Qatar stock exchange

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.2% to close at 12,525.4. Gains were led by the Real
Estate and Telecoms indices, rising 1.1% and 0.3%, respectively. Top gainers
were Zad Holding Co. and Barwa Real Estate Co., rising 2.8% and 2.5%,
respectively. Among the top losers, Qatar German Co for Medical Devices fell
4.1%, while Dlala Brokerage & Investments Holding Co. was down 2.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose marginally to close at 9,301.3. Gains were
led by the Real Estate Dev. and Multi-Invest. indices, rising 3.0% and 0.8%,
respectively. AXA-Cooper. rose 9.7%, while Nama Chemicals gained 7.3%.
Dubai: The DFM Index declined 0.5% to close at 3,840.1. The Industrial index
fell 9.9%, while the Services index declined 1.9%. National Cement fell 9.9%,
while Arab Insurance Group was down 3.8%.
Abu Dhabi: The ADX benchmark index fell 0.5% to close at 4,647.3. The
Consumer index declined 1.9%, while the Real Estate index was down 1.0%.
RAKWCT fell 9.9%, while RAK Co. for White Cement & Cont. was down 3.0%.
Kuwait: The KSE Index declined 0.6% to close at 6,601.6. The Financial
Services index fell 1.1%, while the Real Estate index declined 1.0%. Manafae
Holding Co. fell 10.0%, while Real Estate Asset Management was down 7.6%.
Oman: The MSM Index fell 0.1% to close at 6,634.5. Losses were led by the
Financial and Industrial indices, falling 0.7% and 0.1%, respectively. Al Batinah
Dev. Inv. Holding fell 4.2%, while Oman United Insurance was down 2.8%.
Bahrain: The BHB Index gained 0.1% to close at 1,461.1.The Commercial
Bank index rose 0.2%, while the Investment index was up 0.1%. Al Salam
Bank-Bahrain gained 1.5%, while Bahrain Commercial Facilities was up 1.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 91.00 2.8 1.9 8.3
Barwa Real Estate Co. 49.40 2.5 1,427.0 17.9
Doha Insurance Co. 27.50 1.9 46.0 (5.2)
Qatar Oman Investment Co. 15.40 1.7 210.0 0.0
Aamal Co. 18.50 0.9 140.2 21.8
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 17.44 0.2 2,336.0 6.0
Barwa Real Estate Co. 49.40 2.5 1,427.0 17.9
Mazaya Qatar Real Estate Dev. 19.90 0.8 1,112.4 3.9
Commercial Bank of Qatar 68.20 0.0 646.3 (0.4)
Ezdan Holding Group 16.87 0.7 623.3 13.1
Market Indicators 22 Feb 15 19 Feb 15 %Chg.
Value Traded (QR mn) 349.5 464.3 (24.7)
Exch. Market Cap. (QR mn) 679,171.5 677,593.3 0.2
Volume (mn) 9.3 10.1 (7.6)
Number of Transactions 4,357 5,131 (15.1)
Companies Traded 39 40 (2.5)
Market Breadth 20:14 14:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,871.48 0.2 0.2 3.0 N/A
All Share Index 3,257.22 0.2 0.2 3.4 15.4
Banks 3,282.49 (0.0) (0.0) 2.5 14.9
Industrials 4,042.33 0.2 0.2 0.1 13.8
Transportation 2,432.54 (0.5) (0.5) 4.9 14.1
Real Estate 2,525.84 1.1 1.1 12.5 20.5
Insurance 4,079.41 (0.2) (0.2) 3.1 17.7
Telecoms 1,411.77 0.3 0.3 (5.0) 18.7
Consumer 7,561.25 0.2 0.2 9.5 29.0
Al Rayan Islamic Index 4,419.05 0.5 0.5 7.7 17.6
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Nama Chemicals Co. Saudi Arabia 13.76 7.3 10,758.5 28.6
Nat. Mobile Telecom. Kuwait 1.62 6.6 3.8 15.7
Jabal Omar Dev. Co. Saudi Arabia 72.87 4.3 3,819.3 38.8
