Exchange, Values as on 2nd
April 2012, ** excluding negative values
14
Company Overview
Qatar National Bank (QNB), the largest in Qatar, operates a network of 59 local branches and 189 ATMs. Established in 1964, the bank offers a full range of conventional retail products and services. QNB’s assets account for QAR 301bn, or 40%, of total commercial bank assets in Qatar. Through its sovereign wealth fund, Qatar Investment Authority, the government owns 50% stake in QNB. The bank has presence in several markets outside Qatar, such as London, Paris, Kuwait, Oman and Singapore.
Business Description
QNB offers banking services, such as corporate banking, retail banking, treasury, asset management, investment services, and asset/wealth management services, for high net worth clients.
Recent Developments
QNB Group has acquired 49% stake in the Bank of Commerce and
Development, a private bank in the Libya. The Bank of Commerce and
Development has a network of 32 branches, 82 ATMs, and total assets
worth USD 2bn.
In March 2012, Qatar National Bank won the Best Mobile Services
'mServices' award at QITCOM Awards 2012 for promoting mobile payment
services.
QNB Group completed its debut US Dollar bonds issue under its Euro
Medium Term Note Program in international capital markets on 14
February 2012, amounting to USD 1.0bn with a five year maturity and a
coupon rate of 3.375%.
In October 2011, QNB inaugurated its first branch in Juba, the largest city
and the capital of the Republic of South Sudan.
In August 2011, Fitch Ratings affirmed QNB Group (QNB)’s Long-term
Issuer Default Rating (IDR) at 'A+' with a Stable Outlook.
In August 2011, QNB, the largest lender in the Gulf Arab state, plans to set
up a USD 7.5bn medium-term note program to help fund its banking
activities. The bank has appointed Barclays, HSBC and QNB Capital to
manage the sale.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Interest Income 6,116 6,395 9,932 10,694 7.7% 20.5%
Operating Income 5,091 5,657 7,609 10,184 33.8% 26.0%
Total Assets 151,974 179,329 223,382 301,955 35.2% 25.7%
Shareholder’s Equity 16,643 19,876 24,793 42,635 72.0% 36.8%
Total Debt 28,707 29,604 26,480 51,633 95.0% 21.6%
Cash & Cash Equivalents 6,270 9,880 33,913 10,279 -69.7% 17.9%
Net Operating Margin (%) 83.2% 88.5% 76.6% 95.2% - -
ROE (%) 21.9% 21.1% 23.0% 17.7% - -
ROA (%) 2.4% 2.3% 2.6% 2.5% - -
EPS (QAR) 12.3 10.7 10.6 12.5 17.9% 0.5%
Book Value Per Share (QAR)
69.1 66.0 63.2 67.0 6.0% -1.0%
Dividend Per Share (QAR) 7.5 4.0 5.0 4.0 -20.0% -18.9%
Source: Company filing, Qatar Exchange
QATAR NATIONAL BANK Reuters / Bloomberg code QNBK.QA / QNBK QD
Market Data
CMP (QAR) 135.0
Shares outstanding (Mn) 699.7
Market cap (QAR Mn) 94,463
Market cap (USD Mn) 25,952
52-week range H/L (QAR) 142.7/116.0
Foreign Ownership (%)
Limit Allowed (%) 12.5%
Current Exposure 4.2%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Yousef Hussain Kamal – Chairman
Management
Mr. Ali Shareef Al-Emadi – CEO
Mr. Ali Ahmed Al-Kuwari – EGM & Chief
Business Officer
Key Ratios
P/E (x) 12.6
P/BV (x) 2.3
Dividend Yield (%) 2.7
PEG(x) 0.9
Price Performance
Segmental Revenues in 2011
Public50%
QIA50%
Corporate Bkg.69%
Consumer Bkg.8%
Asset and wealth Mgt.
5%
QNB Intl Hlds. Ltd
1%
International Bkg.17%
15
Company Overview
Headquartered in Doha, Commercial Bank of Qatar (CBQ) is the second largest commercial bank in Qatar with 12% of total commercial bank assets. The bank was established in 1975 as the country’s first private bank. CBQ offers conventional, corporate and retail banking services including deposits, loans and credit cards. The bank operates through a network of 34 full service branches and 148 ATMs, in Qatar. CBQ increased its presence in the region through strategic alliances with National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. CBQ’s GDRs are listed on the London Stock Exchange.
Business Description
CBQ’s principal segments are retail banking, corporate banking, and investment services.
For corporate banking customers, CBQ offers an extensive range of commercial and investment banking services and products to enterprises.
Retail banking provides current and deposit accounts, wealth management, mortgage lending, personal and vehicle loans, as well as credit and other card services to retail customers in Qatar.
COMCAP, a division of Commercialbank, the largest private bank in Qatar provides "onshore" local investment banking and merchant banking services in Qatar, Oman and the United Arab Emirates
Recent Developments
CBQ has raised USD 500mn from the sale of five-year dollar denominated
bonds. The bonds are expected to be priced at yield 235 basis points over
the midswap rate. BNP Paribas, HSBC Holdings and Morgan Stanley are
expected to manage the sale.
CBQ witnessed a 24.0% growth in its public sector lending in 2011. CBQ's
would continue focusing on public sector projects, which grew by 40% in
2011, to further expand its public sector portfolio. Moreover, the bank
recorded a significant increase in real estate lending by 95% in 2011.
In November 2011, CBQ inked an agreement with Tata Consultancy
Services to outsource back office processing and IT services of CBQ.
Company Financials QAR million
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Interest Income 2,692 2,908 2,989 2,876 -3.8% 2.2%
Operating Income 2,769 2,778 2,562 2,864 11.8% 1.1%
Total Assets 61,485 57,317 62,520 71,540 14.4% 5.2%
Shareholder’s Equity 9,978 12,010 12,500 14,230 13.8% 12.6%
Total Debt 17,800 17,683 15,454 18,043 16.8% 0.5%
Cash & Cash Equivalents 3,015 4,374 8,703 2,576 -70.4% -5.1%
Net Operating Margin (%) 102.8% 95.5% 85.7% 99.6% - -
ROE (%) 21.0% 13.9% 13.3% 14.1% - -
ROA (%) 3.2% 2.6% 2.7% 2.8% - -
EPS (QAR) 8.8 7.1 7.2 7.7 6.9% -4.4%
Book Value Per Share (QAR)
48.4 55.5 55.1 57.5 4.4% 5.9%
Dividend Per Share (QAR) 7.0 6.0 7.0 6.0 -14.3% -5.0%
Source: Company filing, Qatar Exchange
COMMERCIAL BANK OF QATAR Reuters / Bloomberg code COMB.QA / CBQK QD
Market Data
CMP (QAR) 76.7
Shares outstanding (Mn) 247.4
Market cap (QAR Mn) 18,979
Market cap (USD Mn) 5,214
52-week range H/L (QAR) 87.2/67.6
Foreign Ownership (%)
Limit Allowed (%) 19.1%
Current Exposure 16.9%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E Abdullah Bin Khalifa al Attiyah -
Chairman
Sh. Abdullah Bin Ali Bin Jabor Al Thani - Vice
Chairman
Mr. Hussain Ebrahim Alfardan - Managing
Director
Management
Mr. Andrew Charles Stevens - Group CEO
Mr. Abdullah Al Raisi – Deputy CEO
Key Ratios
P/E (x) 10.1
P/BV (x) 1.3
Dividend Yield (%) 7.8
PEG(x) 1.2
Price Performance
Segmental Revenues in 2011
Public71%
Qatar Hldg16%
Others8%
Deutsche Bank 3%
Qatar National
bank2%
Corp.Bkg69.9%
Retail Bkg22.7%
Islam. Bkg6.1%
Unallocated1.1%
Subsi.0.3%
16
Company Overview
Doha-based Masraf Al Rayan QSC (Al Rayan) is a publicly listed Islamic bank established in 2006. The bank conducts banking, financing, investment and brokerage activities in Qatar. Al Rayan offers Shariah-compliant products to government entities, corporates and retail customers. The bank accounts for approximately 7% of the total assets held by commercial banks in Qatar. Al Rayan offers commercial banking, asset management and private equity investment services in accordance with the Islamic principles. The bank operates through a network of nine branches and 22 ATMs in Qatar. Al Rayan also has presence in markets such as Pakistan and Saudi Arabia.
Business Description Al Rayan primarily operates under four main business segments: Retail, Corporate, Treasury and Trade Finance.
Retail banking includes deposits, loans and credit cards. The bank also provides asset management services (including fund, wealth and portfolio management) under its private banking arm.
Recent Developments
In April 2012, Al Rayan signed an agreement with Alijarah Holding to ease
procedures for the planned increase in capital through a rights issue.
Alijarah plans to increase its capital by 50% from QAR 329.87mn to QAR
494.80mn by issuing 16.49mn new shares.
In April 2011, the bank entered into an agreement with Al Meera Consumer
Goods Company for project management services. The bank would
provide its services during the design and construction phase of eight new
Al Meera branches being developed across Qatar.
Al Rayan signed MoU with Qatar Development Bank to offer indirect
finance facility (targeted at SMEs in the country).
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Interest Income 1,328 1,150 1,705 1,889 10.8% 12.5%
Operating Income 1,429 1,568 1,939 2,390 23.3% 18.7%
Total Assets 16,769 24,124 34,683 55,271 59.4% 48.8%
Shareholder’s Equity 5,694 5,962 7,127 8,504 19.3% 14.3%
Total Debt - - - - - -
Cash & Cash Equivalents 501 716 1,482 2,253 52.1% 65.0%
Net Operating Margin (%) 107.6% 136.3% 113.7% 126.5% - -
ROE (%) 16.1% 14.8% 17.0% 16.6% - -
ROA (%) 5.5% 3.6% 3.5% 2.5% - -
EPS (QAR) 1.2 1.2 1.6 1.9 18.8% 16.6%
Book Value Per Share (QAR)
7.6 7.9 9.5 11.3 18.9% 14.1%
Dividend Per Share (QAR) 0.8 1.3 2.6 0.5 -80.8% -14.5%
Source: Company filing, Qatar Exchange
MASRAF AL RAYAN Reuters / Bloomberg code MARK.QA / MARK QD
Market Data
CMP (QAR) 27.8
Shares outstanding (Mn) 750.0
Market cap (QAR Mn) 20,813
Market cap (USD Mn) 5,718
52-week range H/L (QAR) 28.6/22.1
Foreign Ownership (%)
Limit Allowed (%) 49.0%
Current Exposure 16.1%
Shareholding Pattern
Chairman / V.Chairman / MD
Dr Hussain Ali Al Abdulla – Chairman
Sh. Al Hussein Bin Ali Bin Ahmed
Al-Thani – Vice Chairman
Management
Mr. Adel Mustafawi – Group CEO
Mr. Jamal Darwiche – COO
Key Ratios
P/E (x) 14.8
P/BV (x) 2.5
Dividend Yield (%) 4.0
PEG(x) 7.6
Price Performance
Segmental Revenues in 2011
Public74.7%
QIA10.0%
Others15.3%
Corporate 94%
Retail 5%
Al Rayan Investments
1%
17
Company Overview
Qatar Islamic Bank (QIB), the largest Islamic bank in Qatar, accounts for 9% of
the total commercial bank assets in the country. Established in 1982, QIB
provides banking services in accordance with the provisions of Islamic Shariah
and regulations of Qatar Central Bank (QCB). The bank is headquartered in
Doha and operates through a network of 30 branches in Qatar.
Business Description
QIB and its subsidiaries offer diverse banking products and services. They
are also involved in investment and financial activities. These services are
provided through Islamic financing modes, including Murabaha, Mudaraba,
Musharaka, Musawama and Istisna.
The bank offers Islamic products in Qatar as well as Europe, Asia and
MENA.
Under commercial banking, QIB provides deposits, loans and credit card
services.
Recent Developments
QIB’s chairman is optimistic that the year 2012 would bring strong
opportunities for growth in Qatar. The bank witnessed higher activity in
2011 through greater co-operation with large governmental institutions and
semi-governmental companies across the transport, infrastructure and
energy sectors.
The bank recently launched a new banking program for micro enterprises.
The program aims to provide customized financial solutions for smaller
start-up firms as well as help entrepreneurs expand businesses by funding
their fixed assets and working capital.
The bank introduced a new investment plan, Themar, to allow clients to
invest in the Sukuk market and Islamic financial institutions’ stocks
worldwide.
In October 2011, QIB announced to distribute Takaful products of its
subsidiary Damaan Islamic Insurance Company (also known as Beema)
through a BancaTakaful agreement.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Interest Income 2,399 2,092 1,965 2,407 22.5% 0.1%
Operating Income 2,555 2,402 2,281 2,682 17.6% 1.6%
Total Assets 33,543 39,273 51,877 58,286 12.4% 20.2%
Shareholder’s Equity 7,143 9,005 9,052 11,202 23.8% 16.2%
Total Debt 8,697 8,691 11,125 16,059 44.3% 22.7%
Cash & Cash Equivalents 1,023 1,338 1,875 1,833 -2.2% 21.4%
Net Operating Margin (%) 106.5% 114.8% 116.1% 111.4% - -
ROE (%) 23.0% 14.7% 13.9% 12.2% - -
ROA (%) 4.9% 3.4% 2.4% 2.3% - -
EPS (QAR) 8.5 6.1 5.9 5.9 0.0% -11.5%
Book Value Per Share (QAR)
36.3 43.6 41.8 47.4 13.4% 9.3%
Dividend Per Share (QAR)
7.0 6.0 5.0 4.5 -10.0% -13.7%
Source: Company filing, Qatar Exchange
QATAR ISLAMIC BANK Reuters / Bloomberg code QISB.QA / QIBK QD
Market Data
CMP (QAR) 77.1 Shares outstanding (Mn) 236.3 Market cap (QAR Mn) 18,218 Market cap (USD Mn) 5,005 52-week range H/L (QAR) 86.1/71.3
Foreign Ownership (%)
Limit Allowed (%) 20.6% Current Exposure 4.4%
Shareholding Pattern
Chairman / V.Chairman / MD Sh. Jassim Bin Hamad Bin Jassim Bin Jaber AI-Thani – Chairman Mr. Mohammad Bin Abdullatif Al Mana – Vice Chairman Mr. Abdullatif Bin Abdulla Al Mahmoud – MD
Management
Mr. Ahmad Meshari – CEO
Key Ratios
P/E (x) 13.4
P/BV (x) 1.6
Dividend Yield (%) 5.8
PEG(x) 2.0
Price Performance
Segmental Revenues in 2011
Public83%
QIA17%
Wholesale59%
Personal 10%
Group Function
19%
Subsidiaries12%
18
Company Overview
Established in 1978, Doha Bank is one of the largest private commercial banks in Qatar. The bank, which is headquartered in Doha, is the third largest commercial bank in Qatar in terms of total asset base. Doha Bank provides conventional banking services in Qatar and abroad. The bank has 37 branches in Qatar. Internationally, Doha Bank operates through three overseas branches in the United States, the United Arab Emirates and Kuwait. It also has representative offices in United Kingdom, Singapore, Turkey, China, Japan, South Korea and Romania.
Business Description
Doha Bank primarily operates in the retail segment, and is engaged in wholesale banking and treasury services.
Doha Bank operates an insurance arm, Doha Bank Assurance Company (DBAC). Its international operations include Doha Brokerage and Financial Services (DBFS), a joint venture based in India; and Dbank Tech, which provides research and investment services in the UAE.
Recent Developments
In March 2012, Doha Bank completed a 5-year USD 500mn bond issue.
The proceeds of the bond issue will be used to fund the bank's growth
plans.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Interest Income 1,986 2,253 2,299 2,074 -9.8% 1.5%
Operating Income 1,675 2,044 2,096 2,334 11.4% 11.7%
Total Assets 38,970 45,996 47,230 52,420 11.0% 10.4%
Shareholder’s Equity 4,913 5,851 6,034 7,081 17.4% 13.0%
Total Debt 9,393 11,314 9,451 12,405 31.3% 9.7%
Cash & Cash Equivalents 2,552 10,754 10,379 2,605 -74.9% 0.7%
Net Operating Margin (%) 84.3% 90.7% 91.2% 112.5% - -
ROE (%) 25.8% 21.7% 21.4% 22.0% - -
ROA (%) 2.7% 2.3% 2.3% 2.5% - -
EPS (QAR) 5.7 5.4 5.6 6.0 7.1% 1.7%
Book Value Per Share (QAR)
28.6 32.3 31.8 34.2 7.5% 6.1%
Dividend Per Share (QAR) 5.0 5.0 5.0 4.5 -10.0% -3.5%
Source: Company filing, Qatar Exchange
DOHA BANK Reuters / Bloomberg code DOBK.QA / DHBK QD
Market Data
CMP (QAR) 60.8
Shares outstanding (Mn) 206.7
Market cap (QAR Mn) 12,567
Market cap (USD Mn) 3,453
52-week range H/L (QAR) 67.2/49.9
Foreign Ownership (%)
Limit Allowed (%) 18.8%
Current Exposure 7.1%
Shareholding Pattern
Chairman / V.Chairman / MD
Sh. Fahad Bin Mohammad Bin Jabor Al-
Thani – Chairman
Mr. Ahmed Abdul Rahman Yousuf
Obaidan Fakhroo – Vice Chairman
Sh. Abdul Rehman Bin Mohammad Bin
Jabor Al-Thani – MD
Management
Mr. R. Seetharaman – CEO
Key Ratios
P/E (x) 10.1
P/BV (x) 1.8
Dividend Yield (%) 7.4
PEG(x) 1.6
Price Performance
Segmental Revenues in 2011
Public83%
QIA17%
Convent. Bkg
90.5%
Islamic Bkg8.4%
Insurance1.1%
19
Company Overview
Qatar International Islamic Bank (QIIB) is a leading Islamic bank in Qatar. Established in 1991, QIIB offers retail and corporate products/services in the country. The bank is headquartered in Doha, and operates through a network of 13 branches. QIIB has been increasing presence in regional markets outside the country. The bank is one of the founders of the Islamic Bank of Britain, and Syria International Islamic Bank. Moody’s recently rated the bank for the first time, and assigned A3/P-2/D+ with a stable outlook.
Business Description
Personal Banking offers private banking, current & savings account, consumer financing, and safe deposit services. QIIB provides deposits, loans and credit card facilities under private banking services.