Abu Dhabi Nat. Energy Abu Dhabi 0.78 4.0 204.1 (2.5)
Com. Bank of Kuwait Kuwait 0.65 3.2 27.3 3.2
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Jazeera Airways Co. Kuwait 0.52 (3.7) 6.6 18.2
Med. & Gulf Ins. Saudi Arabia 58.00 (3.1) 502.1 15.8
Ithmaar Bank Bahrain 0.17 (2.9) 70.0 3.1
Dubai Financial Market Dubai 1.98 (2.5) 11,048.5 (1.5)
Nat. Petrochem. Co. Saudi Arabia 26.39 (2.4) 99.1 20.5
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar German Co for Med. Dev. 10.45 (4.1) 155.6 3.0
Dlala Brokerage & Inv Holding Co. 43.80 (2.8) 179.2 2.3
Widam Food Co. 60.70 (1.8) 260.5 0.5
Qatar General Ins. and Reins. Co. 60.00 (1.6) 4.0 1.7
National Leasing 21.40 (1.4) 78.4 7.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 49.40 2.5 69,938.5 17.9
Commercial Bank of Qatar 68.20 0.0 43,987.1 (0.4)
Vodafone Qatar 17.44 0.2 40,594.6 6.0
Mazaya Qatar Real Estate Dev. 19.90 0.8 22,248.1 3.9
Gulf International Services 96.90 (0.7) 19,209.0 (0.2)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 12,525.43 0.2 0.2 5.3 2.0 95.98 186,500.5 15.6 2.0 4.0
Dubai 3,840.07 (0.5) (0.5) 4.5 1.8 106.35 94,212.8 12.5 1.4 5.1
Abu Dhabi 4,647.25 (0.5) (0.5) 4.3 2.6 37.98 129,191.4 12.3 1.5 3.7
Saudi Arabia 9,301.30 0.0 0.0 4.8 11.6 1,926.45 540,776.3 18.5 2.2 2.9
Kuwait 6,601.56 (0.6) (0.6) 0.4 1.0 64.76 102,361.8 17.0 1.1 3.8
Oman 6,634.46 (0.1) (0.1) 1.2 4.6 10.11 25,132.2 10.6 1.5 4.3
Bahrain 1,461.13 0.1 0.1 2.6 2.4 1.55 54,132.6 9.9 0.9 4.7
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,480
12,500
12,520
12,540
12,560
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 0.2% to close at 12,525.4. The Real Estate
and Telecoms indices led the gains. The index rose on the back
of buying support from Qatari shareholders despite selling
pressure from non-Qatari shareholders.
 Zad Holding Co. and Barwa Real Estate Co. were the top
gainers, rising 2.8% and 2.5%, respectively. Among the top
losers, Qatar German Co for Medical Devices fell 4.1%, while
Dlala Brokerage & Investments Holding Co. was down 2.8%.
 Volume of shares traded on Sunday fell by 7.6% to 9.3mn from
10.1mn on Thursday. Further, as compared to the 30-day
moving average of 15.3mn, volume for the day was 39.1% lower.
Vodafone Qatar and Barwa Real Estate Co. were the most
active stocks, contributing 25.0% and 15.3% to the total volume
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Earnings
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Gulf International
Bank (GIB)
S&P Bahrain LT CCR/ST CCR BBB+/A-2 BBB+/A-2 – Stable 
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC
– Local Currency, CCR – Counterparty Credit Rating)
Earnings Releases
Company Market Currency
Revenue
(mn) 4Q2014
% Change
YoY
Operating Profit
(mn) 4Q2014
% Change
YoY
Net Profit (mn)
4Q2014
% Change
YoY
Alahli Takaful Co. (ATC)* Saudi Arabia SR 78.3 147.9% – – 2.1 -63.0%
Najran Cement Co. (NCC)* Saudi Arabia SR – – 279.9 24.1% 243.2 22.7%
Dur Hospitality Co.
(SHARCO)*
Saudi Arabia SR – – 95.5 -27.2% 103.8 -27.4%
Arabian Shield Cooperative
Insurance Co. (ASCI)*
Saudi Arabia SR 290.4 37.4% – – 4.0 23.0%
Solidarity Saudi Takaful Co.
(SSTC)*
Saudi Arabia SR 135.3 -6.7% – – 16.8 -62.6%
Fujairah Cement Industries
(FCI)*
Abu Dhabi AED 615.5 4.6% – – 25.8 NA
Gulf Pharmaceutical
Industries (Julphar)*
Abu Dhabi AED 1,433.1 5.2% 238.5 1.1% 234.7 2.9%
Gulf Livestock* Abu Dhabi AED 0.2 0.0% – – 53.6 25.0%
Al Khaleej Investment Abu Dhabi AED 32.8 22.8% – – 53.6 24.9%
Kuwait Projects Co.
(KIPCO)*
Kuwait KD 598.0 16.3% 166.0 25.8% 46.1 15.0%
Kuwait Financial Center
(Markaz)*
Kuwait KD – – – – 4.0 -35.5%
Bahrain Tourism Co. (BTC)* Bahrain BHD 6.7 16.7% – – 1.6 48.4%
Trafco Group* Bahrain BHD 40.3 -3.8% 0.9 -32.0% 1.6 6.0%
Source: Company data, DFM, ADX, MSM (* FY2014 results)
News
Qatar
 WDAM’s net profit rises 13.3% YoY in FY2014, recommends
2.50/share cash dividend – Widam Food Company’s (WDAM)
net profit increased by 13.3% YoY to QR62.2mn in FY2014 on
the back of higher government compensation (up 8% YoY to
QR361.6mn). The company’s revenue rose 14.9% YoY to
QR409.5mn in FY2014. EPS amounted to QR3.46 in FY2014 as
compared to QR3.05 in FY2013. Meanwhile, WDAM’s board
has recommended distributing cash dividends of 2.50/share.
(QSE)
 QIBK to raise QR5bn through Sukuk, to relocate HQ to
Lusail City – Qatar Islamic Bank’s (QIBK) shareholders have
given the nod for raising up to QR5bn through a capital boosting
Sukuk. The bank’s extraordinary general assembly gave the
approval for the issuance of unlisted Sukuk that shall be eligible
for inclusion as the Addition Tier 1 Capital in accordance with
Basel III norms, as instructed by the Qatar Central Bank. QIBK’s
Chairman Sheikh Jassim bin Hamad bin Jassim Jaber Al-Thani
said that the bank is currently working on issuing an ‘Additional
Tier 1 Sukuk’ of up to QR2bn. Further, the bank’s ordinary AGM
and the EGM approved all the items in the agenda, including the
board of directors’ proposal to distribute 4.25/share cash
dividend. Meanwhile, QIBK is planning to move its headquarters
to the upcoming Lusail City from its current location at the Grand
Hamad Street. The bank has also announced plans to open
several new branches at strategic locations across the country.
(Peninsula Qatar)
 Qatar Rail inks deal for Doha Metro driverless trains – A
consortium of five companies have signed an agreement to build
and deliver a fully-automated driverless metro system in Doha,
Qatar. The group consisting of Mitsubishi Heavy Industries,
Mitsubishi Corporation, Hitachi, Thales and The Kinki Sharyo
Co., has received a letter of conditional acceptance from the
Overall Activity Buy %* Sell %* Net (QR)
Qatari 79.57% 76.82% 9,589,607.35
Non-Qatari 20.44% 23.18% (9,589,607.35)

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Qatar Railways Company (Qatar Rail) for the systems package
of the metro project, which is slated for completion in October
2019. (Bloomberg)
 Qatar Holding, Nebras Power signs MoU with Japanese
firms – Nebras Power and Qatar Holding have signed a MoU
with Mitsubishi Corporation, Marubeni and Chubu Electric Power
of Japan to conduct a feasibility study on the possibility of
developing Afsin Elbistan project in Turkey. The MoU aims to
study the development, financing, construction, operation and
maintenance of coal mines and coal-operated power plants.
Located in Afisn Elbistan, southeast of the capital Ankara, the
project includes building around 4,500 MW power plants to
generate power and developing the coal mines in the project
area as the coal will be used as fuel for power generation.