Corporate Banking offers corporate banking, Murabahah (cost plus), Musawamah, Mudarabah (project finance), Istisna (construction finance), foreign trade finance, and commercial finance services.
The bank facilitates private equity investments in various sectors. QIIB’s services are in accordance to the Shariah principles.
Recent Developments
In February 2012, QIIB won the ‘Best Islamic bank in Qatar’ award for 2012
from World Finance, a London-based magazine.
In September 2011, the bank announced that it is likely to issue US dollar-
dominated benchmark-sized sukuk late in the year, or in early 2012
depending on market conditions. A benchmark offering is usually USD
500mn in size. Standard Chartered Bank and HSBC have been hired to
advice on the deal.
QIIB announced a liberal lending product for expatriate residents known as
Unique Financing in May 2011. Expatriates who transfer their salary
(minimum of QAR 5,000) to the bank are eligible to avail this facility.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Interest Income 883 870 983 1056 7.5% 6.1%
Operating Income 933 958 1085 1134 4.5% 6.7%
Total Assets 12843 15521 18179 23358 28.5% 22.1%
Shareholder’s Equity 2780 3799 3817 4893 28.2% 20.7%
Total Debt 25 22 100 16 -84.0% -13.9%
Cash & Cash Equivalents 600 642 955 935 -2.1% 15.9%
Net Operating Margin (%) 105.7% 110.2% 110.4% 107.4% - -
ROE (%) 18.0% 13.4% 14.6% 13.3% - -
ROA (%) 3.9% 3.3% 3.1% 2.8% - -
EPS (QAR) 4.0 3.9 4.0 4.4 10.0% 3.2%
Book Value Per Share (QAR) 22.1 27.3 27.5 32.4 17.8% 13.6%
Dividend Per Share (QAR) 4.0 4.0 3.8 3.5 -7.9% -4.4%
Source: Company filing, Qatar Exchange
QATAR INTERNATIONAL ISLAMIC BANK Reuters / Bloomberg code QIIB.QA / QIIK QD
Market Data
CMP (QAR) 51.0
Shares outstanding (Mn) 151.4
Market cap (QAR Mn) 7,720
Market cap (USD Mn) 2,121
52-week range H/L (QAR) 56.5/45.0
Foreign Ownership (%)
Limit Allowed (%) 19.7%
Current Exposure 2.9%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Sh. Dr. Khalid Bin Thani A. Al-Thani
– Chairman & MD
H.E. Sh. Abdullah Bin Thani A. Al-Thani –
Vice Chairman
Management
Mr. Abdulbasit Ahmed A. Al-Shaibei –
CEO
Mr. Jamal Abdullah Al-Jamal – Dy. CEO
Mr. Mohsen Tawfik Moustafa – Dy. CEO
Key Ratios
P/E (x) 11.8
P/BV (x) 1.6
Dividend Yield (%) 6.9
PEG(x) 2.4
Price Performance
Segmental Revenues in 2011
Public62.0%
QIA20.0%
Others18.0%
Retail 21%Commercial
9%
Corporate 46%
Invt. 24%
20
Company Overview
Al Khalij Commercial Bank (Al Khaliji), established in 2007, is headquartered in Doha. The bank offers a full range of conventional and Shariah-compliant products. Al Khaliji accounts for 4% of the total commercial bank assets in Qatar. The bank’s target customers comprise retail, corporate and institutional clients in Qatar, the UAE and France. Al Khaliji is a member of the Qatar Exchange 20 Index with QAR 23.8bn in assets and QAR 9.9bn in customer deposits as of June 30, 2011. The bank has three branches in Qatar, one in France and four in the UAE.
Business Description
Al Khaliji’s services are divided into three segments: Personal Banking, Corporate Banking and Premium Banking.
Al Khaliji France, a subsidiary, operates in Paris—the branch network in the UAE encompasses Dubai, Sharjah, Ras Al Khaima and Abu Dhabi.
For retail customers, Al Khaliji offers savings accounts, fusion accounts, call accounts, current accounts, fixed deposits, personal loans and credit cards.
For corporate customers, the bank’s offerings include working capital finance, overdrafts, short/ medium/ long-term loans, club/syndicated loans, structured finance and project finance.
Recent Developments
In February 2012, Fitch awarded Long Term Issuer Default Rating of A-
with a stable outlook.
According to latest reports, Al Khaliji plans to launch a Qatar stock
brokerage firm via an investment of QAR 50mn (USD 13.7mn).
In June 2011, the bank announced its proposed merger with International
Bank of Qatar would not proceed.
Al Khalij launched a specialized contracting finance division to support
infrastructure projects undertaken for the FIFA 2022 World Cup in Qatar.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Interest Income 568 608 765 783 2.4% 11.3%
Operating Income 551 522 760 940 23.7% NA
Total Assets 11,955 17,524 18,737 27,003 44.1% 31.2%
Shareholder’s Equity 4,546 4,830 5,255 5,402 2.8% 5.9%
Total Debt 2,562 3,263 4,613 8,916 93.3% 51.5%
Cash & Cash Equivalents 1,030 644 1,387 860 -38.0% -5.8%
Net Operating Margin (%) 97.0% 85.9% 99.3% 120.1% - -
ROE (%) 2.3% 3.5% 8.1% 9.0% - -
ROA (%) 0.9% 1.0% 2.3% 1.8% - -
EPS (QAR) 0.3 0.5 1.2 1.4 16.7% 67.1%
Book Value Per Share (QAR)
12.6 13.4 14.6 15.0 2.7% 6.0%
Dividend Per Share (QAR) - - 1.0 1.0 0.0% NA
Source: Company filing, Qatar Exchange
AL KHALIJ COMMERCIAL BANK Reuters / Bloomberg code KCBK.QA / KCBK QD
Market Data
CMP (QAR) 16.4
Shares outstanding (Mn) 360.0
Market cap (QAR Mn) 5,886
Market cap (USD Mn) 1,617
52-week range H/L (QAR) 19.2/16.0
Foreign Ownership (%)
Limit Allowed (%) 25.0%
Current Exposure 16.5%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Sh. Hamad Bin Faisal Bin Thani Al-
Thani – Chairman & MD
Mr. Abdulla bin Nasser Al-Misnad – Vice
Chairman
Management
Mr. Robin McCall – Group CEO
Mr. Christiaan De Beer – Group CFO
Key Ratios
P/E (x) 12.1
P/BV (x) 1.1
Dividend Yield (%) 6.1
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public54%
Qatar Hld. Co.36%
Qatar Govt.10%
Conventional 79%
Islamic 2%
France19%
21
Company Overview
National Leasing Holding (also known as Al-Ijarah Holding), headquartered in Doha, was established in July 2003. The company’s business portfolio covers a wide range of activities, including leasing, equipment and transportation, property development, and hospitality services. These activities (conducted in accordance with Islamic Shariah guidelines) are restricted to Qatar.
Business Description
National Leasing Holding operates through its following subsidiaries:
National Equipment is involved in the transportation of raw materials. The subsidiary currently has a five-year sand transportation agreement with Qatar National Cement Company.
National Property Development has launched its flagship project, which involves infrastructure development of Lusail Northern and West Waterfront Areas. The subsidiary also provides leasing and a comprehensive range of property management services. National Property Development accounts for a major proportion of the company’s revenues.
National Limousine is engaged in the hospitality industry. This subsidiary maintains an efficient car fleet to provide personal transportation services to individuals, corporate houses and the government.
Recent Developments
In September 2011, National Leasing Holding’s board proposed a 50% increase in the share capital by issuing 16,493,400 new shares to existing shareholders in the ratio of 1:2 with nominal value of QAR 10 and a premium of QAR 19.50.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 122 214 459 602 31.2% 70.3%
EBITDA* 72 91 208 273 31.5% 55.8%
Net Income 55 90 180 215 19.8% 57.5%
Total Assets 688 1789 2027 1,700 -16.1% 35.2%
Shareholder’s Equity 460 539 649 762 17.4% 18.3%
Total Debt 223 1231 1115 676 -39.4% 44.8%
Cash & Cash Equivalents 111 593 530 392 -25.9% 52.5%
EBIDTA Margin (%) 59.1% 42.5% 45.2% 45.3% - -
Net Margin (%) 45.2% 42.2% 39.2% 35.8% - -
ROE (%) 12.0% 16.7% 27.7% 28.3% - -
ROA (%) 8.0% 5.0% 8.9% 12.7% - -
EPS (QAR) 1.7 2.7 5.5 6.5 18.2% 56.4%
Book Value Per Share (QAR)*
14 16.3 19.7 23.1 17.3% 18.2%
Dividend Per Share (QAR)* 0.5 2 3 3.5 16.7% 91.3%
Source: *Bloomberg, Company filing, Qatar Exchange
NATIONAL LEASING Reuters / Bloomberg code NLCS.QA / NLCS QD
Market Data
CMP (QAR) 46.9
Shares outstanding (Mn) 33.0
Market cap (QAR Mn) 1, 547
Market cap (USD Mn) 425
52-week range H/L (QAR) 51.4/35.0
Foreign Ownership (%)
Limit Allowed (%) 25.0%
Current Exposure 12.0%
Shareholding Pattern
Chairman / V.Chairman / MD
Sh. Falah Bin Jassim Bin Jabr Al- Thani –
Chairman
Mr. Salem Bin Butti Al-Nuaimi – Vice
Chairman
Management
Mr. Khalid Nasser Al-Hail – CEO
Key Ratios
P/E (x) 7.2
P/BV (x) 2.0
Dividend Yield (%) 7.5
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public87%
Qatar Navigation
13%
Doha Bank-1%
Property Devp79%
Fin Leasing 12%
Transport9%
Limousine0%
22
Company Overview
Dlala Brokerage and Investment Holding Company (Dlala), headquartered in Doha, was established in 2005 as a brokerage and investment house in Qatar. The company was the first non-banking financial institution to be listed on Qatar Exchange. Dlala offers brokerage services for conventional/Shariah-compliant stocks and real estate as well as property management services.
Business Description Through its wholly owned subsidiaries, the company provides brokerage services in the equity and real estate markets.
Established in 2006, Dlala Brokerage offers brokerage services for public listed companies. The company provides a number of channels such as online e-trading, direct trading through branches, call centers and account managers for the purchase and sale of shares listed on Qatar Exchange.
Dlala Islamic Brokerage was established in 2006 to provide brokerage services in accordance with Islamic Shariah guidelines for Shariah-compliant listed companies. The company has a separate Islamic Panel for Fatwa and Shariah compliance control; it comprises Islamic scholars who determine the compliance of equities with Shariah rules.
Dlala Real Estate, which offers real estate brokerage services, is Dlala Holding’s latest subsidiary. It was established to diversify investments in the Qatari real estate sector. Dlala Real Estate also provides property management services to landlords and property owners through an electronic portal that facilitates access to information such as rent payments, occupancy rates and others. In addition, it offers buy and sell brokerage services.
Recent Developments
In February 2012, Dlala Brokerage and Investment signed a memorandum of understanding (MoU) with a Qatari company to study the feasibility of a strategic partnership with them.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 148 71 74 69 -6.5% -22.4%
EBITDA* 58 15 19 28 48.2% -21.3%
Net Income 51 -1 13 23 72.5% -23.5%
Total Assets 878 627 735 720 -2.0% -6.4%
Shareholder’s Equity 241 216 236 232 -1.4% -1.1%
Total Debt 28 - - 31 NA 3.3%
Cash & Cash Equivalents 248 190 172 96 -43.9% -27.0%
EBIDTA Margin (%) 39.3% 20.8% 25.9% 41.0% - -
Net Margin (%) 34.2% -1.4% 17.8% 32.8% - -
ROE (%) 21.0% -0.5% 5.6% 9.7% - -
ROA (%) 5.8% -0.2% 1.8% 3.1% - -
EPS (QAR) 2.5 -0.1 0.7 1.1 57.1% -23.9%
Book Value Per Share (QAR)*
12 10.8 11.8 11.6 -1.7% -1.1%
Dividend Per Share (QAR)* 2 - 0.9 1.0 11.1% -20.6%
Source: *Bloomberg, Company filing, Qatar Exchange
DLALA BROKERAGE AND INVESTMENT HOLDING COMPANY Reuters / Bloomberg code DBIS.QA / DBIS QD
Market Data
CMP (QAR) 35.1
Shares outstanding (Mn) 20.0
Market cap (QAR Mn) 701
Market cap (USD Mn) 193
52-week range H/L (QAR) 37.0/13.8
Foreign Ownership (%)
Limit Allowed (%) 24.4%
Current Exposure 11.3%
Shareholding Pattern*
100% Publicly owned
*Ahli Bank, Amwal, Doha Bank, Education and Health
Fund, General Retirement and Social Insurance
Authority - Qatar, International Bank of Qatar, Qatar
Foundation, and Qatar National Bank are part of the
public stake.
Chairman / V.Chairman / MD
Mr. Rashid Ahmed Al Manaai –
Chairman
Management
Mr. Waleed J. Al Musallam – CEO
Key Ratios
P/E (x) 31.0
P/BV (x) 3.0
Dividend Yield (%) 2.9
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Stock Broking
68%
Real Estate14%
IT and International
1%
Others17%
23
Company Overview
Founded in 2006, Qatar Oman Investment Company is a public shareholding company based in Doha, Qatar. The company is primarily engaged in tapping all types of investment opportunities in Qatar and Oman.
Business Description
Qatar Oman Investment Company aims to establish industrial, commercial, agricultural, real estate, tourist and service projects in the State of Qatar and the Sultanate of Oman. The company mainly invests in quoted and unquoted financial instruments in the two countries, and in new IPOs. Qatar Oman Investment Company also invests in real estate for lease or rental purposes, and infrastructure development projects. The company plans to invest in small- and medium-sized projects with a two to three year investment horizon.
Recent Developments
In October 2011, the Board announced an increase in stake in Al Tilal to 10% from 5%. The Board also announced that the company’s participation in the Al Dar money exchange project would rise by 15%, and the project would be postponed.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 25 25 19 20 7.5% -7.4%
EBITDA* 5 21 14 15 10.3% 48.3%
Net Income 4 21 14 15 9.6% 57.3%
Total Assets 283 319 336 330 -1.7% 5.3%
Shareholder’s Equity 283 318 331 323 -2.4% 4.5%
Total Debt - - - - - -
Cash & Cash Equivalents 132 114 122 92 -24.3% -11.3%
EBIDTA Margin (%) 18.2% 84.1% 72.7% 74.6% - -
Net Margin (%) 15.0% 84.1% 72.2% 73.6% - -
ROE (%) 1.3% 6.5% 4.1% 4.6% - -
ROA (%) 1.3% 6.5% 4.0% 4.5% - -
EPS (QAR) 0.1 0.7 0.4 0.5 25.0% 71.0%
Book Value Per Share (QAR)*
9 10.1 10.5 10.2 -2.9% 4.3%
Dividend Per Share (QAR)* - 0.5 0.5 0.5 0.0% NA
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR OMAN INVESTMENT COMPANY Reuters / Bloomberg code QOIS.QA / QOIS QD
Market Data
CMP (QAR) 9.1
Shares outstanding (Mn) 31.5
Market cap (QAR Mn) 287
Market cap (USD Mn) 79
52-week range H/L (QAR) 10.4/7.7
Foreign Ownership (%)
Limit Allowed (%) 15.0%
Current Exposure 29.1% *Due to change in nationality of investors, ownership might appear to be higher than limit
Shareholding Pattern
Chairman / V.Chairman / MD
Sh. Abdul Rahman Jab'r Al-Thani –
Chairman
Mr. Sa‘oud Naser Al-Shikili – Vice
Chairman
Management
Mr. Nasser Mohamed Alkhaldi – CEO
Key Ratios
P/E (x) 19.4
P/BV (x) 0.9
Dividend Yield (%) 5.5
PEG(x) NA
Price Performance
Segmental Revenues in 2011
100% from Investment and interest
income
Public60%
QIA20%
Oman Govt20%
24
Company Overview
Islamic Holding Group (IHG) is a brokerage company that provides services in line with Islamic Shari’a guidelines. It was incorporated in 2003 as a private company known as Islamic Financial Securities Company. IHG became a publicly traded company and was listed on the Qatar Exchange in 2006. The Doha-based company has operations in Qatar.
Business Description
Islamic stock broking: IHG provides brokerage services in accordance with Shari’a guidelines. These services are restricted to buying and selling of permissible shares from an approved list of companies. IHGS also provides internet trading (e-trading) services through its website.
Investment portfolio management: IHG manages investment portfolios for individuals and companies. It also provides other investment-related services.
IPO management and marketing: IHG provides IPO management related services, including marketing and overall management of new issues of shares and bonds on the Qatar Exchange. It also offers fund management services.
Recent Developments
In March 2012, IHG eshuffled its Board of Directors. New board members include Dr Yousef Ahmed Al Naima is the new chairman. Abdullah Mohammed Al Emadi(QIIB); Ali Abdurehman Ali Hashmi (Tahama for Business Development Company)); Jamal Abdullah Al Jamal (Abrar Doha Building Company): Khaled Mohammed Al Emadi (Qatar Islamic Holding Company) and Rashid bin Nasser Al Kaabi (Islamic Insurance Company).
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 48 20 18 17 -6.1% -29.0%
EBITDA* 20 7 5 6 11.8% -34.6%
Net Income 18 5 4 5 15.0% -37.0%
Total Assets 759 117 174 576 232.2% -8.8%
Shareholder’s Equity 44 43 42 43 0.9% -1.1%
Total Debt - - - - - -
Cash & Cash Equivalents 749 97 161 437 172.1% -16.4%
EBIDTA Margin (%) 42.9% 33.2% 28.2% 33.5% - -
Net Margin (%) 38.7% 24.3% 22.1% 27.1% - -
ROE (%) 41.6% 11.5% 9.4% 10.7% - -
ROA (%) 2.4% 4.2% 2.3% 0.8% - -
EPS (QAR) 4.6 1.2 1 1.2 20.0% -36.1%
Book Value Per Share (QAR)*
11.1 10.6 10.6 10.7 0.9% -1.2%
Dividend Per Share (QAR)* 1.7 1.0 1.0 1.0 0.0% -16.2%
Source: *Bloomberg, Company filing, Qatar Exchange
ISLAMIC HOLDING GROUP Reuters / Bloomberg code IHGS.QA / IHGS QD
Market Data
CMP (QAR) 24.0
Shares outstanding (Mn) 4.0
Market cap (QAR Mn) 96
Market cap (USD Mn) 26
52-week range H/L (QAR) 32.0/21.3
Foreign Ownership (%)
Limit Allowed (%) 21.9%
Current Exposure 7.6%
Shareholding Pattern*
*Dr Youssef Ahmad Al Neama, Qatar International
Islamic Bank, HE Sh. Khaled Bin Thani Bin Abdullah Al-
Thani, Medicare Group and Qatar Islamic Insurance
Company are part of the public stake.