(QSE)
 QCSD adds bonus shares to QATI shareholders’ accounts –
The Qatar Central Securities Depository (QCSD) announced the
addition of bonus shares to Qatar Insurance Company’s (QATI)
shareholders’ accounts. With this, the company’s new capital
stands at QR1.85bn distributed over 184,621,437 shares.
QATI’s shareholders may trade these shares beginning from
February 23, 2015. (QSE)
 Bonus shares added to ABQK shareholders’ accounts –
The Qatar Central Securities Depository has completed the
addition of bonus shares to Ahli Bank’s (ABQK) shareholders’
accounts. The company’s new capital now stands at QR1.82bn
distributed over 181,717,253 shares. The shareholders can
trade these shares beginning from February 23, 2015. (QSE)
 QSE suspends trading of QIGD shares on February 23 – The
Qatar Stock Exchange (QSE) has announced the trading
suspension of Qatari Investors Group’s (QIGD) shares on
February 23, 2015 due to the company’s AGM and EGM being
held on that day. (QSE)
International
 Oil prices edge up on optimism over Greek debt
compromise – Oil prices edged up after early falls on February
23, as parts of Asia returned from the Lunar New Year holiday,
with Brent futures moving further away from $60 a barrel and US
contracts moving toward $51. After early trading losses, both
Brent crude and US WTI crude futures edged up in reaction to
cautious optimism that another crisis in the Eurozone due to
Greek debt was averted by a compromise between Athens and
its creditors. The benchmark Brent crude futures was trading at
$60.39, up 17 cents from their last settlement, while US WTI
crude went up 5 cents to $50.86 a barrel. Despite the small
rises, prices remain below last week's highs. Following a steep
fall from June 2014 to six-year lows, oil prices have recovered
around a third of their value since January, with benchmark
Brent contracts jumping almost $20 a barrel to $63 a barrel last
week as traders closed long-standing short positions in reaction
to a falling US rig count. (Reuters)
 Greece readies reform promises – The Greek government
prepared reform measures to secure a financial lifeline from the
Eurozone, however it was attacked for selling illusions to voters
after failing to extract the country from its international bailout.
Prime Minister Alexis Tsipras insisted that Greece has achieved
a negotiating success when Eurozone finance ministers agreed
to extend the bailout deal for four months, provided it came up
with a list of reforms by February 23. Greeks reacted with relief
that the latest deal averted a banking crisis, which fellow
Eurozone member Ireland said could have erupted in the
coming week. This means Tsipras has stood by one promise at
least: to keep the country in the Eurozone. Tsipras maintains
that he has the nation behind him despite staging a climbdown
in Brussels. Under the deal, Greece will still continue under the
EU/IMF bailout, which he had pledged to scrap, and must
negotiate a new program by early summer. (Reuters)
 BoJ board members question inflation target; Oil price to
help hit goal in long run – Three members of the Bank of
Japan's (BoJ) policy board expressed doubts about the central
bank’s ability meet its inflation target, because of a slowdown in
underlying prices and falling oil, pointing to chinks in the BoJ's
strategy to spark sustainable growth. According minutes of the
bank's January monetary policy meeting, one of the three
members said that even though the yen is weak, annual inflation
(excluding food and energy) is only slightly above zero. Another
member said the collapse in oil prices during 2014 has slowed
inflationary momentum. Meanwhile, the BoJ Governor Haruhiko
Kuroda said that steady falls in crude oil prices will help
accelerate consumer inflation in the long run by boosting
economic activity. Kuroda made the remarks to an opposition
lawmaker, who urged him to admit the BoJ has failed to meet its
pledge of achieving its 2% inflation target within two years as
slumping oil prices push price growth further away from the
target. (Reuters)
Regional
 Al Hokair Group BoD recommends SR68.75mn dividend for
2H2014 – Abdulmohsen Alhokair Group for Tourism &
Development Company’s (Al Hokair Group) board of directors
has recommended the distribution of 12.5% dividend (SR1.25
per share) amounting to SR68.75mn for 2H2014. Shareholders
registered in the registers of the Securities Depository Center
(Tadawul) on March 19, 2015, will be eligible to receive the
dividend. (Tadawul)