Chairman / V.Chairman / MD
Dr Yousef Ahmed Al Naima – Chairman
Management
Mr. Abdulbasit Ahmad Al Shaibei – MD
Key Ratios
P/E (x) 20.7
P/BV (x) 2.2
Dividend Yield (%) 4.2
PEG(x) NA
Price Performance
Segmental Revenues in 2011
100% of IHG‘s revenues come through
commissions on brokerage activities
Public47%
QIIB20%
Sheikh Khalid
Al-Thani13%
Qatar Islamic
Ins.10%
Medicare Co.10%
25
Company Overview
Ahli Bank (Ahli), established in 1983, is a publicly listed bank offering commercial, retail and Islamic banking services in Qatar. Ahli United Bank Group (a leading commercial banking group with presence in seven countries: Bahrain, Qatar, Kuwait, Egypt, Oman, Iraq and the UK) holds one-third stake in the bank. Al Ahli is headquartered in Doha and has around 20 branches in Qatar.
Business Description Ahli primarily operates under three segments: Retail/Private Banking and Wealth Management; Corporate Banking, Treasury and Investments; and Islamic Banking.
Retail/Private Banking division offers a wide range of services (including deposits/current accounts, loans, residential mortgages, overdrafts and credit cards) to individuals as well as investment advisory services to high net worth customers.
Corporate Banking segment provides money market, trading and treasury services to corporate and institutional customers.
Recent Developments
In February 2012, Ahli Bank increased its share capital through a
secondary offering of 22.42mn shares, which were issued at QAR 30 per
share.
In July 2011, Doha based Al Arab reported that Ahli Bank plans to start
brokerage operations at the local bourse after it was licensed by the market
regulator.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Interest Income 874 883 1044 817 -21.7% -2.2%
Operating Income 641 510 688 702 2.0% 3.1%
Total Assets 17,799 18,450 17,966 17,734 -1.3% -0.1%
Shareholder’s Equity 1,640 1,953 2,064 2,513 21.7% 15.3%
Total Debt 3,672 3,909 2,782 2,265 -18.6% -14.9%
Cash & Cash Equivalents 668 4,136 2,874 781 -72.8% 5.4%
Net Operating Margin (%) 73.3% 57.8% 65.9% 85.9% - -
ROE (%) 26.0% 17.5% 21.0% 17.6% - -
ROA (%) 2.6% 1.7% 2.3% 2.5% - -
EPS (QAR) 7.3 4.9 6.5 6.4 -1.5% -4.3%
Book Value Per Share (QAR)
28.1 31.9 32.2 35.8 11.2% 8.4%
Dividend Per Share (QAR)* 5 5 5 - NA NA
Source: Company filing, Qatar Exchange
AHLI BANK Reuters / Bloomberg code AABQ.QA / ABQK QD
Market Data
CMP (QAR) 60.0
Shares outstanding (Mn) 112.1
Market cap (QAR Mn) 6,728
Market cap (USD Mn) 1,848
52-week range H/L (QAR) 65.0/38.1
Foreign Ownership (%)
Limit Allowed (%) 17.7%
Current Exposure 33.3%* *Due to change in nationality of investors, ownership might appear to be higher than limit
Shareholding Pattern
Chairman / V.Chairman / MD
Sh. Faisal Bin AbdulAziz Bin Jasem Al-
Thani – Chairman
Mr. Hamad A. Al Marzouq – Vice
Chairman
Management
Mr. Salah Jassim Murad – CEO
Mr. Mahmoud Yahya Malkawi – Dy. CEO
Mr. Yehia Gamaleldin El Batrawi – Dy.
CEO
Key Ratios
P/E (x) 15.2
P/BV (x) 2.7
Dividend Yield (%) 0.0
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public50%
Ahli Unitd33%
Qatar Hldg17%
Corporate 62%
Retail38%
26
Company Overview
Qatar Fuel "WOQOD" was established in 2002 as a joint stock company listed on the Doha Securities Exchange. The company was formed from the fuels storage and distribution assets owned at that time by Qatar Petroleum under the name National Oil Distribution Company (NODCO). NODCO owned Qatar’s fuel distribution depot in Abu Hamour; it distributed the country’s entire diesel, gasoline and aviation fuel requirement through a fleet of road tankers. Qatar Petroleum's refinery at Mesaieed supplies these fuels.
Business Description
Qatar Fuel "WOQOD" distributes various fuels for contractors and infrastructure projects; supplies and distributes liquefied petroleum gas requirements; provides bunker fuel services to ships; and offers bitumen and associated products to road contractors. The company also provides various lubricant products under the WOQOD brand for commercial and retail applications. Additionally, it operates service stations that offer gasoline and diesel fuels, and convenience stores (which provide bakery, Internet cafe, fast foods, freshly brewed coffee, postal services, and laundry services). Qatar Fuel "WOQOD" also offers car wash, lube change, workshop, and tire bay services through its service stations. Furthermore, the company provides vehicle inspection and marine transport services.
Recent Developments
In February 2012, Qatar Fuel announced plans to implement over 20 new projects, which includes new petrol pumps and expansion projects.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 7,509 6,177 7,663 10,504 37.1% 11.8%
EBITDA* 1,232 802 1,163 1,149 -1.2% -2.3%
Net Income 1,206 870 1,074 1,155 7.5% -1.4%
Total Assets 4,075 4,945 6,154 6,958 13.1% 19.5%
Shareholder’s Equity 2,574 3,444 4,237 5,096 20.3% 25.6%
Total Debt - - - - NA NA
Cash & Cash Equivalents 1,284 1,864 2,904 2,749 -5.3% 28.9%
EBIDTA Margin (%) 16.4% 13.0% 15.2% 10.9% - -
Net Margin (%) 16.1% 14.1% 14.0% 11.0% - -
ROE (%) 46.8% 25.3% 25.4% 22.7% - -
ROA (%) 29.6% 17.6% 17.5% 16.6% - -
EPS (QAR) 30.4 19.4 25.8 27.8 7.6% -3.0%
Book Value Per Share (QAR)*
61.7 78.7 96.7 92.6 -4.2% 14.5%
Dividend Per Share (QAR)* 7.6 7.6 8.3 10.0 NA NA
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR FUEL – WOQOD Reuters / Bloomberg code QFLS.QA / QFLS QD
Market Data
CMP (QAR) 243.7
Shares outstanding (Mn) 52.0
Market cap (QAR Mn) 12,666
Market cap (USD Mn) 3,480
52-week range H/L (QAR) 259.2/174.4
Foreign Ownership (%)
Limit Allowed (%) 15.0%
Current Exposure 11.4%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Mr. Abdullah Bin Hamad Al-Attiyah –
Chairman
Mr. Mohamed Khalifa Turki Al Sobai –
Vice Chairman & MD
Management
Mr. Nasser Ibrahim Fakhroo –
Operations Director
Mr. Khalil Makki - Finance Manager
Key Ratios
P/E (x) 11.0
P/BV (x) 2.6
Dividend Yield (%) 4.1
PEG(x) NA
Price Performance
Segmental Revenues in 2011
100% of revenues come from refining
activities
Public60%
Qatar Petroleum
40%
27
Company Overview
Salam International undertakes all activities related to commercial, industrial, educational, tourism and services projects as well as financial investment companies. The company owns and operates over 32 business units across Qatar, the UAE, Palestine, Kuwait, Saudi Arabia, Oman, Bahrain, Jordan and Lebanon. Salam International is currently focused on expansions in the pan-Arab area.
Business Description
As a leading conglomerate, Salam International specializes in five business lines: (i) construction and development; (ii) energy and industry; (iii) technology, communications and media; (iv) luxury and consumer products; and (v) investment and real estate.
Recent Developments
In February 2012, the company cancelled its plans to acquire a stake in Jordan’s Al Tajamouat for Tourism Projects Company after reviewing the results of the financial and legal investigation.
In October 2011, Salam International’s shareholders approved the purchase of additional 17.5mn shares in Salam Bunyan Real Estate Development, at QAR 8.5 each.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008–11)
Net Revenues 637 620 623 1,867 199.6% 43.1%
EBITDA* 243 219 249 280 12.2% 4.7%
Net Income 154 129 140 160 14.0% 1.3%
Total Assets 2764 2692 2815 4,364 55.0% 16.4%
Shareholder’s Equity 1486 1554 1620 1,927 19.0% 9.0%
Total Debt 510 459 569 1,598 180.8% 46.3%
Cash & Cash Equivalents 164 173 103 174 68.3% 2.0%
EBIDTA Margin (%) 38.2% 35.4% 40.0% 15.0% - -
Net Margin (%) 24.1% 20.8% 22.5% 8.6% - -
ROE (%) 10.4% 8.3% 8.7% 8.3% - -
ROA (%) 5.6% 4.8% 5.0% 3.7% - -
EPS (QAR) 1.5 1.2 1.4 1.5 7.1% 0.0%
Book Value Per Share (QAR)*
14.2 14.9 15.6 14.6 -6.4% 0.9%
Dividend Per Share (QAR)* 0.6 0.7 1.0 0.9 -10.0% 14.5%
Source: *Bloomberg, Company filing, Qatar Exchange
SALAM INTERNATIONAL Reuters / Bloomberg code SALM.QA / SIIS QD
Market Data
CMP (QAR) 12.8
Shares outstanding (Mn) 114.3
Market cap (QAR Mn) 1,463
Market cap (USD Mn) 402
52-week range H/L (QAR) 13.4/9.4
Foreign Ownership (%)
Limit Allowed (%) No Limit
Current Exposure 10.7%
Shareholding Pattern*
100% publicly owned
* Issa Abdulsalam Mohammed Abu Issa, Houssam
Abdulsalam Mohammed Abu Issa, Al Houssam Holding
Co., Bassam Abdulsalam Mohammed Abu Issa, Qatar
National Bank and Raeda Abdulsalam Mohammed Abu
Issa are part of the public stake.
Chairman / V.Chairman / MD
Mr. Issa Abdul Salam Abu Issa –
Chairman
Mr. Hussam Abdul Salam Abu Issa – Vice
Chairman
Management
Mr. Issa Abdul Salam Abu Issa – CEO
Mr. Hussam Abdul Salam Abu Issa –
COO
Key Ratios
P/E (x) 9.2
P/BV (x) 0.9
Dividend Yield (%) 7.1
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Cons.&Luxury41%
Contract.39%
Ener/Pow13%
Tech./Tel.6%
RE/Invest.1%
28
Company Overview
Established in 2005, Al Meera Consumer Goods Company (Al Meera) is the largest supermarket retailer in Qatar. Al Meera operates through various branches and malls located across the country. The company currently operates 22 stores in Qatar and plans to expand it to 40 by 2013. The Government of Qatar owns 26% stake in Al Meera.
Business Description
Al Meera is primarily engaged in the wholesale and retail trading of various types of consumer goods. It owns and manages consumer outlets. The company’s major products can be categorized into FMCG, Wholesale and Fresh Food. The FMCG range of products include cooking oil, rice, assorted beverages, snacks, household detergents, as well as non-food items such as plasticware and car accessories. Al Meera offers various products in wholesale at lower prices. It also provides a diverse range of fruits and vegetables, cheese, pickle, butchery fish, etc. The company recently added products under the brand of Al Meera. This would enable the company to maintain quality of products keeping consumers’ taste in mind. Recent Developments
In February 2012, Al Meera Holding entered into a joint venture with French retail giant Casino Guichard-Perrachon. The joint venture will be registered under the name ALGE Retail Corporation and will be based in Geneva, Switzerland. The projects will be initially managed in Tunisia, Libya, Egypt and Jordan
In November 2011, the company completed the acquisition of the retail chain Giant Stores, including Al Oumara Baking Company. The deal is expected to yield additional revenue of QAR 350mn (USD 96mn).
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 749 864 915 1,166 27.5% 15.9%
EBITDA* 31 27 33 50 53.4% 17.1%
Net Income 64 54 64 77 20.8% 6.6%
Total Assets 412 406 435 766 76.2% 23.0%
Shareholder’s Equity 220 230 249 272 8.9% 7.2%
Total Debt - - - 247 NM NM
Cash & Cash Equivalents 168 129 142 117 -17.9% -11.3%
EBIDTA Margin (%) 4.2% 3.1% 3.6% 4.3% - -
Net Margin (%) 8.5% 6.3% 7.0% 6.6% - -
ROE (%) 28.9% 23.5% 25.7% 28.5% - -
ROA (%) 15.5% 13.3% 14.7% 10.1% - -
EPS (QAR) 6.4 5.4 6.4 7.7 20.3% 6.4%
Book Value Per Share (QAR)*
22.0 22.9 24.9 27.1 8.8% 7.2%
Dividend Per Share (QAR)* - 4.5 5.0 7.0 40.0% NA
Source: *Bloomberg, Company filing, Qatar Exchange
AL MEERA CONSUMER GOODS COMPANY Reuters / Bloomberg code MERS.QA / MERS QD
Market Data
CMP (QAR) 168.0
Shares outstanding (Mn) 10.0
Market cap (QAR Mn) 1,680
Market cap (USD Mn) 462
52-week range H/L (QAR) 175.5/82.3
Foreign Ownership (%)
Limit Allowed (%) 18.5%
Current Exposure 3.3%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Abdulla Bin Khalid Al Qahtani –
Chairman
Dr Saif Said Al Sowaidi – Vice Chairman
& MD
Management
Mr. Guy Sauvage – CEO
Dr Mohammed Al-Qahtani – Dy. CEO
Key Ratios
P/E (x) 21.7
P/BV (x) 6.2
Dividend Yield (%) 4.2
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public74%
Govt26%
Retail96%
Investment1%
Leasing3%
29
Company Overview
Qatar Company for Meat & Livestock Trading (Mawashi), established in January 2004, is primarily involved in selling slaughtered and unslaughtered livestock in Qatar. The company is based in Doha and accounts for the highest share in the Qatari meat market. Mawashi is also involved in trading and transportation of livestock and feed as well as treatment of skin and organic fertilizers.
Business Description
The company operates three slaughterhouses – Al Khor, Al Ahali and Automated Slaughterhouses – across Qatar. Mawashi has also set up a branch in Sudan. Mawashi’s product offerings comprise slaughtered Australian, Syrian, Sudanese, Georgian and Somali livestock; chilled Pakistani and Indian goats; Australian, Somali and Brazilian frozen and chilled beef; and chicken and eggs. The company’s customers include butcheries, fast food restaurants and other restaurants. Mawashi’s products are sold under the brand – ‘Al-Baraka’. Going forward, Mawashi seeks to increase its market share, especially in the hotels and restaurant segment. The company has entered into a contract with Bahrain Mawashi Company for co-operation in the meat or chicken markets in Qatar and Bahrain. Furthermore, it seeks to establish a meat manufacturing unit and export the same to European countries.
Recent Developments
In September 2011, Mawashi has been permitted by Iran to import sheep despite the ban imposed for other countries. Mawashi will import 70,000 sheep from Iran.
In May 2011, the company signed a MOU with the Arab Organization for Agricultural Development (Sudan) for technical consulting and feasibility studies for the development of its branch in Sudan.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 132 165 191 260 36.1% 25.3%
EBITDA* -52 -99 -144 -264 83.1% 72.1%
Net Income 39 19 33 64 94.8% 17.8%
Total Assets 264 284 315 474 50.6% 21.5%
Shareholder’s Equity 224 208 229 265 15.6% 5.8%
Total Debt 10 50 39 158 301.0% 150.9%
Cash & Cash Equivalents 48 47 6 27 394.5% -17.4%
EBIDTA Margin (%) -39.1% -60.4% -75.3% -101.3% - -
Net Margin (%) 29.7% 11.5% 17.3% 24.7% - -
ROE (%) 17.6% 9.1% 14.4% 24.3% - -
ROA (%) 14.9% 6.7% 10.5% 13.6% - -
EPS (QAR) 2.2 1.1 1.8 3.6 100.0% 17.8%
Book Value Per Share (QAR)*
12.4 11.5 12.7 14.7 15.7% 5.8%
Dividend Per Share (QAR)* 1.7 0.5 1.5 3 100.0% 20.8%
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR COMPANY FOR MEAT & LIVESTOCK TRADING (MAWASHI) Reuters / Bloomberg code QMLS.QA / QMLS QD
Market Data
CMP (QAR) 44.2
Shares outstanding (Mn) 18.0
Market cap (QAR Mn) 795
Market cap (USD Mn) 218
52-week range H/L (QAR) 44.7/18.2
Foreign Ownership (%)
Limit Allowed (%) 23.2%
Current Exposure 13.2%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Sh. Nayef Bin Eid Al-Thani –
Chairman
Mr. Abdulaziz Ali Ajlan Al-Mirreikhi – Vice
President
Management
Mr. Ahmad Nasser Sraiya Al-Kaabi –
CEO
Key Ratios
P/E (x) 12.4
P/BV (x) 3.0
Dividend Yield (%) 6.8
PEG(x) NA
Price Performance
Segmental Revenues in 2008*
* 2011 segmental revenues not available
as of 1st April 2012
Public93%
Hassad Food7%
Meat 77%
Skin 7%
Livestock 7%
Other9%
30
Company Overview
Established in December 1996, Medicare Group was formerly known as Al Ahli Specialized Hospital Company until June 2006. The company primarily operates a specialized hospital and promotes medical services in Qatar. Medicare provides services in the field of andrology, anesthesiology, dental care, dermatology, emergency, family medicine, general surgery, gastroenterology, internal medicine, neurology, obstetrics and gynecology, ophthalmology, orthopedic and traumatology, pediatrics, psychiatry, pulmonary and chest, and urology.
Business Description
Medicare owns Al Ahli Hospital in Doha with various clinical departments such as anesthesiology, cardiology, dentistry, dermatology, emergency, family medicine, general surgery, gastroenterology, internal medicine, neurology, nursing, orthopedic, pathology and laboratory, pediatrics, pharmacy, physiotherapy, and radiology. The hospital has 250 guest rooms, including royal suits, rooms for day surgery, neonatal intensive care unit, intensive care unit, and coronary care unit.
Specialized Center for Ophthalmology and ENT W.L.L., the company’s subsidiary,
operates specialized clinics, eye clinics, hospitals with accommodation utilities,
and integrated medical services. The subsidiary is under liquidation.
Recent Developments
In April 2012, Medicare Group announced plans for a major expansion of Al Ahli Hospital by developing the medical facility to increase occupancy rates and capacity utilization of ancillary services. The company plans to add 35,000sqm of built up area to increase bed capacity to 350, and add specialist centers that would be used to cure diabetes and spine related problems.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 139 190 246 294 19.3% 28.3%
EBITDA* 2 11 58 56 -3.8% 226.5%
Net Income 19 0.1 46 39 -14.3% 26.8%
Total Assets 831 767 814 829 1.8% -0.1%
Shareholder’s Equity 776 693 739 750 1.6% -1.1%
Total Debt 3 14 5 0 -100.0% -100.0%
Cash & Cash Equivalents 7 10 36 60 68.2% 103.0%
EBIDTA Margin (%) 1.2% 6.0% 23.5% 19.0% - -
Net Margin (%) 13.8% 0.1% 18.5% 13.3% - -
ROE (%) 2.5% NM 6.2% 5.2% - -
ROA (%) 2.3% NM 5.6% 4.7% - -
EPS (QAR) 0.7 0 1.6 1.4 -12.5% 26.0%
Book Value Per Share (QAR)*
27.5 24.5 26.2 26.7 1.9% -1.0%
Dividend Per Share (QAR)* - - 1.0 1.1 10.0% NA
Source: *Bloomberg, Company filing, Qatar Exchange
MEDICARE GROUP Reuters / Bloomberg code MCGS.QA / MCGS QD
Market Data
CMP (QAR) 27.0
Shares outstanding (Mn) 28.1
Market cap (QAR Mn) 760
Market cap (USD Mn) 209
52-week range H/L (QAR) 29.7/20.6
Foreign Ownership (%)
Limit Allowed (%) 20.5%
Current Exposure 6.7%
Shareholding Pattern
Chairman / V.Chairman / MD
Sh. Thani Bin Abdullah Al-Thani –
Chairman
Sh. Abdullah Bin Thani Bin Abdulla Al-Thani
– Dy. Chairman
Management
Mr. Abdulwahed Abdullah Al-Mawlawi –
MD & CEO
Key Ratios
P/E (x) 19.4
P/BV (x) 1.0
Dividend Yield (%) 4.1
PEG(x) NA
Price Performance
Segmental Revenues in 2011
100% of the revenues come from
speciality hospitals.
Public 55%
HH Sheikh Thani Abdullah Thani Al Thani and sons
45%
31
Company Overview
Zad Holding Company (ZHC), headquartered in Doha, is a public shareholding company operating in the food processing sector. Established in 1969 as Qatar Flour Mills Company SAQ, the company assumed its present name in April 2008. ZHC operates through its subsidiaries Umm Said Bakery, Qatar Food Industries and Azrak Marketing Company. The company is also venturing into a Greenfield poultry project.
Business Description ZHC is engaged in the import of wheat; manufacture and marketing of pasta, biscuits, bakery products and baby food; and sale of grains and related commodities. The company’s manufacturing facility is equipped with a laboratory, a sifter and a packing section. ZHC also has its own sea port with specialized technical unloading facilities to accommodate larger ships (cargo capacity of about 40,000 metric tonnes). The company's products fall under three main divisions: Mill, Foodco and Bakery. The Mill unit generates flour and flour by-products; Foodco offers various types of pasta and biscuits; and the Bakery unit encompasses bread and bakery products (such as pastries, cookies and cakes). Recent Developments
In June 2011, the company announced the approval of the board’s proposal to acquire Meeda Projects Company by increasing share capital through an issue of 8.46mn shares of ZHC to the shareholders of Meeda (1 share of Zad for every 7.73 shares of Meeda).
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 337 213 303 405 33.6% 6.3%
EBITDA* -101 19 17 61 254.7% 184.7%
Net Income 39 59 63 85 34.5% 29.4%
Total Assets 598 592 720 1978 174.8% 49.0%
Shareholder’s Equity 410 479 603 1260 109.1% 45.4%
Total Debt 31 - - 289 NM 110.5%
Cash & Cash Equivalents 29 61 84 54 -35.5% 22.6%
EBIDTA Margin (%) -29.8% 9.1% 5.7% 15.1% - -
Net Margin (%) 11.6% 27.7% 20.8% 21.0% - -
ROE (%) 9.6% 12.3% 10.5% 6.7% - -
ROA (%) 6.6% 9.9% 8.8% 4.3% - -
EPS (QAR) 3 4.9 5.8 6.8 17.2% 31.4%
Book Value Per Share (QAR)*
37.6 43.8 55.2 96.4 74.6% 36.9%
Dividend Per Share (QAR)* 0.6 1.1 2.3 - NA NA
Source: *Bloomberg, Company filing, Qatar Exchange
ZAD HOLDING COMPANY Reuters / Bloomberg code ZHCD.QA / ZHCD QD
Market Data
CMP (QAR) 51.0
Shares outstanding (Mn) 13.1
Market cap (QAR Mn) 667
Market cap (USD Mn) 183
52-week range H/L (QAR) 63.7/46.0
Foreign Ownership (%)
Limit Allowed (%) 22.8%
Current Exposure 1.7%
Shareholding Pattern
100% Publicly owned
Source: Zawya
Chairman / V.Chairman / MD
Sh. Nasser Bin Mohammad Bin Jabor Al-
Thani – Chairman
Sh. Talal Bin Mohammad Bin Jabor Al-
Thani – Vice Chairman
Sh. Nawaf Bin Mohammed Bin Jabor Al-
Thani – MD
Management
Mr. Tarique Mohammad – CEO
Key Ratios
P/E (x) 7.9
P/BV (x) 0.5
Dividend Yield (%) 0.0
PEG(x) NA
Price Performance
Segmental Revenues in 2010*
* 2011 segmental revenues not
available as of 1st April 2012
Mills61%
Foods37%
Transport2%
32
Company Overview
Established in January 1970, Qatar Cinema and Film Distribution Company (Qatar Cinema) operates in the field of arts and cultural entertainment. The company imports and distributes movies in Qatar. It also undertakes construction and management of cinema theaters and sale/rental of movies. Furthermore, Qatar Cinema produces and distributes commercial advertisements, and presents public shows. Other than the entertainment business, the company has investments in equity market and real estate. Headquartered in Doha, its operations are primarily focused in Qatar.
Business Description Qatar Cinema owns and operates cinemas and theaters. It owns five cinemas (Aspire Ladies Cinema, Gulf/Doha Cinema, Landmark Cinema, Royal Plaza Cinema, and The Mall Cinema), which screen various English, Hindi and Arabic films. The company also presents shows in clubs, schools, people compounds and festivals. Qatar Cinema sells and rents movies recorded on compact discs (CDs) and video home systems (VHS), produces and distributes commercial advertisements, and invests in shares and real estate. The company’s revenues can be classified into movies income, cinema rent income, films rent income and advertisement income; movies income accounted for approximately 88% of total revenues for the period ended December 31, 2010. Q.Media plans to open more than 50 new cinema halls across the country over the next three to four years. The company is also looking to invest in screening equipment and enhanced services such as online and mobile booking.
Recent Developments
In June 2011, Qatar Media acquired a majority stake in Qatar Cinema. Under the deal, the company’s capital would be increased to QAR 129.7mn through the issuance of 7.78mn of new shares to Qatar Media, which subsequently is expected to own 60% of Qatar Cinema’s capital.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 17 17 16 17 6.1% 1.2%
EBITDA* 1 0 -2 -3 43.5% -276.5%
Net Income 10 7 13 13 5.5% 12.1%
Total Assets 66 102 177 182 2.4% 40.2%
Shareholder’s Equity 58 65 137 134 -2.3% 32.1%
Total Debt - 22 31 31 0.0% NA
Cash & Cash Equivalents 7 5 32 22 -32.4% 43.1%
EBIDTA Margin (%) 3.6% -0.6% -14.1% -19.1% - -
Net Margin (%) 56.9% 40.5% 77.9% 77.5% - -
ROE (%) 16.4% 10.8% 9.3% 10.0% - -
ROA (%) 14.4% 6.9% 7.2% 7.4% - -
EPS (QAR) 2.7 2.0 2.9 2.6 -10.3% -1.3%
Book Value Per Share (QAR)*
16.2 18.2 24.0 23.4 -2.5% 13.0%
Dividend Per Share (QAR)* 0.7 0.7 2.3 1.4 -39.1% 26.0%
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR CINEMA AND FILM DISTRIBUTION COMPANY Reuters / Bloomberg code QCFD.QA / QCFS QD
Market Data [ Current]
CMP (QAR) 66.6
Shares outstanding (Mn) 5.7
Market cap (QAR Mn) 380
Market cap (USD Mn) 1047
52-week range H/L (QAR) 89.1/35.5
Foreign Ownership (%)
Limit Allowed (%) 24.2%
Current Exposure 5.5%
Shareholding Pattern[ Post
acquisition by Qatar Media]
Chairman / V.Chairman / MD
Mr. Ahmed Nassir Obedan – Chairman
Mr. Khalid Abdulaziz Al Baker – Vice
Chairman
Management
Mr. Ali Ishaq Hussein Al Ishaq –
Executive President
Key Ratios
P/E (x) 28.4
P/BV (x) 2.8
Dividend Yield (%) 2.1
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public40%
Qatar Media60%
Movies 90%
Cinema rent 5%
Films rent 4%
Advertising 1%
33
Company Overview
Qatari German Company for Medical Devices Company (QG Medical Devices), Qatar-based public shareholding company, primarily manufactures single-use disposable syringes (such as intravenous (IV) catheters), standard syringes and safety syringes. Established in 2000 in Doha, Qatar, QG Medical Devices is a leading manufacturer of medical devices in the Middle East. With presence in 20 countries, the company exports products to Russia, Ukraine, Greece, the UAE, Mexico, Palestine, South Africa, Turkey, Sudan, the US, Saudi Arabia, and several other European countries. QG Medical Devices is ISO 9001:2008, CE Mark, FDA 510K, GMP and PCT certified.
Business Description
QG Medical Devices’ manufacturing facility at Abu Hamour is equipped with automated machines, as well as physiochemical, microbiological and biological laboratories. It markets products under four brand names:
Q-Safe – It is a safety single-use syringe offered with additional safety
features over the traditional single-use syringes.
Q-Ject – It is a single-use syringe developed with detailed specifications
and designed for patient comfort.
Q-Need – It is a disposable hypodermic needle with an ultra-sharp
stainless steel needle to reduce penetration force during administration.
Q-Flow – It is a single-use intravenous cannula designed to accommodate
all types of IV therapy.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 3 7 8 8 -5.1% 30.2%
EBITDA* -2 -2 -2 -6 -233.3% -35.7%
Net Income 7 2 -3 0.4 -111.8% -61.1%
Total Assets 237 233 220 225 2.0% -1.8%
Shareholder’s Equity 211 204 201 201 0.2% -1.7%
Total Debt 22 27 18 19 NM -4.3%
Cash & Cash Equivalents 54 32 9 4 -58.2% -58.7%
EBIDTA Margin (%) -70.6% -21.7% -22.8% 53.3% - -
Net Margin (%) 200.0% 24.6% -43.0% 5.3% - -
ROE (%) 3.2% 0.8% -1.7% 0.2% - -
ROA (%) 2.9% 0.7% -1.5% 0.2% - -
EPS (QAR) 0.8 0.2 -0.3 0.03 -110.0% -66.5%
Book Value Per Share (QAR)*
18.3 17.7 17.4 17.4 0.0% -1.7%
Dividend Per Share (QAR)* 0.5 - - - NA NA
Source: *Bloomberg, Company filing, Qatar Exchange
QATARI GERMAN COMPANY FOR MEDICAL DEVICES Reuters / Bloomberg code QGMS.QA / QGMD QD
Market Data
CMP (QAR) 8.6
Shares outstanding (Mn) 11.6
Market cap (QAR Mn) 99
Market cap (USD Mn) 27
52-week range H/L (QAR) 10.2/7.4
Foreign Ownership (%)
Limit Allowed (%) 25.0%
Current Exposure 16.3%
Shareholding Pattern
Chairman / V.Chairman / MD
Mr. Abdulaziz Bin Naser Al Khalifa –
Chairman
Dr Saif Ali Al Hajary – Vice Chairman
Management
Mr. Hazem Abdulrahman Al Shareef – GM
Key Ratios
P/E (x) NM
P/BV (x) 0.5
Dividend Yield (%) 0.0
PEG(x) NA
Price Performance
Segmental Revenues in 2011
100% revenues are generated from
Healthcare supplies and manufacturing
Public75.1%
Qatar Dev Bk10.0%
Qatar Nat Bk10.0%
Others4.9%
34
Company Overview
Doha-based Industries Qatar (IQ), established in 2003, is one of Qatar’s biggest companies. With facilities in Qatar, UAE and Bahrain, the group operates under four segments (petrochemicals, fertilisers, steel and real estate, and property development) through its subsidiaries. The company exports its products to Australia, India and the US. Qatar Petroleum owns a majority stake (70%) in IQ.
Business Description Industries Qatar currently operates through its five subsidiaries and joint ventures.
Qatar Petrochemical Company Limited QSC (QAPCO) – 80% owned by IQ
Qatar Fertiliser Company SAQ (QAFCO) – 75% owned by IQ
Qatar Steel Company QSC (QS) – 100% owned by IQ
Qatar Fuel Additives Company Limited QSC (QAFAC) – 50% owned by IQ
Fereej Real Estate Company QSC (Fereej) – 34% owned by IQ These companies have further invested in subsidiaries and joint ventures, thereby increasing the group’s size. The group is engaged in the manufacture and sale of steel billets, pellets, coil and reinforcing bars; ethylene, polyethylene, and hexane; linear low-density polyethylene and sulphur as by-products; ammonia and urea, and urea formaldehyde condensate; and methyl-tertiary-butyl-ether and methanol. Recent Developments
In March 2012, Industries Qatar confirmed the commercial launch of the
Group's Qafco 5 ammonia and urea plant. One ammonia/urea train has
been operational at around 80% utilization since the end of February 2012.
In February 2012, S&P assigned the company's long-term corporate credit
rating of 'AA-', with a stable outlook
In February 2012, Industries Qatar's subsidiary, Qatar Petrochemical
company signed an agreement with Qatar Petroleum for the development
of a petrochemical complex in Ras Laffan Industrial City. The project is
expected to be completed in 2018 and the company will hold a 20% stake.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 14,743 9,857 12,331 16,549 34.2% 3.9%
EBITDA* 7,199 3,921 5,807 8,683 49.5% 6.4%
Net Income 7,276 4,959 5,575 7,924 42.1% 2.9%
Total Assets 27,450 27,432 31,908 36,778 15.3% 10.2%
Shareholder’s Equity 18,255 19,069 21,762 26,631 22.4% 13.4%
Total Debt 6,037 6,216 7,542 6,863 -9.0% 4.4%
Cash & Cash Equivalents 9,445 5,990 5,290 6,960 31.6% -9.7%
EBIDTA Margin (%) 48.8% 39.8% 47.1% 52.5% - -
Net Margin (%) 49.3% 50.3% 45.2% 47.9% - -
ROE (%) 39.9% 26.0% 25.6% 29.8% - -
ROA (%) 26.5% 18.1% 17.5% 21.5% - -
EPS (QAR) 13.2 9 10.1 14.4 42.6% 2.9%
Book Value Per Share (QAR)*
33.2 34.6 39.5 47.7 20.8% 12.8%
Dividend Per Share (QAR)* 8 5 5.5 7.5 36.4% -2.1%
Source: *Bloomberg, Company filing, Qatar Exchange
INDUSTRIES QATAR Reuters / Bloomberg code IQCD.QA / IQCD QD
Market Data
CMP (QAR) 140.5
Shares outstanding (Mn) 550.0
Market cap (QAR Mn) 77,275
Market cap (USD Mn) 21,229
52-week range H/L (QAR) 150.0/118.3
Foreign Ownership (%)
Limit Allowed (%) 7.5%
Current Exposure 6.6%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Abdullah bin Hamad Al-Attiyah –
Chairman & MD
H.E. Yousef Hussain Kamal – Vice
Chairman
Management
Mr. Hamad Rashid Al-Mohannadi – CEO,
RasGas Company
Mr. Faisal Mohammed Al-Suwaidi – CEO,
QatarGas Operating Company
Key Ratios
P/E (x) 9.7 P/BV (x) 3.0 Dividend Yield (%) 5.3 PEG(x) 0.7
Price Performance
Segmental Revenues in 2011
Public26%
Qatar Petroleum
70%
Pvt Comp4%
Petro-chemical
38%
Fertilisers26%
Steel35%
35
Company Overview
Doha-based Qatar Electricity and Water Company (QEWC), established in 1990, is an electricity and water company. The firm owns and manages power generation plants and water desalination stations to provide electricity and water in the State of Qatar. The Qatari government owns a 43% stake in the company, while the remaining 57% is held by institutions and private individuals. QEWC’s operations are limited to Qatar; however, the company plans to extend its footprint in other regional markets.
Business Description
QEWC is primarily engaged in the production of electricity and water. The company’s power plants and desalination stations have the capability to meet the country’s requirement for electricity and water.
The company has consistently increased its production capacity over the past two decades by establishing new plants and enhancing the output of existing projects. The company’s projects include major ventures such as Mesaieed A Power Station (2,007MW) and Ras Girtas (2,730MW).
Following the completion of the ongoing projects, QEWC’s contribution to total power generation and water desalination capacity in Qatar is expected to increase to more than 60% and 70%, respectively .
Recent Developments
In March 2012, the company completed the acquisition of 38.89% stake in AES Jordan Holdco.
In August 2011, QEWC was assigned a rating of A1 by Moody’s.