 Bahri signs MoU with RCA – National Shipping Company of
Saudi Arabia (Bahri) has signed a MoU with the Red Crescent
Authority (RCA) which covers cooperation, training and
transportation. Under the terms of the MoU, RCA will cover the
company’s sites with ground and air ambulance services which
will enhance access for emergency services across the
company’s sites in the Kingdom. (GulfBase.com)
 eXtra opens new store in Al Baha – United Electronics
Company (eXtra) has announced the opening of a new
showroom in Al Baha on the Baha-Taif road, taking the total
number of eXtra stores to thirty-nine in the GCC region. The
total investments in the new store are estimated to be SR11mn,
and the financial impact of this new showroom will be seen in
1Q2015. (Tadawul)
 MPC resumes operations of ammonia plant – Saudi Arabian
Mining Company (Ma’aden) has announced that its subsidiary
Ma’aden Phosphate Company (MPC) has resumed operations
of the ammonia plant located at Ras Al Khair City on February
20, 2015. The scheduled maintenance had no impact on the
company’s ability to meet its obligations toward its customer and
had no significant financial impact. (Tadawul)
 Tadawul announces deposit of UCA rights – The Saudi Stock
Exchange (Tadawul) has announced that United Cooperative
Assurance Company’s (UCA) rights have been deposited into
applicable investor’s portfolios as of February 18, 2015.
(GulfBase.com)
 Saudi Aramco extends bidding for unconventional gas work
– According to sources, Saudi Arabian Oil Company (Saudi
Aramco) has extended the deadline for companies to bid for
work on its unconventional gas facilities in the north of the
country, signaling it remains committed toward developing shale
gas deposits. The project, known as System A, will involve

4. Page 4 of 6
building processing facilities, wellheads and pipelines for gas in
Turaif, where a big mining project called Waad al-Shamal is
under development. Meanwhile, several companies have
prequalified for another unconventional gas project, also in
northern Saudi Arabia. The project, known as System B, is five
times as big as System A. (Reuters)
 Arabtec’s subsidiary wins AED930mn contract – Arabtec
Holding has bagged several contracts totaling AED930mn in
Saudi Arabia in the oil & gas construction sector through its
subsidiary Target Engineering Construction Company. These
contracts included seven projects to improve and increase the
capability of some oil & gas stations for Saudi Arabian Oil
Company (Saudi Aramco). (DFM)
 Mashreq Bank AGM approves dividend, bonus share –
Mashreq Bank’s annual general meeting (AGM) has approved
the board of directors’ proposal to distribute a cash dividend of
40% and 5% bonus shares. Meanwhile, the bank’s extraordinary
general meeting has decided to resort to arbitration in London
regarding $500mn facilities inked on June 30, 2014. (DFM)
 ENOC hires M&A team – Emirates National Oil Company
(ENOC) has hired a five-person team to work on its mergers and
acquisitions (M&A) as it seeks to expand beyond its home
emirate. The company could use some of the proceeds from a
$1.5bn long-term loan, which it is close to agreeing with a group
of seven local and international banks, to help fund the
expansion. (Reuters)
 FCI not to distribute dividends for 2014 – Fujairah Cement
Industries’ (FCI) board of directors has proposed not to
distribute dividend for 2014. (ADX)
 Al Wifaq reports 435% surge in FY2014 net profit – Al Wifaq
Finance Company reported a net profit AED93.3mn in FY2014,
reflecting an increase of 435% on a YoY basis. The company’s
financing portfolio rose by 13% to AED1.6bn as of December
31, 2014 versus AED1.4bn as of December 31, 2013. Customer
deposits grew by 27% to AED1.4bn as of December 31, 2014
from AED1.1bn as of December31, 2013. Meanwhile, the
company’s shareholders have approved the board of directors’
recommendation to distribute a cash dividend of 5%.
(GulfBase.com)
 NBK: Cheap oil cuts Kuwait’s 9-month budget surplus by
26% – According to the National Bank of Kuwait (NBK), Kuwait's
government budget surplus shrank 26% in the first nine months
of FY2014-15 as lower oil prices cut revenue sharply. The
surplus totaled KD10.6bn during the April-December period of
2014, down from KD14.3bn a year earlier. NBK predicted that
the surplus for the full fiscal year ending March 2015 would total
KD4.1bn, the smallest surplus in six years, though it would still
be large by international standards at 8.7% of GDP.