In July 2011, the company signed an agreement with Oman Power and Water Procurement Company to start the construction of the Sur Independent Power Project in Oman. Once completed, the project would have a total capacity of 2,000 megawatts.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 2,273 2,651 3,430 4,473 30.4% 25.3%
EBITDA* 1,129 1,362 1,835 2,458 34.0% 29.6%
Net Income 757 945 1,163 1,300 11.8% 19.8%
Total Assets 13,588 18,048 22,123 22,486 1.6% 18.3%
Shareholder’s Equity 1,308 3,590 3,938 3,228 -18.0% 35.1%
Total Debt 8,290 12,055 14,417 14,060 -2.5% 19.3%
Cash & Cash Equivalents 1,615 2,307 2,074 3,023 45.7% 23.2%
EBIDTA Margin (%) 49.7% 51.4% 53.5% 54.9% - -
Net Margin (%) 33.3% 35.6% 33.9% 29.1% - -
ROE (%) 57.9% 26.3% 29.5% 40.3% - -
ROA (%) 5.6% 5.2% 5.3% 5.8% - -
EPS (QAR) 7.6 9.5 11.6 13.0 12.1% 19.6%
Book Value Per Share (QAR)*
13.1 35.9 37.6 30.3 -19.4% 32.2%
Dividend Per Share (QAR)* 4.5 5.0 6.0 6.5 8.3% 13.0%
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR ELECTRICITY AND WATER COMPANY Reuters / Bloomberg code QEWC.QA / QEWS QD
Market Data
CMP (QAR) 144.0
Shares outstanding (Mn) 100
Market cap (QAR Mn) 14,400
Market cap (USD Mn) 3,956
52-week range H/L (QAR) 154.9/124.6
Foreign Ownership (%)
Limit Allowed (%) 25.0%
Current Exposure 7.8%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Mr. Abdullah Bin Hamad Al-Attiyah –
Chairman
H.E. Mr. Essa Shaheen Al-Ghanim – Vice
Chairman
Management
Mr. Fahad Hamad Al-Mohannadi – GM
Key Ratios
P/E (x) 11.1
P/BV (x) 4.8
Dividend Yield (%) 4.5
PEG(x) 0.8
Price Performance
Segmental Revenues in 2011
Public42%
Qatar govt43%
Others15%
Electricity46%
Water31%
Lease Inc.23%
36
Company Overview Aamal Company (Aamal) is one of the largest public shareholding and diversified conglomerates in Qatar. The company operates in the property, trading and distribution, industrial manufacturing and managed services sectors. Formed in January 2001 as a private shareholding company, Aamal mainly focuses on Qatar. In 2007, it became a public shareholding company and was listed on the Qatar Exchange.
Business Description Aamal has 22 business units and four divisions.
The Industrial Manufacturing division is engaged in the production and distribution of products, such as electric cables, equipment/tools, ready-mixed concrete, paving stones and cement blocks, required to develop infrastructure. The division comprises Aamal Readymix, Aamal Cement Industries, Advanced Pipes & Casts Company, Senyar Industries Qatar Holding, Doha Cables, Elsewedy Cables Qatar and Doha Transformers.
The Trading and Distribution division is primarily engaged in trading and distributing pharmaceuticals, healthcare products, medical equipment, tires, lubricants and air conditioners. The division operates through Ebn Sina Medical, Aamal Medical and Aamal Trading & Distribution.
The Property division (owning City Center Doha and Aamal Real Estates) manages, develops and leases retail, residential and commercial properties.
The Managed Services division offers commercial facilities management, property maintenance and support to corporate clients. It includes Aamal Services, Aamal Travel & Tourism and ECCO Gulf.
Recent Developments
In January 2012, Aamal announced full commissioning and operation of Aamal Readymix's new ELBA ready mix concrete batching factory. The factory is expected to increase the total concrete production capacity by 60% to 0.6mn per annum from 0.37mn.
In November 2011, the company received an award for the quality and professionalism of its Investor Relations program at the Middle East Investor Relations Society Awards Ceremony in Abu Dhabi.
In June 2011, Aamal postponed the offering of global depositary receipts (GDRs) in London due to unfavorable market conditions.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 651 705 1217 1910 56.9% 43.2%
EBITDA* 178 210 283 307 8.5% 20.0%
Net Income 624 250 527 492 -6.5% -7.6%
Total Assets 5661 6022 6586 7613 15.6% 10.4%
Shareholder’s Equity 4646 4896 5467 5974 9.3% 8.7%
Total Debt 846 954 803 828 3.1% -0.7%
Cash & Cash Equivalents 562 506 127 176 37.9% -32.1%
EBIDTA Margin (%) 27.3% 29.8% 23.2% 16.0% - -
Net Margin (%) 95.8% 35.4% 43.3% 25.8% - -
ROE (%) 13.4% 5.1% 9.6% 8.2% - -
ROA (%) 11.0% 4.1% 8.0% 6.5% - -
EPS (QAR) 1.3 0.5 1.1 1.0 -9.1% -8.4%
Book Value Per Share (QAR)*
9.3 9.8 10.8 12.1 12.0% 9.2%
Dividend Per Share (QAR)* - - - - NA NA
Source: *Bloomberg, Company filing, Qatar Exchange
AAMAL COMPANY Reuters / Bloomberg code AHCS.QA / AHCS QD
Market Data
CMP (QAR) 18.4
Shares outstanding (Mn) 495.0
Market cap (QAR Mn) 9,083
Market cap (USD Mn) 2,495
52-week range H/L (QAR) 25.0/15.4
Foreign Ownership (%)
Limit Allowed (%) 25.0%
Current Exposure 0.2%
Shareholding Pattern
Chairman / V.Chairman / MD
Sh. Faisal Bin Qassim Al-Thani –
Chairman
Sh. Mohamed Bin Faisal Al-Thani – Vice
Chairman
Management
Mr. Tarek M. El Sayed – MD
Mr. Mohamed Ramahi – CFO
Mr. Mohamed Dobashi – COO
Key Ratios
P/E (x) 18.5
P/BV (x) 1.6
Dividend Yield (%) 0.0
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public76%
Al Faisal Holding
24%
Industrial Mfg.60%
Trad. & Distri.27%
Property11%
Managed Ser2%
37
Company Overview
Established in 1951, Mannai Corporation (Mannai) is a leading trading and services company in Qatar. The company began operations by trading in auto parts, and thereafter expanded to a large spectrum of activities ranging from offshore rigs to telecommunications. Mannai’s shares were listed on the Qatar Exchange in 2007. Headquartered in Doha, the company expanded operations globally.
Business Description
Mannai is a conglomerate with diverse interests in the oil & gas sector, automotive and heavy equipment distribution and services, information and communication technology, office and educational supplies, consumer products, medical equipment, facilities management, travel services, and freight forwarding and logistics. The company’s Automobile and Information Technology segments contribute the most to its revenues. Mannai’s major subsidiaries include Mannai Trading Company, which is engaged in the trading of construction, electrical and industrial machinery as well as healthcare equipment; and Qatar Logistics that provides freight forwarding, relocation and record management services.
Recent Developments
In March 2012, Mannai’s shareholders approved the proposal to acquire majority stake in Damas. Financial and legal due diligence to evaluate the feasibility of the deal has already commenced. Earlier this year, the company confirmed the possibility of making a cash offer for Damas in collaboration with one or more investors.
In October 2011, Mannai, the exclusive distributor of JCB heavy equipment in Qatar, announced the delivery of the first batch of machines (17) for Urbacon International (UCC), a leading construction company based in Qatar.
Mannai acquired 35% stake in Dubai’s Axiom Telecom in June 2011 for an undisclosed amount, after Axiom decided against a share listing.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 1,953 1,921 1,975 2,293 16.1% 5.5%
EBITDA* 176 219 263 357 35.8% 26.5%
Net Income 147 184 231 279 21.0% 24.0%
Total Assets 1,316 1,296 1,577 2,894 83.5% 30.0%
Shareholder’s Equity 627 725 866 1,370 58.1% 29.7%
Total Debt 184 84 47 632 1239.0% 51.0%
Cash & Cash Equivalents 27 169 87 88 1.7% 48.6%
EBIDTA Margin (%) 9.0% 11.4% 13.3% 15.6% - -
Net Margin (%) 7.5% 9.6% 11.7% 12.2% - -
ROE (%) 23.4% 25.4% 26.6% 20.4% - -
ROA (%) 11.1% 14.2% 14.6% 9.6% - -
EPS (QAR) 5.1 6.5 8.1 9.0 11.1% 20.8%
Book Value Per Share (QAR)*
22 25.4 30.4 40 31.6% 22.1%
Dividend Per Share (QAR)* 3.0 2.8 5.8 5.5 -5.2% 22.4%
Source: *Bloomberg, Company filing, Qatar Exchange
MANNAI CORPORATION Reuters / Bloomberg code MCCS.QA / MCCS QD
Market Data
CMP (QAR) 92.3
Shares outstanding (Mn) 34.2
Market cap (QAR Mn) 3,158
Market cap (USD Mn) 868
52-week range H/L (QAR) 106.9/90.9
Foreign Ownership (%)
Limit Allowed (%) 24.9%
Current Exposure 0.3%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Sh. Hamad Bin Abdulla Bin
Khalifa Al-Thani – Chairman
H.E. Sh. Suhaim Bin Abdullah Bin Khalifa
Al-Thani – Vice Chairman
Management
Mr. Alekh Grewal – CEO
Key Ratios
P/E (x) 11.3
P/BV (x) 2.3
Dividend Yield (%) 6.0
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Qatar Inv & Proj Dev Hldg Co
54%
Al Sakhama T&CC21%
Others15%
HH Sh Amina Bint Md Al-Thani
10%
IT39%
Auto28%
Heavy equip7%
Industrial 6%
Eng5%
Others 15%
38
Company Overview
Established in 1965, Qatar National Cement Company (QNCC) is a Qatar-based public shareholding company operating in the construction materials sector. Headquartered in Doha, QNCC has set up manufacturing units at Umm Bab and Mekenis in Qatar. The company was established to produce ordinary Portland cement in the country. Subsequently, it began producing:
Sulfate-resistant cement
Calcined and hydrated lime
Washed sand
Business Description In 1969, QNCC commenced commercial cement operations (based on the semi-dry process) at its first production line with a capacity of 100,000 tonnes per annum (tpa). The second and third lines, each with the same capacity, were set up and commercialized in 1974 and 1976, respectively. Through the years, the company has established three additional cement plants in Qatar. It diversified into calcined lime in 1978 and hydrated lime in 1985. In 2003, QNCC purchased a washed sand plant, which is periodically upgraded/ expanded. Recent Developments
In March 2012, QNCC announced plans to expand daily production to
20,000 tons from 15,000 tons currently to meet the anticipated increase in
demand in 2013 and 2014.
QNCC commenced trial operations at its QAR 22mn calcium carbonate
plant in Umm Bab. The plant would produce calcium carbonate for use in
water treatment and have a production capacity of 250 tons per day.
QNCC signed an agreement with Stream Industrial Engineering Company
to construct a calcium carbonate plant on turnkey basis. The Ras Girtas
power station at Ras Laffan would serve as a supporting station for the
plant.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 1,413 1,519 1,090 990 -9.2% -11.2%
EBITDA* 329 420 577 557 -3.6% 19.1%
Net Income 414 417 467 445 -4.8% 2.4%
Total Assets 2,853 2,526 2,608 2,619 0.4% -2.8%
Shareholder’s Equity 1,643 1,923 2,160 2,315 7.2% 12.1%
Total Debt 874 490 324 164 -49.4% -42.8%
Cash & Cash Equivalents 5 54 100 255 155.1% 281.1%
EBIDTA Margin (%) 23.3% 27.7% 53.0% 56.2% - -
Net Margin (%) 29.3% 27.5% 42.8% 44.9% - -
ROE (%) 25.2% 21.7% 21.6% 19.2% - -
ROA (%) 14.5% 16.5% 17.9% 17.0% - -
EPS (QAR) 8.4 8.5 9.5 9.1 -4.2% 2.7%
Book Value Per Share (QAR)*
33.5 39.2 44 47.1 7.0% 12.0%
Dividend Per Share (QAR)* 2.9 5.5 5.5 6.0 9.1% 27.4%
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR NATIONAL CEMENT COMPANY Reuters / Bloomberg code QANC.QA / QNCD QD
Market Data
CMP (QAR) 106.2
Shares outstanding (Mn) 49.1
Market cap (QAR Mn) 5,214
Market cap (USD Mn) 1,433
52-week range H/L (QAR) 118.0/102.2
Foreign Ownership (%)
Limit Allowed (%) 14.2%
Current Exposure 2.0%
Shareholding Pattern
Chairman / V.Chairman / MD
Mr. Salem Bin Butti Al-Naimi – Chairman
& MD
Mr. Sulaiman Khalid Al Mana – Vice
Chairman
Management
Mr. Mohammad Ali Al Sulaity – GM
Key Ratios
P/E (x) 11.7
P/BV (x) 2.3
Dividend Yield (%) 5.7
PEG(x) 1.1
Price Performance
Segmental Revenues in 2011
100% revenues come from cement
manufaturing
Public57%
Qatar Govt43%
39
Company Overview
Gulf International Services (Gulf International) was established by Qatar Petroleum in February 2008. Headquartered in Doha, Gulf International is a holding company with investments in national and international firms. Also, the company offers services to oil and gas companies in the MENA region. Gulf International owns stakes in Al Koot Insurance and Reinsurance Company (100%), Gulf Drilling International Limited (69.99%) and Gulf Helicopters Company (100%).
Business Description
Gulf International’s subsidiaries provide services such as well support, offshore and onshore drilling, helicopter transportation and maintenance, life and non-life insurance and reinsurance.
Formed in 1970, Gulf Helicopters offers helicopter transportation services in the MENA region through a fleet of 32 helicopters; the company is the sole provider of helicopter transportation in Qatar. Gulf Helicopters provides emergency flight services for hospitals, onshore/offshore transport, WIP transport, load lifting, and assistance for search and rescue operations.
Incorporated in 2003, Al Koot provides a range of insurance/reinsurance and risk management services to Qatar Petroleum. The former reviews contracts, offers detailed project-specific insurance advice and other services across operations, onshore/offshore construction and marine (hull/cargo) sectors.
Established in 2004, Gulf Drilling offers drilling and related services to Qatar Petroleum and its international co-ventures. The former operates a fleet of offshore and onshore drilling rigs.
Recent Developments
In March 2012, Gulf International Services (GIS) was expected to acquire Amwaj Catering Services Company for a cash consideration of QAR 353.1mn from Qatar Petroleum. Post acquisition, Qatar Petroleum would continue to maintain a significant interest in Amwaj’s future profitability through its 30% stake in GIS.
In June 2011, Gulf Drilling, 70% owned subsidiary, acquired ENSCO-95, a drilling rig, from ENSCO Offshore International Company.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 947 1570 1486 1470 -1.1% 15.8%
EBITDA* 551 691 554 443 -20.0% -7.0%
Net Income 423 580 439 283 -35.6% -12.6%
Total Assets 3312 3685 4221 4605 9.1% 11.6%
Shareholder’s Equity 1653 2050 2243 2355 5.0% 12.5%
Total Debt 1020 862 858 949 10.6% -2.4%
Cash & Cash Equivalents 593 717 827 1094 32.3% 22.6%
EBIDTA Margin (%) 58.2% 44.0% 37.3% 30.1% - -
Net Margin (%) 44.7% 36.9% 29.6% 19.3% - -
ROE (%) 25.6% 28.3% 19.6% 12.0% - -
ROA (%) 12.8% 15.7% 10.4% 6.1% - -
EPS (QAR) 3.1 4.3 3.3 2.1 -36.4% -12.2%
Book Value Per Share (QAR)*
12.2 15.2 16.6 15.8 -4.8% 9.0%
Dividend Per Share (QAR)* 1.2 1.7 1.3 1.2 -7.7% 0.0%
Source: *Bloomberg, Company filing, Qatar Exchange
GULF INTERNATIONAL SERVICES Reuters / Bloomberg code GISS.QA / GISS QD
Market Data
CMP (QAR) 26.7
Shares outstanding (Mn) 148.7
Market cap (QAR Mn) 3,970
Market cap (USD Mn) 1,091
52-week range H/L (QAR) 27.6/18.8
Foreign Ownership (%)
Limit Allowed (%) 17.5%
Current Exposure 10.6%
Shareholding Pattern
Chairman / V.Chairman / MD
Dr. Mohammed S. Al Sade – Chairman
Mr. Saeed Mubarak Al-Muhanadi – Vice
Chairman
Management
Ibrahim J. Fakhro – MD
Key Ratios
P/E (x) 13.5
P/BV (x) 1.7
Dividend Yield (%) 4.4
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public67%
Qatar Petroleum
30%
Others3%
Insurance37%
Drilling33%
Aviation30%
40
Company Overview
Established in 1990, Qatar Industrial Manufacturing Company (QIMC) operates in the chemicals, petrochemicals, construction materials and food processing industries in Qatar and the Arabian Gulf markets such as Saudi Arabia, Bahrain and Oman. QIMC operates through its subsidiaries and associated companies.
Business Description QIMC invests in industrial projects that utilize locally/regionally available natural resources/intermediate products. Currently, the company has an equity interest in 14 operational projects in various industrial sectors including chemicals, petrochemicals, construction materials and food processing. Projects under implementation include: (i) Qatar Aluminium Extrusion Company, a joint venture company producing a variety of non-colored (mill finished) and colored (powder coated) aluminum profiles; and (ii) KLI Organic - Qatar, a joint venture manufacturing high quality chlorinated paraffin waxes used as plasticizers in downstream plastic industries or in flame retardant paints. Other projects comprise Amiantit Qatar Pipes Company Ltd, a joint venture company primarily producing fiber glass pipes and fittings; Qatar Paving Stones, a company manufacturing paving stones in different patterns and colors; and Gasal, a joint venture company producing industrial gases. Recent Developments
In July 2011, Qatar Sand Treatment Plant (QSTP), a wholly owned
subsidiary of QIMC, signed an agreement with Malaysia-based Romilly, to
upgrade its operational quality through an additional washing plant for a
total cost of USD 6.9mn. The project would be completed by mid 2012.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 343 299 298 326 9.6% -1.7%
EBITDA* 49 63 65 52 -20.1% 1.5%
Net Income 184 145 203 206 1.8% 3.8%
Total Assets 1199 1187 1348 1436 6.6% 6.2%
Shareholder’s Equity 998 1032 1214 1282 5.6% 8.7%
Total Debt 37 53 51 43 -15.4% 4.7%
Cash & Cash Equivalents 120 114 136 153 12.8% 8.5%
EBIDTA Margin (%) 14.4% 21.0% 21.7% 15.8% - -
Net Margin (%) 53.7% 48.5% 68.1% 63.3% - -
ROE (%) 18.5% 14.0% 16.7% 16.1% - -
ROA (%) 15.4% 12.2% 15.0% 14.4% - -
EPS (QAR) 4.7 3.1 5.1 5.2 2.2% 3.5%
Book Value Per Share (QAR)*
23.7 20.2 28.9 31.6 9.3% 10.1%
Dividend Per Share (QAR)* 3.0 1.3 2.3 3.0 30.4% 0.0%
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR INDUSTRIAL MANUFACTURING COMPANY Reuters / Bloomberg code QIMC.QA / QIMC QD
Market Data
CMP (QAR) 54.0
Shares outstanding (Mn) 39.6
Market cap (QAR Mn) 2,138
Market cap (USD Mn) 587
52-week range H/L (QAR) 58.9/49.3
Foreign Ownership (%)
Limit Allowed (%) 25.0%
Current Exposure 7.0%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Sh. Abdulrahman Bin Mohad.Jabor
Al-Thani – Chairman
Mr. Nasser Rashid Al-Kaabi – Vice
Chairman
Management
Mr. Abdulrahman A. Al Ansari – CEO
Key Ratios
P/E (x) 10.4
P/BV (x) 1.7
Dividend Yield (%) 5.7
PEG(x) NA
Price Performance
Segmental Revenues in 2011
100% of revenue comes from Industrial
Manufacturing related activities.
Public80%
Qatar Govt20%
41
Company Overview
Doha-based Qatari Investors Group (Al-Khalij Holding previously) is primarily engaged in the production and sale of cement. The company is also involved in building factories, importing/exporting cement, investing in shares and real estate, and installing and maintaining solutions for mechanical, electrical and electronic security equipment. Incorporated in May 2006, the company has diversified its business into various new sectors across the Gulf.
Business Description Qatari Investors Group manages Al-Khalij’s industrial and investment operations. The company reports revenues under two operating segments: cement (accounted for 82.3% of total revenues in H1 2011) and contract and service income (17.1%). The company’s product portfolio includes ordinary portland cement, sulphate resistance cement, portland slag cement and building material. Under its Green Field Cement Project, the company has a clinkerisation unit that has a guaranteed daily capacity of 5,000 metric tons (production is based on modern rotary kiln technology that adopts nature friendly environment protection strategies). Recent Developments
In April 2012, Al-Khalij Holding has been rebranded as Qatari Investors Group.
In May 2011, Al-Khalij Cement Co., Al-Khalij Holding’s subsidiary, obtained a conformity certificate with specified requirements of the Qatar Construction Specification from Ministry of Environment, Quality and Conformity Department.
In May 2011, Alkhalij Cement Company, a subsidiary of Al-Khalij, successfully obtained a conformity certificate for technical requirements in the fields of construction and building products manufacturer/supplier. The company conformed to the requirements of the Qatar Construction Specification (QCS) laid by the Ministry of Environment’s Quality and Conformity Department.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 11 27 159 242 52.3% 180.2%
EBITDA* -14 3 30 33 10.7% -232.9%
Net Income 34 72 71 74 3.9% 29.5%
Total Assets 1675 2668 3489 3056 -12.4% 22.2%
Shareholder’s Equity 874 1852 1928 1936 0.4% 30.3%
Total Debt 571 680 1411 956 -32.2% 18.7%
Cash & Cash Equivalents 508 151 709 116 -83.6% -38.9%
EBIDTA Margin (%) -128.2% 12.0% 18.8% 13.7% - -
Net Margin (%) 310.0% 269.5% 44.8% 30.6% - -
ROE (%) 3.9% 3.9% 3.7% 3.8% - -
ROA (%) 2.0% 2.7% 2.0% 2.4% - -
EPS (QAR) 0.4 0.6 0.6 0.6 0.0% 14.5%
Book Value Per Share (QAR)*
10.9 14.9 15.5 15.6 0.6% 12.7%
Dividend Per Share (QAR)* - - 0.5 0.5 0.0% NA
Source: *Bloomberg, Company filing, Qatar Exchange
QATARI INVESTORS GROUP Reuters / Bloomberg code KHCD .QA / KHCD QD
Market Data
CMP (QAR) 16.4
Shares outstanding (Mn) 124.3
Market cap (QAR Mn) 2,043
Market cap (USD Mn) 561
52-week range H/L (QAR) 18.9/13.8
Foreign Ownership (%)
Limit Allowed (%) 24.9%
Current Exposure 5.5%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Abdullah Bin Nasser Al Misnad –
Chairman & MD
H.E. Sh. Hamad Bin Faisal Al-Thani – Vice Chairman
Management
Mr. Hossam El Araby – Group Finance
Head
Key Ratios
P/E (x) 27.6
P/BV (x) 1.1
Dividend Yield (%) 3.0
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public77.0%
Others23.0%
Cement 80%
Contracting &
engineering17%
Investment2%
Others1%
42
Company Overview
Founded in 1964, Qatar Insurance Company is the first domestic insurance company, in which the government held a 12% stake that it continues to retain. It is the largest insurance company in the State of Qatar with a circa 60% market share based on Gross Premium Written (GPW) in 2010. The company and its subsidiaries are engaged in the business of insurance, re-insurance, real estate, and financial advisory services. They operate in Qatar, the UAE, Oman, Kuwait, Bermuda, and Malta. Qatar Insurance Company accounts for about 50% of the domestic market share. With such a strong competitive position, the company currently has a credit and insurer financial strength rating of 'A', with stable outlook from Standard & Poor's Ratings Services.
Business Description Qatar Insurance Company provides personal insurance products such as home care, travel, and premier automobile insurance. Its business insurance product portfolio includes energy, marine and aviation, property and commercial, medical, and motor insurance. Recent Developments
In July 2011, Qatar Insurance Company announced that it received an approval from Qatar Finance Centre to form a new life and medical insurance company, Q-Life & Medical. The new company would be a limited liability company (wholly owned by Qatar Insurance Company) with a capital of QAR 100mn.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Gross Revenues 1,972 2,149 2,153 2,383 10.7% 6.5%
Net Income 530 561 623 603 -3.2% 4.4%
Total Assets 6,039 6,796 7,237 7,777 7.5% 8.8%
Shareholder’s Equity 2,689 2,979 3,522 3,529 0.2% 9.5%
Total Debt 957 923 229 182 -20.6% -42.5%
Cash & Cash Equivalents 1,542 2,203 1,736 2,081 19.8% 10.5%
Net Margin (%) 26.9% 26.1% 28.9% 25.3% - -
ROE (%) 19.7% 18.8% 17.7% 17.1% - -
ROA (%) 8.8% 8.3% 8.6% 7.8% - -
EPS (QAR) 6.9 7.3 7.9 8.0 1.3% 5.1%
Book Value Per Share (QAR)*
63.3 40.1 47.4 47.5 0.2% -9.1%
Dividend Per Share (QAR) 3.0 5.0 6.5 4.0 -38.5% 10.1%
Source: Company filing, Qatar Exchange
QATAR INSURANCE COMPANY Reuters / Bloomberg code QINS.QA / QATI QD
Market Data
CMP (QAR) 72.5
Shares outstanding (Mn) 89.2
Market cap (QAR Mn) 6,466
Market cap (USD Mn) 1,776
52-week range H/L (QAR) 74.8/63.3
Foreign Ownership (%)
Limit Allowed (%) 21.6%
Current Exposure 9.2%
Shareholding Pattern
Chairman / V.Chairman / MD
Sheikh Khalid Bin Mohammed Bin Ali Al-
Thani – Chairman & MD
Mr. Abdullah Bin Khalifa Al-Attiya – Dy.
Chairman
Management
Mr. Khalifa A. Al Subaey - Group
President & Chief Executive Officer
Mr. Sunil Talwar – Dy. CEO & CFO
Key Ratios
P/E (x) 10.9
P/BV (x) 1.9
Dividend Yield (%) 4.6
PEG(x) 1.2
Price Performance
Segmental Revenues in 2011
Public73%Qatar govt
12%
Others10%
Burooq TC5%
Fire & General
64%
Investments24%
Marine 8%
Real Estate3%
Advisory1%
43
Company Overview
Qatar General Insurance and Reinsurance Company, established in 1979, is a Qatari national company providing general and reinsurance products. The company operates five local branches and one overseas branch in Dubai, the UAE. Qatar General Insurance and Reinsurance Company is currently expanding to cover domestic as well as regional markets in Algeria, Libya, Syria and Oman. The company has maintained its strong financial strength rating of "B++" and insurer credit rating of "BBB+" assigned by the international credit rating agency AM Best as well as "BBB" "pi" rating assigned by Standard and Poor's.
Business Description Qatar General Insurance and Reinsurance Company operates through its two subsidiaries: Qatar General Holding Company S.P.C. and General Takaful Company S.P.C. The company’s general insurance products include medical, travel, marine, motor, plant and equipment, contractor’s all risk, personal accident, workmen’s compensation, money (cash-in-safe/cash-in-transit), fidelity guarantee, general public liability, school public liability, and fire and allied perils (buildings and contents). The company has five branches at Al Khor, Musherib, Salwa Road, Industrial Area and Al Ruwais.
Recent Developments
In February 2012, the company opened new branches at al Wakra and al
Rowais.
In October 2011, A.M. Best Europe - Rating Services Limited affirmed the
financial strength rating of B++ (Good) and issuer credit rating of 'bbb+' of
Qatar General Insurance and Reinsurance Company with a positive outlook.
The company is issuing plastic cards for new motor insurance policies. The
new and existing policyholders who opt for plastic cards over paper policies
are entitled to avail better rates on their personal line products.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Gross Revenues 528 400 354 471 33.1% -3.7%
Net Income 226 136 120 170 42.3% -9.1%
Total Assets 1872 3463 3876 4283 10.5% 31.8%
Shareholder’s Equity 1160 2247 2486 2548 2.5% 30.0%
Total Debt 158 263 357 631 76.7% 58.5%
Cash & Cash Equivalents 162 110 54 150 175.4% -2.6%
Net Margin (%) 42.9% 34.0% 33.8% 36.1% - -
ROE (%) 19.5% 6.1% 4.8% 6.7% - -
ROA (%) 12.1% 3.9% 3.1% 4.0% - -
EPS (QAR) 5.1 2.4 2.7 3.8 40.7% -9.3%
Book Value Per Share (QAR)*
25.9 50.2 55.5 50.8 -8.5% 25.2%
Dividend Per Share (QAR)* 1.4 1.4 1.1 1.3 18.2% -2.4%
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR GENERAL INSURANCE AND REINSURANCE COMPANY Reuters / Bloomberg code QGIR.QA / QGRI QD
Market Data
CMP (QAR) 46.5
Shares outstanding (Mn) 50.1
Market cap (QAR Mn) 2,331
Market cap (USD Mn) 640
52-week range H/L (QAR) 55.5/35.8
Foreign Ownership* (%)
Limit Allowed (%) 23.0%
Current Exposure 23.2% *Due to change in nationality of investors, ownership might appear to be higher than limit
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Sh.Nasser Bin Ali Bin Saud Al-
Thani – Chairman & Managing Director
H.E. Sh. Mohammed Bin Ali Bin Saood
Al-Thani – Vice Chairman
Management
Ghazi Abu Nahl - Group CEO
Jamal Abu Nahl - CEO (Insurance &
Investment)
Abdullah Barrage - Deputy CEO
( Investment)
Key Ratios
P/E (x) 13.7
P/BV (x) 0.9
Dividend Yield (%) 2.5
PEG(x) 4.4
Price Performance
Segmental Revenues in 2011
Public72%
Others17%
Mohd. Hamad Abdullah Al
Mana6%
HH Sh Nasser Bin Ali Bin
Saud Al-Thani5%
General Accident
47%
Engineering & Others
39%
War and Marine
8%
Fire6%
44
Company Overview
Transacting since 1995, Qatar Islamic Insurance Company offers insurance services on life and property in compliance with the Islamic Shariah standards and principles. The company introduced Islamic insurance in Pakistan and Syria. It provides Takaful insurance products through Pak-Qatar Family Takaful Co, Pak-Qatar General Takaful Co., and Syrian Islamic Insurance Co. in Pakistan, Qatar and Syria. Qatar Islamic Insurance Company is the first Qatar-based company to provide call center services to clients in the country. Moody’s has assigned the company a financial rating of BAA2.
Business Description Qatar Islamic Insurance Company provides insurance products for businesses, including aviation, marine, freight, banking, electronics, computer, construction, engineering, energy, and agriculture. The company also offers cover for business premises and other commercial needs. Balsam medical plans and Aman Takaful (life) insurance policies are available in individual, family and group form for employees. Products in the personal lines segment include medical, Takaful (life), motor, property, general accidents, and travel insurance. The company’s leading offerings include Marino Cargo Insurance, Workmen’s Compensation Insurance, Property Insurance, and Fidelity Guarantee Insurance. Qatar Islamic Insurance Company is also engaged in real estate and related capital investment businesses. Associate companies include Tashelaat Islamic Company (51% owned) and Al Muqawel Company (51%) engaged in Islamic financing and construction, respectively. . Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Gross Revenues 91 52 61 76 24.2% -5.8%
Net Income 69 32 46 45 -2.2% -13.1%
Total Assets 294 286 290 297 2.4% 0.3%
Shareholder’s Equity 283 261 264 268 1.6% -1.8%
Total Debt - - - - NA NA
Cash & Cash Equivalents - 70 52 56 8.5% NA
Net Margin (%) 75.3% 61.3% 75.2% 59.2% - -
ROE (%) 24.2% 12.3% 17.4% 16.8% - -
ROA (%) 23.3% 11.2% 15.9% 15.2% - -
EPS (QAR) 4.6 2.1 3.1 3.0 -3.2% -13.3%
Book Value Per Share (QAR)*
18.9 17.4 17.6 17.9 1.7% -1.8%
Dividend Per Share (QAR)* 3.0 2.5 2.7 3.0 11.1% 0.0%
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR ISLAMIC INSURANCE COMPANY Reuters / Bloomberg code QIIC.QA / QISI QD
Market Data
CMP (QAR) 56.2
Shares outstanding (Mn) 15.0
Market cap (QAR Mn) 843
Market cap (USD Mn) 232
52-week range H/L (QAR) 66.2/44.4
Foreign Ownership (%)
Limit Allowed (%) 22.8%
Current Exposure 3.8%
Shareholding Pattern
Chairman / V.Chairman / MD
Sh. Abdullah Bin Thani Al-Thani –
Chairman
Mr. Abdul Rahman A. Al-Abdulghani –
Vice Chairman
Mr. Jamal Abdullah Al Jamal – MD
Management
Mr. Jassim Ali Al-Saadi– GM
Key Ratios
P/E (x) 18.7
P/BV (x) 3.1
Dividend Yield (%) 5.3
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public67%
HH Sh Thani Bin Abdullah Al-
Thani and family23%
Abdulrahman Abduljalil Al Abdulghani
4%
Others4%
QNB2%
Marine95%
Motors4%
Takaful & Health
1%
45
Company Overview
Since its incorporation in 1978 as a national insurance company in Qatar, Al Khaleej Takaful Group QSC (Al Khaleej) and its subsidiaries have been providing all types of general insurance and reinsurance services. Formerly known as Al Khaleej Insurance & Reinsurance Company QSC, the company was renamed in January 2010. Locally, the company has four branches. Standard & Poor’s has assigned the company an insurer credit rating of ‘BBBpi’. It is the fourth largest insurance company in Qatar based on Gross Premium Written (GPW) in 2010.
Business Description Al Khaleej Takaful Group offers life and general insurance services that can be broadly classified into Energy, Manufacturing, Transportation and Trading, and further categorized into the following product lines: motor, marine cargo, marine hull, aviation, fire, general accident, liability, engineering, energy, property (including household and commercial assets), health and travel. The company’s latest offerings include four categories of medical assurance products. Takaful Islamic Insurance handles the company’s Islamic insurance products. Al Khaleej also invests in real estate properties. It deals with notable international reinsurers with S&P’s rating of not less than ‘A-’ signifying greater security to policyholders.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Gross Revenues 264 224 268 275 2.4% 1.4%
Net Income 87 68 73 64 -12.8% -10.0%
Total Assets 745 814 977 920 -5.8% 7.3%
Shareholder’s Equity 475 498 576 583 1.1% 7.0%
Total Debt - - - 46 NA NA
Cash & Cash Equivalents 51 69 59 46 -22.2% -3.5%
Net Margin (%) 33.0% 30.4% 27.1% 23.1% - -
ROE (%) 18.3% 13.6% 12.6% 10.9% - -
ROA (%) 11.7% 8.4% 7.5% 6.9% - -
EPS (QAR) 6.1 4.8 5.1 4.5 -11.8% -9.6%
Book Value Per Share (QAR)*
33.4 35 40.5 40.9 1.0% 7.0%
Dividend Per Share (QAR)* 3.0 3.0 3.0 3.0 0.0% 0.0%
Source: *Bloomberg, Company filing, Qatar Exchange
AL KHALEEJ TAKAFUL Reuters / Bloomberg code KINS.QA / AKHI QD
Market Data
CMP (QAR) 42.3
Shares outstanding (Mn) 14.2
Market cap (QAR Mn) 601
Market cap (USD Mn) 165
52-week range H/L (QAR) 51.0/39.5
Foreign Ownership (%)
Limit Allowed (%) 22.5%
Current Exposure 1.9%
Shareholding Pattern
Chairman / V.Chairman / MD
Sh. Abdulla Bin Mohamed Jabor Al-Thani
– Director
Sh. Abdulla Bin Ahmed Al Ahmed Al-
Thani – Director
Sh. Saud Bin Abdulla Moh'd Jabor Al-
Thani – MD
Management
Mr. Jassim Ali Abdul Rahman Al Moftah –
CEO
Mr. Emad Hasan Abu Reziq – Dy. CEO
Key Ratios
P/E (x) 9.5
P/BV (x) 1.0
Dividend Yield (%) 7.1
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public67%
Others24%
Md Hamad Abdullah Al
Mannai 5%
Abdulaziz Md Hamad Al
Mannai 4%
Motor73%
General17%
Fire4%
Marine 3%
Life3%
46
Company Overview
Established in the State of Qatar in October 1999, Doha Insurance Company QSC (Doha Insurance) is a shareholding company. In 2006, Doha Insurance established an Islamic Takaful branch – Doha Takaful (brand name) – to carry out insurance and reinsurance activities in accordance with Islamic Shariah principles on a non-usury basis across all areas of insurance. The company was assigned BBB/Stable rating by Standard & Poor's in March 2006. Al Mana Group and Nasser Bin Abdullah Company are among the major shareholders.