Government spending rose 10% to KD10.6bn during the April-
December period of 2014. Capital spending surged 31% to
KD900mn, or 39% of the budget's annual allocation for capital
spending. Government revenue during the April-December
period of 2014 dropped 12% to KD21.2bn. Oil revenue, which
accounts for over 90% of state revenue, fell 13%. (Reuters)
 Markaz BoD recommends 6% cash dividend – Kuwait
Financial Centre’s (Markaz) board of directors has
recommended a cash dividend of 6% of share par value, i.e. 6
fils per share to shareholders on record as of the date of the
general assembly. (GulfBase.com)
 KIPCO recommends 25% cash dividend – Kuwait Projects
Company’s (KIPCO) board of directors has recommended a
cash dividend of 25% (25 fils per share), subject to approval by
the company's general assembly and regulatory authorities.
(GulfBase.com)
 Al Mazaya launches Ritim Istanbul – Al Mazaya Holding has
launched Ritim Istanbul, a six-tower residential and office project
in Turkey’s biggest city featuring recreational spaces and a
shopping mall. The 39,000 square meter development is a joint
venture (JV) between the Al Mazaya and Dumankaya
Construction, a Turkish property developer. The project, valued
at more than Lira 800mn, comprises 863 residential units, 363
office spaces and 147 retail outlets. (GulfBase.com)
 Al-Batinah BoD recommends 5% cash dividend – Al-Batinah
Development & Investment Holding Company’s board of
directors has recommended distributing cash dividends of 5% of
the paid-up capital i.e. 5 baizas per share. (MSM)
 19 companies pre-qualify for LPIC – As many as 19
companies have been pre-qualified for four different
engineering, procurement and construction (EPC) packages of
Liwa Plastics Industries Complex (LPIC) in Sohar. Oman Oil
Refineries and Petroleum Industries Company (Orpic) is building
the $3.6bn LPIC near the company's Sohar refinery to take
advantage of Oman's natural resources and capitalize on the
synergies with the existing refinery and the growing global
market for plastics. The awards of the EPC packages are
expected to be made in 4Q2015. (GulfBase.com)
 The Wave, Muscat inks mortgage financing pact – The
Wave, Muscat and Bank of Beirut (BoB) have signed an
agreement to offer mortgage financing services on real estate
purchases at Muscat’s vibrant waterfront community. BoB will
provide competitive and convenient home-financing plans for
both local and foreign investors looking to purchase a residential
property at The Wave, Muscat, while offering maximum flexibility
and a variety of repayment options to meet the needs of
prospective buyers. (GulfBase.com)
 Batelco Group appoints Acting CEO – Bahrain
Telecommunications Company (Batelco) has announced that
Batelco Group CEO Mr. Alan Whelan will be leaving the group
and Mr. Ihab Hinnawi, currently CEO at Batelco’s sister
company Umniah, has been appointed as the group’s Acting
CEO. (Bahrain Bourse)
 ATC announces intent to merge with BTC – Al Jazeera
Tourism Company (ATC) announced that it is interested in
potentially submitting an offer to Bahrain Tourism Company’s
(BTC) shareholders to merge ATC and BTC through a securities
exchange offer. The amalgamation will consolidate the position
of ATC and BTC in the Bahrain’s tourism market, and will be
beneficial to shareholders in the current and future operating
environment. (Bahrain Bourse)
 Trafco BoD recommends 15% cash dividend – Trafco