Business Description Doha Insurance’s product portfolio comprises offerings for various sectors including aviation (for Hull, Satellite and Airports), travel, engineering (mainly Contractors’ Insurance Policy), fire, marine (Marine Cargo Policy), and Liability Insurance and Motor (Third-Party Liability Insurance, Comprehensive Insurance and Companies’ Auto-fleet Insurance). Associate company: Yemeni Qatari Insurance Company, which is 40% owned by Doha Insurance and incorporated in the Republic of Yemen; the company is engaged in insurance and reinsurance activities. Recent Developments
In March 2012, Doha Insurance approved the proposal to increase capital by distributing 30% bonus shares (three for every ten shares) to shareholders. This is expected to increase the company’s total capital to QAR 234mn with 23.4mn shares outstanding (each valued at QAR10).
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Gross Revenues 126 140 143 419 193.6% 49.4%
Net Income 47 53 61 66 8.4% 11.7%
Total Assets 639 674 1687 1311 -22.3% 27.1%
Shareholder’s Equity 363 373 429 446 4.0% 7.2%
Total Debt - - - - NA NA
Cash & Cash Equivalents 146 152 163 168 3.4% 4.8%
Net Margin (%) 37.6% 38.2% 42.5% 15.7% - -
ROE (%) 13.0% 14.3% 14.1% 14.7% - -
ROA (%) 7.4% 7.9% 3.6% 5.0% - -
EPS (QAR) 2.8 3 3.4 3.7 8.8% 9.7%
Book Value Per Share (QAR)*
20.1 20.7 23.8 19.1 -19.7% -1.7%
Dividend Per Share (QAR)* 2.5 2.5 2.5 - NA NA
Source: *Bloomberg, Company filing, Qatar Exchange
DOHA INSURANCE Reuters / Bloomberg code DICO.QA / DOHI QD
Market Data
CMP (QAR) 24.4
Shares outstanding (Mn) 23.4
Market cap (QAR Mn) 572
Market cap (USD Mn) 157
52-week range H/L (QAR) 28.5/20.7
Foreign Ownership (%)
Limit Allowed (%) 24.4%
Current Exposure 5.9%
Shareholding Pattern*
100% Publicly owned. Nasser Bin Abdullah Company and Almana Group's shareholding is part of the public stake. *Source: Zawya
Chairman / V.Chairman / MD
Sh. Nawaf Bin Nasser Bin Khaled Al-
Thani – Chairman
Gen. Dahlan Jamaan Basheer Al-
Hamad – Vice Chairman
Mr. Adel Ali Bin Ali – MD
Management
Mr. Bassam Hussein – GM
Key Ratios
P/E (x) 8.7
P/BV (x) 1.3
Dividend Yield (%) 0.0
PEG(x) NA
Price Performance
Segmental Premiums in 2011
Motor17%
Marine & Aviation
29%
Fire & gen. Accident
54%
47
Company Overview
Founded in November 2005, Barwa Real Estate Company (Barwa) is a leading real estate and investment company in Qatar. The company aims to contribute to Qatar Vision 2030, the government’s development plan. Barwa is headquartered in Doha, and has presence in Qatar, the UK, North Africa as well as other GCC and European countries.
Business Description
Barwa is engaged in investing, developing and managing domestic as well as international real estate projects.
The company’s flagship projects include Barwa Financial District, Barwa Commercial Avenue, Barwa Al Sadd, Barwa Village, Barwa City, Masaken Al Sailiyah and Musaimeer.
Barwa has over 40 investments in five segments: Real Estate Qatar, International, Business Services, Infrastructural Services and Financial Services.
The company is engaged in hotel ownership and management, banking, project financing, advisory, advertising and brokerage services.
Recent Developments
In March 2012, Barwa Real Estate signed a Memorandum of Understanding (MoU) with Milaha (Qatar Navigation), under which the latter would hire housing utilities to accommodate up to 3,000 workers in the Barwa Al Baraha project for 10 years (from 2014).
In January 2012, the company announced that over 99% of the 'Barwa Al Sadd' project has been completed. The project is expected to be handed over during Q2 2012.
In November 2011, Barwa signed a lease agreement with Dragon Mart, a Chinese company, to set up a market for Chinese products in the former’s Commercial Avenue project.
In October 2011, the company announced an investment of USD 8.39bn in its project in New Cairo city.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 1,347 1,363 1,564 2,810 79.7% 27.8%
EBITDA* 798 369 -8 1,786 NM 30.8%
Net Income 310 766 1,406 1,252 -10.9% 59.3%
Total Assets 24,317 34,893 73,982 65,807 -11.1% 39.4%
Shareholder’s Equity 4,773 5,763 13,101 12,531 -4.3% 38.0%
Total Debt 12,476 20,051 24,179 28,371 17.3% 31.5%
Cash & Cash Equivalents 539 1,928 12,983 2,626 -79.8% 69.6%
EBIDTA Margin (%) 59.3% 27.1% -0.5% 63.6% - -
Net Margin (%) 23.0% 56.2% 89.9% 44.6% - -
ROE (%) 6.5% 13.3% 10.7% 10.0% - -
ROA (%) 1.3% 2.2% 1.9% 1.9% - -
EPS (QAR) 1.5 2.9 4.0 3.2 -20.0% 28.7%
Book Value Per Share (QAR)*
16.9 19.7 28.9 31 7.3% 22.4%
Dividend Per Share (QAR)* - 2.0 - 1.0 NA NA
Source: *Bloomberg, Company filing, Qatar Exchange
BARWA REAL ESTATE COMPANY Reuters / Bloomberg code BRES.QA / BRES QD
Market Data
CMP (QAR) 28.2
Shares outstanding (Mn) 389.1
Market cap (QAR Mn) 10,973
Market cap (USD Mn) 3,015
52-week range H/L (QAR) 36.4/27.6
Foreign Ownership (%)
Limit Allowed (%) 25.0%
Current Exposure 5.0%
Shareholding Pattern
Chairman / V.Chairman / MD
Mr. Hitmi Ali Khalifa Al Hitmi – Chairman
Mr. Mohammed Abd Al Aziz Saad Al Saad
– Dy. Chairman
Management
Mr. Abdulla Abdulaziz Al Subaie – CEO
Key Ratios
P/E (x) 8.8
P/BV (x) 0.9
Dividend Yield (%) 3.6
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public55%
Qatari Diar45%
Real Estate90%
Fin. Institutions
7%
Business Ser3%
48
Company Overview
As one of the leading private sector shareholding companies in Qatar, United Development Company (UDC) has invested in the energy sector, obtained concessions for oil and gas discovery and evolved in industrial and petrochemical products. UDC was established in 1999 and is headquartered in Doha.
Business Description
UDC operates in the hydrocarbons and energy, infrastructure and utilities, maritime and environmental related businesses, residential and retail real estate development, property management, information technology, hospitality and leisure, fashion, media and communications, payment solutions and marketing sectors.
Pearl-Qatar, UDC’s single largest project, is a multi-billion dollar mixed use urban development project. Its scope entails provision of upscale housing for more than 41,000 people.
UDC has substantial interests in marine and reclamation works, utilities, service and petrochemical companies.
Recent Developments
In February 2012, Pension and Social Insurance Authority acquired 112mn
new shares of UDC for a value of QAR 1.6bn and became its strategic
partner. At the extraordinary AGM, UDC’s shareholders approved an
increase in capital to facilitate the move.
UDC has announced the distribution of 64,350,000 shares as bonus
shares at the rate of 4 shares for each ten shares (40% of the capital) and
thus increasing the capital of the Company to QAR 2.25bn and amend the
Memorandum and Articles of Association accordingly.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 1,059 1,492 1,420 1,907 34.3% 21.6%
EBITDA 108 414 843 732 -13.2% 89.2%
Net Income 297 515 617 3,772** 511.3% 133.3%
Total Assets 8,349 8,964 10,878 19,056 75.2% 31.7%
Shareholder’s Equity 2,975 3,105 3,962 8,852 123.4% 43.8%
Total Debt 2,516 3,281 4,540 6,137 35.2% 34.6%
Cash & Cash Equivalents 1,532 375 373 1,020 173.9% -12.7%
EBIDTA Margin (%) 10.2% 27.7% 59.4% 38.4% - -
Net Margin (%) 28.0% 34.5% 43.5% 197.8% - -
ROE (%) 10.0% 16.6% 15.6% 42.6% - -
ROA (%) 3.6% 5.7% 5.7% 19.8% - -
EPS (QAR) 2.9 3.8 3.7 23.29 529.5% 100.3%
Book Value Per Share (QAR)
27.8 29.0 29.6 55.0 85.8% 25.5%
Dividend Per Share (QAR) 3.5 - - - NA NA
Source: Company filing, Qatar Exchange Note: **Fair value gain from revaluation of investment properties – QAR 3.1bn
UNITED DEVELOPMENT COMPANY Reuters / Bloomberg code UDCD.QA / UDCD QD
Market Data
CMP (QAR) 19.4
Shares outstanding (Mn) 337.2
Market cap (QAR Mn) 6,542
Market cap (USD Mn) 1,797
52-week range H/L (QAR) 20.7/13.3
Foreign Ownership (%)
Limit Allowed (%) 25.0%
Current Exposure 12.9%
Shareholding Pattern
Chairman / V.Chairman / MD
Mr. Hussain Ibrahim Alfardan –Chairman
H.E. Abdulla Bin Khalifa Al-Attiyah – Dy.
Chairman
Mr. Khalil P. Sholy – Board member, MD &
President
Management
Mr. Abdullah Araj – Executive Vice
President, Finance
Mr. Joseph Bou Sleiman – Vice President,
Operations
Key Ratios
P/E (x) 1.8
P/BV (x) 0.8
Dividend Yield (%) 0.0
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public67%
Pension and Social Insurance Authority
33%
Urban Development
82%Others14%
Hospitality and leisure
4%
49
Company Overview
Mazaya Qatar Real Estate Development (Mazaya Qatar) develops, sells/purchases, rents and manages real estate properties in Qatar. Established in 2008, the company was publicly listed on the Qatar Exchange in October 2010. Mazaya Qatar undertakes real estate investment and development in accordance with the provisions of the Islamic law in the Middle East.
Business Description Mazaya Qatar develops residential, commercial and industrial projects. The company’s service and operations include:
Real estate development
Project management & consultancy
Property valuation
Strategic partnership
Real estate brokerage
Master developments
Assets & facility management
Marketing management & consultancy
Real estate portfolio & fund management
Real estate market research Mazaya Qatar has also been involved in projects covering architecture, professional building and engineering. The company’s flagship projects include Housing Complex for Qatar National Convention Centre (for employees), Sidra Residential Compound (Sidra Medical and Research Center), and Marina Mall Shopping Center.
Recent Developments
In January 2012, the company signed a 20-month, QAR 473mn contract with Sinohydro Corporation (China) to construct the Sidra Village project.
In October 2011, Mazaya Qatar received the 'Best Real Estate Investment Strategy' award at the 2011 Arabian Business Achievement Awards in Qatar.
In June 2011, the company announced it has joined the list of founding members of the Qatar Green Buildings Council.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008–11)
Net Revenues NA 0 0.5 23 4560.0% NA
EBITDA NA -11 -11 2 118.2% NA
Net Income NA 16 15 48 220.0% NA
Total Assets NA 528 1182 1,101 -6.9% NA
Shareholder’s Equity NA 516 1030 1,078 4.7% NA
Total Debt NA 0 138 0 -100.0% NA
Cash & Cash Equivalents NA 241 678 332.00 -51.0% NA
EBIDTA Margin (%) NA NM NM 8.6% - -
Net Margin (%) NA NM NM 206.0% - -
ROE (%) NA 3.1% 1.5% 4.5% - -
ROA (%) NA 3.0% 1.3% 4.4% - -
EPS (QAR) NA 0.3 0.2 0.5 145.0% NA
Book Value Per Share (QAR)*
NA NA NA NA NA NA
Dividend Per Share (QAR)* NA NA NA NA NA NA
Source: *Bloomberg, Company filing, Qatar Exchange
MAZAYA QATAR REAL ESTATE DEVELOPMENT Reuters / Bloomberg code MRDS.QA / MRDS QD
Market Data
CMP (QAR) 9.8
Shares outstanding (Mn) 100.0
Market cap (QAR Mn) 977
Market cap (USD Mn) 268
52-week range H/L (QAR)
Foreign Ownership (%)
Limit Allowed (%) 24.9%
Current Exposure 20.5%
Shareholding Pattern
Chairman / V.Chairman / MD
Mr. Rashid Fahad Al Naimi – Chairman
Sh. Suhaim Abdulla Khalifa Al-Thani –
Vice Chairman
Management
Mr. Seraj Saleh Al Baker – CEO
Key Ratios
P/E (x) 20.0
P/BV (x) 0.9
Dividend Yield (%) 0.0
PEG(x) NA
Price Performance
Segmental Revenues in 2010*
* 2011 segmental revenues not
available as of 1st April 2012
Public30%
Others32%
Qatar Foundation
21%
Qatar Inv& Proj Dev Hldg Co
17%
Islam. Deposits
81%Consulting 17%
Rental 2%
50
Company Overview
Established in 1960 as Thani Bin Abdulla Housing Group, Doha-based Ezdan Real Estate Company (Ezdan) was subsequently reorganized into a limited liability company. In 2006, Ezdan’s real estate investments were transferred to a new entity, Iskan Real Estate Company (later renamed as Ezdan Real Estate Company). Ezdan’s shares were listed on the Qatar Stock Exchange in 2008. The company operates directly and through its subsidiaries (Ezdan Trading and Contracting Company, Ezdan Hotel and Suites and Ezdan Real Estate Investment) in Qatar.
Business Description
Ezdan contributes to infrastructure development in Qatar by complying with Islamic Shariah guidelines.
The company is primarily involved in real estate property investment, development and management. Besides this, Ezdan offers real estate brokerage and business consulting services. The company primarily focuses on shopping malls and residential properties.
Ezdan’s key projects include Ezdan Mall 1, Ezdan Mall 2 and Ezdan International School.
Ezdan Trading and Contracting Company undertakes contracts for buildings, road paving, trading of building materials, electricity work and maintenance. Ezdan Hotel and Suites Company offers management services for hotels, suites and restaurants, while Ezdan Real Estate Investment is involved in real estate development.
Recent Developments
In January 2012, Ezdan announced the sale of certain real estate properties to Al Tadawul Holding Group for a total value of QAR 1.53bn.
In June 2011, the company sold two labor lodgings (located at Al Sailiyyah and Al Mesaimeer) for a consideration of QAR 516mn.
In April 2011, Ezdan commenced construction of its first commercial center, Ezdan Mall 1, in Al Gharafa on an area of nearly 66,000sqm. The company also announced plans to construct the tallest tower in the world, subject to the procurement of land.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 379 472 468 623 33.2% 18.0%
EBITDA* 299 355 307 416 35.6% 11.7%
Net Income 1357 8686 121 345 184.4% -36.7%
Total Assets 6921 30060 31924 32887 3.0% 68.1%
Shareholder’s Equity 6487 27285 27403 27740 1.2% 62.3%
Total Debt 366 2043 3531 4842 37.1% 136.5%
Cash & Cash Equivalents 165 121 675 763 13.1% 66.6%
EBIDTA Margin (%) 78.8% 75.1% 65.6% 66.8% - -
Net Margin (%) 357.8% 1839.4% 25.9% 55.4% - -
ROE (%) 20.9% 31.8% 0.4% 1.2% - -
ROA (%) 19.6% 28.9% 0.4% 1.0% - -
EPS (QAR) 1.4 2.5 0.1 0.1 160.0% -54.7%
Book Value Per Share (QAR)*
6.6 4.8 10.3 10.5 1.9% 16.7%
Dividend Per Share (QAR)* - - - 0.2 NA NA
Source: *Bloomberg, Company filing, Qatar Exchange
EZDAN REAL ESTATE COMPANY Reuters / Bloomberg code ERES.QA / ERES QD
Market Data
CMP (QAR) 20.0
Shares outstanding (Mn) 2,652.5
Market cap (QAR Mn) 53,050
Market cap (USD Mn) 14,574
52-week range H/L (QAR) 25.0/18.0
Foreign Ownership (%)
Limit Allowed (%) 22.5%
Current Exposure 0.02%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Sh. Thani Bin Abdulla Bin Thani Al-
Thani – Chairman
Sh. Abdulla Bin Thani Bin Abdulla Bin
Thani Al-Thani – Vice Chairman
Management
Mr. Hesham Al-Sahtari – CEO & MD
Key Ratios
P/E (x) 152.1
P/BV (x) 1.9
Dividend Yield (%) 0.8
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public 1%
Al-Tadawul Holding Group 77%
Islamic Endowment
22%
Rent 76%
Suites & Hotels24%
51
Company Overview
Qatar Telecom (Qtel) is licensed by the Supreme Council of Information and Communication Technology (ictQATAR) to provide fixed and mobile telecommunications services in Qatar. The company partners with several leading telecommunications players worldwide and has a presence in 17 countries; Qtel’s customer base is spread across the Middle East and North Africa, the Indian subcontinent and South East Asia. The company’s consolidated subscriber base stood at 83.4mn as of December, 2011.
Business Description
Qtel focuses on three business segments: Consumer Wireless, Consumer Broadband and Corporate Managed Services. The company generated more than 80.0% of revenues from outside Qatar in 2010.
Recent Developments
In March 2012, Qtel announced plans to raise USD 1.9bn through a planned rights issue to increase its authorized share capital from QAR 2bn to QAR 5bn and expand its overseas presence through acquisitions.
In March 2012, the company completed a comprehensive framework agreement with China-based ZTE. The agreement would make available new network solutions from ZTE, including the latest innovations in WCDMA and LTE technology, across Qtel’s operations in the Middle East, North Africa and Asia.
In February 2012, S&P affirmed Qtel's long-term Issuer Default Rating (IDR) as 'A+', with a stable outlook.
In February 2012, the company announced PT Indosat Tbk, a 65% owned subsidiary, sold 2,500 towers to PT Tower Bersama Infrastructure Tbk and its subsidiary PT Solusi Menara Indonesia for a total consideration of USD 519mn.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 20,319 24,025 27,179 31,765 16.9% 16.1%
EBITDA* 8,785 10,762 12,274 14,536 18.4% 18.3%
Net Income 2,306 2,825 2,888 2,606 -9.8% 4.1%
Total Assets 73,150 84,961 101,399 102,194 0.8% 11.8%
Shareholder’s Equity 26,938 29,454 34,227 39,393 15.1% 13.5%
Total Debt 29,881 38,486 49,153 45,783 -6.9% 15.3%
Cash & Cash Equivalents 7,845 11,512 25,576 21,250 -16.9% 39.4%
EBIDTA Margin (%) 43.2% 44.8% 45.2% 45.8% - -
Net Margin (%) 11.4% 11.8% 10.6% 8.2% - -
ROE (%) 8.6% 9.6% 8.4% 6.6% - -
ROA (%) 3.2% 3.3% 2.8% 2.5% - -
EPS (QAR) 14.7 16 16.4 14.8 -9.8% 0.2%
Book Value Per Share (QAR)*
72.2 88.7 108.1 119.6 10.6% 18.3%
Dividend Per Share (QAR)* 8.3 5.8 4.2 3.0 -28.6% -28.8%
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR TELECOM Reuters / Bloomberg code QTEL.QA / QTEL QD
Market Data
CMP (QAR) 134.8
Shares outstanding (Mn) 228.8
Market cap (QAR Mn) 30,842
Market cap (USD Mn) 8,473
52-week range H/L (QAR) 135.6/104.6
Foreign Ownership (%)
Limit Allowed (%) No limit
Current Exposure 22.7%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Sh. Abdullah Bin Mohammed Bin
Saud Al-Thani – Chairman
Management
Dr Nasser Marafih – Group CEO
Sh. Saud Bin Nasser Al-Thani – CEO
Key Ratios
P/E (x) 11.8
P/BV (x) 0.8
Dividend Yield (%) 1.7
PEG(x) 0.9
Price Performance
Segmental Revenues in 2011
Public32%
Qatar Govt55%
Other Qatari Govt inst
13%
Wataniya30%
Indosat26%
Asiacell18%
Qtel18%
Nawras6%
Others2%
52
Company Overview
Vodafone Qatar Q.S.C. is the holder of the second public mobile telecommunications networks and services license in Qatar. The company also holds the second public fixed networks and services license in the country. After winning a bid in December 2007, Vodafone Qatar was granted the second mobile license in June 2008; the company switched on its mobile network in March 2009. Vodafone Qatar launched an Initial Public Offering (IPO) in May 2009. The company has four branches in the country. As of June 30, 2011, Vodafone Qatar catered to 761,000 mobile customers.
Business Description
Vodafone Qatar provides a host of telecommunication services including prepaid plans, monthly account plans, BlackBerry services, mobile broadband and mobile Internet.
Recent Developments
In September 2011, Vodafone Qatar introduced prepaid Blackberry services, guaranteed for 10 years. In the same month, the company launched an innovative solution to purchase/download BlackBerry Apps with its prepaid BlackBerry Application Card.
In July 2011, the company announced the appointment of Richard Daly as Chief Executive Officer (CEO) and Steve Walters as Chief Financial Officer (CFO). Previously, Richard served as CEO for Vodafone Partner Markets, while Steve, an experienced finance executive, was Interim Head of Finance at Vodafone Essar Ltd.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 9M 2011** YoY (%) CAGR (%)
(2008-11)
Net Revenues NA 362 935 906 NA NA
EBITDA NA -225 -27 102 NA NA
Net Income NA -673 -601 -359 NA NA
Total Assets NA 8409 8416 8184 NA NA
Shareholder’s Equity NA 7659 7078 6696 NA NA
Total Debt NA 379 727 813 NA NA
Cash & Cash Equivalents NA 85 83 77 NA NA
EBIDTA Margin (%) NA -62.3% -2.9% 11.3% - -
Net Margin (%) NA -186.3% -64.3% -39.6% - -
ROE (%) NA -8.8% -8.5% -5.4% - -
ROA (%) NA -8.0% -7.1% -4.4% - -
EPS (QAR) NA -0.8 -0.7 -0.4 NA NA
Book Value Per Share (QAR)*
NA 9.1 9.1 NA NA NA
Dividend Per Share (QAR)* - - - - NA NA
Source: *Bloomberg, Company filing, Qatar Exchange Note: **The company has March 2012 as year ending
VODAFONE QATAR Reuters / Bloomberg code VFQS.QA / VFQS QD
Market Data
CMP (QAR) 7.5
Shares outstanding (Mn) 845.4
Market cap (QAR Mn) 6,341
Market cap (USD Mn) 1,742
52-week range H/L (QAR) 8.2/7.2
Foreign Ownership (%)
Limit Allowed (%) No Limit
Current Exposure 3.5%
Shareholding Pattern
Chairman / V.Chairman / MD
H.E. Sh. Abdulrahman bin Saud Al-
Thani – Chairman
Mr. Abdulla Nasser Al-Misnad – Vice
Chairman
Management
Mr. Richard Daly – CEO
Key Ratios
P/E (x) NA
P/BV (x) 1.0
Dividend Yield (%) 0.0
PEG(x) NA
Price Performance
Segmental Revenues in 2010*
* 2011 segmental revenues not
available as of 1st April 2012
Public35%
Qatar Foundation
27%
Vodafone Europe
23%
Others15%
Wireless 84%
Mob. Dev.12%
Oth.4%
53
Company Overview
Qatar Gas Transport Company (Nakilat), established in June 2004, is a leading midstream player in the GCC hydrocarbon sector. The company provides shipping and marine-related services in the sector. Nakilat is the largest LNG shipping company worldwide with a fleet of 54 vessels (25 wholly owned and 29 jointly owned) having a capacity of over 8.5 million cubic meters of cargo. The fleet comprises Q-Max and Q-Flex LNG vessels, which incorporate the latest technologies with large capacities.
Business Description
Nakilat owns, operates and maintains a fleet of vessels to transport LNG and its derivatives. The company plays a key role in some of the largest and most advanced energy projects of Qatar Petroleum, Qatargas, RasGas and their joint venture partners worldwide. Nakilat transports LNG from Qatar’s North Field, the world’s largest non-associated gas field holding approximately 15% of the global proven reserves, to markets in North America, Europe and the Far East. The company owns four very large gas carriers through a joint agreement with Qatar Shipping Company. These carriers are used to transport LPG. Nakilat diversified business into shipyard and repair facilities.
Recent Developments
In March 2012, N-KOM, a joint venture between Nakilat and Keppel Offshore & Marine, signed a technical agreement with France-based engineering company Gaztransport & Technigaz (GTT). As per the deal, N-KOM would enhance its range of services and provide membrane tank servicing for liquefied natural gas (LNG) carriers repaired in its shipyard.
In October 2011, Nakilat announced favorable conclusion of the study entailing the analysis of circumstances under which the use of LNG fuels would optimize the operation of vessels distributing LNG cargo to specific destinations and markets.
In June 2011, the company increased its capital to QAR 5.6bn by issuing 6.2mn new shares.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 56 1,523 2,759 3,104 12.5% 281.7%
EBITDA* 10 1,259 2,230 2,422 8.6% 517.3%
Net Income 129 588 665 833 25.3% 86.1%
Total Assets 24,478 31,249 32,030 31,408 -1.9% 8.7%
Shareholder’s Equity -1 3909 3429 7302 113.0% NM
Total Debt 19,232 25,015 25,552 24,781 NA NA
Cash & Cash Equivalents 1,990 1,779 2,126 2,237 5.2% 4.0%
EBIDTA Margin (%) 18.5% 82.7% 80.8% 78.0% - -
Net Margin (%) 231.4% 38.6% 24.1% 26.8% - -
ROE (%) NM 15.1% 19.4% 11.4% - -
ROA (%) 0.5% 1.9% 2.1% 2.7% - -
EPS (QAR) 0.2 1.1 1.2 1.5 25.0% 95.7%
Book Value Per Share (QAR)*
0 7.1 6.2 2.6 -58.1% NA
Dividend Per Share (QAR)* - 0.5 0.8 0.9 NA NA
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR GAS TRANSPORT COMPANY (NAKILAT) Reuters / Bloomberg code QGTS.QA / QGTS QD
Market Data
CMP (QAR) 17.6
Shares outstanding (Mn) 560.0
Market cap (QAR Mn) 9,828
Market cap (USD Mn) 2,700
52-week range H/L (QAR) 20.0/16.0
Foreign Ownership (%)
Limit Allowed (%) 24.7%
Current Exposure 11.3%
Shareholding Pattern
Chairman / V.Chairman / MD
Mr. Hamad Rashid Al Mohannadi –
Chairman
Mr. Ahmed Yousef Al Khulaifi – Vice
Chairman
Management
Mr. Muhammad Ghannam – MD
Eddy Saputra - CFO
Key Ratios
P/E (x) 11.8
P/BV (x) 1.4
Dividend Yield (%) 4.8
PEG(x) 7.2
Price Performance
Segmental Revenues in 2011
Public40%
Qatar Navigation
30%
Qatar Shipping Co
15%
Others15%
vessels88%
Joint Ventures
8%
Others4%
54
Company Overview
Qatar Navigation (Milaha) was launched as a shipping agency and cargo handling business in June 1957. Milaha also provides shipping and transportation, as well as associated services, primarily in Qatar and Dubai. The company’s major subsidiaries are Haul Offshore Services Company and Qatar Shipping.
Business Description Milaha is a mini-conglomerate engaged in a diverse range of activities. The company’s core businesses are marine transportation, shipping agency services, logistics management and navigation freight services. Milaha provides agency services to foreign shipping lines, offshore services, ship repair, fabrication and installation of offshore structures, land transport, and chartering of vessels. The company also sells heavy vehicles. Milaha operates through 11 business segments: Dubai Operations, Commercial Activities, Shipping Agencies, Port Services, Marine Transport, Navigation Freight Services (NFS), Ship Repair and Fabrication, Real Estate, Qatar Shipping, Haul Offshore, and Qatar Quarries and Building Materials. Milaha’s major revenue contributors are Qatar Shipping, Qatar Quarries and Building Materials, Commercial Activities and Marine Transport.
Recent Developments
In March 2012, the company’s subsidiary, Halul Offshore Services secured an eight-year, QAR 220mn (USD 60mn) ship financing facility with Sumitomo Mitsui Banking Corp. (SMBC). The latter acts as the mandated lead arranger, facility agent, security agent and hedging bank.
In February 2012, Qatar Shipping Company, a subsidiary, acquired a 15% stake in Maersk LNG (Denmark) through two LNG carriers, Maersk Ras Laffan and Maersk Qatar, thereby increasing its total stake to 40%.
In November 2011, the company launched its new corporate identity, Milaha, to deliver ‘synchronized solutions that mobilize a business’.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 1,342 1,164 1,885 2,144 13.7% 16.9%
EBITDA* 427 349 529 817 54.4% 24.2%
Net Income 569 472 1,099 711 -35.3% 7.7%
Total Assets 6,741 7,198 13,308 13,313 0.0% 25.5%
Shareholder’s Equity 5,592 5,912 10,843 10,622 -2.0% 23.8%
Total Debt 857 1,009 1,970 1,961 -0.5% 31.8%
Cash & Cash Equivalents 335 283 910 923 1.5% 40.2%
EBIDTA Margin (%) 31.8% 30.0% 28.1% 38.1% - -
Net Margin (%) 42.4% 40.6% 58.3% 33.2% - -
ROE (%) 10.2% 8.0% 10.1% 6.7% - -
ROA (%) 8.4% 6.6% 8.3% 5.3% - -
EPS (QAR) 8.2 6.6 9.6 6.2 -35.4% -8.9%
Book Value Per Share (QAR)*
77.6 82.1 94.2 92.3 -2.0% 6.0%
Dividend Per Share (QAR)* 3.3 4.0 4.0 3.5 -12.5% 2.0%
Source: *Bloomberg, Company filing, Qatar Exchange
QATAR NAVIGATION (MILAHA) Reuters / Bloomberg code QNNC.QA / QNNS QD
Market Data
CMP (QAR) 74.0
Shares outstanding (Mn) 114.5
Market cap (QAR Mn) 8,475
Market cap (USD Mn) 2,328
52-week range H/L (QAR) 88.0/69.7
Foreign Ownership (%)
Limit Allowed (%) 25.0%
Current Exposure 6.6%
Shareholding Pattern
100% Publicly owned. Qatar
Petroleum, Buzwair Real Estate
and H.E. Kahlid Bin Hamad Bin
Abdullah Al-Thani are part of the
public stake.
Source: Zawya
Chairman / V.Chairman / MD
Sh. Ali bin Jassim bin Mohammad
Al-Thani – Chairman & MD
Mr. Salem Bin Butti Al-Naimi – Vice
Chairman
Management
Mr. Khalifa bin Ali Al-Hetmi – CEO
Mr. Najeb Khalifa Al-Sada – Dy. CEO,
Operations
Mr. Mohammad Ebrahim Al-Sulaiti – Dy.
CEO, Finance and Administration
Key Ratios
P/E (x) 11.9
P/BV (x) 0.8
Dividend Yield (%) 4.7
PEG(x) 1.3
Price Performance
Segmental Revenues in 2011
Halul Offs.23%
Q. Ship.10%
Q.Quar/BuldMat6%
Comm. Act.18%
Mar. Trans11%
Port Ser.8%
RE7%
Investment6%
Oth.11%
55
Company Overview
Gulf Warehousing Company (GWC), a leading supply chain and logistics solutions provider headquartered in Doha, offers transport and storage services. Established in 2004, the company acquired Agility (Qatar) in November 2010, and subsequently renamed it as GWC-Agility Company. GWC has a global network with 550 offices in 125 countries. The company has a storage capacity of over 133,000 pallets in warehouse, 20,000sqm bulk storage and 60,000sqm open yard storage, with more than 400 trucks and 700 trailers.
Business Description
GWC offers a wide range of integrated services, including warehousing, distribution, HAZMAT logistics, freight forwarding, sports logistics, transportation, international moving, records management, asset management, and supply chain consulting solutions. The company’s services can be broadly classified into three: Warehouse Storage, Transportation, and Outsourcing (including management of third-party warehouses). Warehouse Storage is the leading contributor to revenues. GWC serves both manufacturers and retailers across industry segments, including automotive, chemical, electronics, food & beverage, healthcare, high-value commodities, industrial products, ministries, retail, oil, gas, chemicals, and steel. Recent Developments
In November 2011, GWC was awarded a contract to manage the storage of chemicals used in the Pearl GTL project at Ras Laffan.
In May 2011, the company was awarded the Supply Chain and Transport Award (SCATA 2011) for 3PL Service Provider of the Year.
Company Financials QAR million unless otherwise mentioned
2008 2009 2010 2011 YoY (%) CAGR (%)
(2008-11)
Net Revenues 57 74 88 420 379.0% 94.8%
EBITDA* 13 34 32 102 213.6% 99.0%
Net Income -24 10 51 62 21.0% -237.6%
Total Assets 380 400 609 1249 105.1% 48.7%
Shareholder’s Equity 290 299 349 687 96.8% 33.3%
Total Debt 79 91 219 422 92.3% 74.5%
Cash & Cash Equivalents 60 56 97 81 -16.7% 10.7%
EBIDTA Margin (%) 22.7% 46.0% 37.0% 24.2% - -
Net Margin (%) -41.7% 13.2% 58.2% 14.7% - -
ROE (%) -8.2% 3.3% 14.6% 9.0% - -
ROA (%) -6.2% 2.5% 8.4% 4.9% - -
EPS (QAR) -0.9 0.4 2 1.6 -20.0% -221.1%
Book Value Per Share (QAR)*
11.6 12 14 17.2 22.9% 14.0%
Dividend Per Share (QAR)* - - 1 1.5 50.0% NA
Source: *Bloomberg, Company filing, Qatar Exchange
GULF WAREHOUSING COMPANY Reuters / Bloomberg code GWCS.QA / GWCS QD
Market Data
CMP (QAR) 37.1
Shares outstanding (Mn) 39.6
Market cap (QAR Mn) 1,468
Market cap (USD Mn) 403
52-week range H/L (QAR) 41.9/29.0
Foreign Ownership (%)
Limit Allowed (%) 24.9%
Current Exposure 24.4%
Shareholding Pattern
Chairman / V.Chairman / MD
Mr. Mohammad Ismail Al Emadi –
Chairman
Sh. Fahed Bin Hamad Bin Jasim Al-
Thani – Vice Chairman
Management
Mr. Ranjeev Menon – CEO
Key Ratios
P/E (x) 23.8
P/BV (x) 2.2
Dividend Yield (%) 4.1
PEG(x) NA
Price Performance
Segmental Revenues in 2011
Public80%
Others10%
Al Sanam Trad5%
Al Tameez Trad5%
Logistic operations
53%
Freight Forwarding
37%
others10%
56
Appendix
CAGR Compounded Annual Growth Rate
CMP Current Market Price
EBIDTA Earnings before interest, taxes, depreciation and amortization
EIA Energy Information Administration
EPS Earnings Per Share
GDP Gross Domestic Product
IMF International Monetary Fund
Mcap Market Capitalization
P/BV Price-to-Book Value
P/E Price-Earnings Ratio
PEG Price/Earnings to Growth
QAR Qatar Riyal
ROA Return on Assets
ROE Return on Equity
USD United States Dollar
YoY Year-on-Year
YTD Year-to-date
Qatar Listed Stocks Handbook
57
Disclaimer: It is understood that any opinions expressed by CBQ or CBIS or its affiliates as to the commentary,
market information, and future direction of prices of specific securities reflects the views of the individual analyst
who issued them, and not necessarily represent the views of CBQ or CBIS or its affiliates in any way. In no event
shall CBQ or CBIS or its affiliates have any liability for any direct or indirect losses incurred in connection with any
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for any delays, inaccuracies, errors in, or omissions of the said information.
Cover page credits: http://elaysnetwork1.wordpress.com/2010/12/02/qatar-to-host-2022-world-cup/ and Qatar Gas
website.
Commercialbank Capital (Investment Banking & Research)
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Direct Tel: +974 4420 2663
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Direct Tel: +974 4420 2627
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Direct Tel: +974 44490521
Qatar listed Stocks Handbook
58
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