Group’s board of directors has recommended distributing a cash
dividend of 15% of its issued paid-up capital. The proposal is
subject to approval by the relevant regulators. (Bahrain Bourse)
 BTC BoD recommends 12% cash dividend – Bahrain Tourism
Company’s (BTC) board of directors has recommended
distributing a cash dividend of 12% of its issued paid-up capital
i.e. 12 fils per share. The proposal is subject to approval by the
relevant regulators. (Bahrain Bourse)
 ABG reports $274.77mn net profit in FY2014 – Albaraka
Banking Group (ABG) reported a net profit of $274.77mn in
FY2014 as compared to $257.78mn in FY2013. The bank
reported a total operating income of $917.56mn in FY2014 as
compared $909.48mn in FY2013. The bank’s total assets stood
at $23.46bn at the end of December 2014 as against $20.97bn

5. Page 5 of 6
a year ago. Customer current and other accounts stood at
$4.51bn. EPS amounted to 13.98 US cents in 2014 as against
13.31 US cents a year earlier. Meanwhile, ABG’s board of
directors has recommended distributing a cash dividend of 3%
of the paid-up capital and bonus dividend of 1 share for every 50
shares held. (Bahrain Bourse)
 AUB reports $482.5 net profit in FY2014 – Ahli United Bank
(AUB) posted net profit of $482.5mn in FY2014, down from
$579.4mn in FY2013. The FY2013 net profit included a one-off
gain of $212.9mn from the sale of its 29.4% stake in its Qatari
unit. AUB’s net profit in 4Q2014 was $106.2mn as compared to
$77.2mn in 4Q2013. AUB’s total operating income crossed $1bn
for the first time since its inception in FY2000 with an increase of
8.7% over the $958mn achieved in FY2013. The group’s total
assets grew by 2.4% to reach $33.4bn as of December 31, 2014
from $32.7bn at the end of 2013. The growth in total assets was
primarily due to a 6.7% growth in the loans & advances portfolio
to $18.5bn. EPS as of December 31, 2014 amounted to 8 US
cents as against 10 US cents a year earlier. The bank's board
proposed a cash dividend of 4.5 US cents per share and a 5%
bonus share for FY2014. (Bahrain Bourse)

6. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Manager – HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the
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It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
QSE Index S&P Pan Arab S&P GCC
0.0%
0.2%
(0.6%)
0.1%
(0.1%)
(0.5%) (0.5%)
(0.8%)
(0.6%)
(0.4%)
(0.2%)
0.0%
0.2%
0.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,201.95 (0.4) (2.2) 1.4 MSCI World Index 1,768.09 0.4 0.9 3.4
Silver/Ounce 16.24 (0.9) (6.4) 3.4 DJ Industrial 18,140.44 0.9 0.7 1.8
Crude Oil (Brent)/Barrel (FM
Future)
60.22 0.0 (2.1) 5.0 S&P 500 2,110.30 0.6 0.6 2.5
Crude Oil (WTI)/Barrel (FM
Future)
50.34 (1.6) (4.6) (5.5) NASDAQ 100 4,955.97 0.6 1.3 4.6
Natural Gas (Henry
Hub)/MMBtu
2.99 0.8 9.6 (0.2) STOXX 600 382.27 0.4 1.2 5.1
LPG Propane (Arab Gulf)/Ton 59.25 (0.2) (0.4) 20.9 DAX 11,050.64 0.6 0.7 5.6
LPG Butane (Arab Gulf)/Ton 71.00 1.8 (1.0) 8.4 FTSE 100 6,915.20 0.2 0.6 4.1
Euro 1.14 0.1 (0.1) (5.9) CAC 40 4,830.90 0.1 1.4 6.5
Yen 119.03 0.1 0.2 (0.6) Nikkei 18,332.30 0.5 2.3 5.7
GBP 1.54 (0.1) 0.0 (1.1) MSCI EM 984.42 (0.1) (0.2) 2.9
CHF 1.07 1.2 (0.6) 6.0 SHANGHAI SE Composite 3,246.91 0.0 1.1 (0.4)
AUD 0.78 0.6 1.0 (4.1) HANG SENG 24,832.08 0.0 0.6 5.1
USD Index 94.25 (0.2) 0.1 4.4 BSE SENSEX 29,231.41 (0.8) 0.3 8.0
RUB 62.06 0.3 (2.2) 2.2 Bovespa 51,237.70 (0.5) (0.3) (5.7)
BRL 0.35 (0.1) (1.2) (7.6) RTS 910.42 0.4 (0.4) 15.1
180.0
140.9
128.6