The QE Index rose 0.4% to close at 10,401.4. Gains were led by the Banks & Financial Services and Insurance indices, gaining 1.1% and 0.5%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.4% to close at 10,401.4. Gains were led by the Banks & Financial
Services and Insurance indices, gaining 1.1% and 0.5%, respectively. Top gainers
were QNB Group and Gulf International Services, rising 2.2% and 1.9%, respectively.
Among the top losers, Zad Holding Company fell 6.5%, while Qatar Oman
Investment Company was down 4.4%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.5% to close at 9,195.0. Losses were led by the
Media & Ent. and Insurance indices, falling 2.4% and 1.4%, respectively. Saudi
Kayan Petrochemical declined 5.4%, while Chubb Arabia Coop. Ins. was down 3.7%.
Dubai: The DFM Index gained marginally to close at 2,821.0. The Real Estate &
Construction index rose 0.8%, while the Services index gained 0.6%. Emaar Malls
rose 2.3%, while Deyaar Development was up 2.0%.
Abu Dhabi: The ADX General Index gained 0.8% to close at 5,386.4. The Banks rose
1.5%, while the Services index gained 1.2%. Al Khaleej Investment rose 14.1%,
while National Marine Dredging Company was up 11.1%.
Kuwait: The Kuwait Main Market Index gained 0.1% to close at 4,943.2. The
Consumer Goods index rose 1.2%, while the Oil & Gas index gained 0.4%. First
Takaful Insurance Company rose 10.0%, while Al-Eid Food was up 9.8%.
Oman: The MSM 30 Index fell 0.1% to close at 3,978.6. Losses were led by the
Industrial and Services indices, falling 1.2% and 0.1%, respectively. Salalah Mills
fell 6.5%, while Galfar Engineering and Construction was down 4.4%.
Bahrain: The BHB Index fell 0.2% to close at 1,442.8. The Commercial Banks index
declined 0.4%, while the Investment index fell 0.3%. GFH Financial Group declined
1.7%, while Ahli United Bank was down 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
QNB Group 187.00 2.2 253.6 (4.1)
Gulf International Services 15.66 1.9 997.0 (7.9)
Al Khalij Commercial Bank 11.90 1.7 13.4 3.1
Ahli Bank 29.59 1.3 1.1 16.2
Qatar First Bank 5.40 0.9 2,017.9 32.4
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 5.40 0.9 2,017.9 32.4
Vodafone Qatar 8.01 0.6 1,224.7 2.6
Gulf International Services 15.66 1.9 997.0 (7.9)
Aamal Company 9.59 0.6 921.7 8.5
Qatar Aluminium Manufacturing 11.50 (1.3) 684.8 (13.9)
Market Indicators 22 April 19 21 April 19 %Chg.
Value Traded (QR mn) 202.9 217.9 (6.9)
Exch. Market Cap. (QR mn) 582,857.2 579,149.3 0.6
Volume (mn) 9.7 8.8 10.1
Number of Transactions 4,101 3,443 19.1
Companies Traded 43 43 0.0
Market Breadth 17:24 18:20 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,139.46 0.4 0.5 5.5 14.6
All Share Index 3,166.44 0.5 0.4 2.8 15.0
Banks 3,971.54 1.1 1.2 3.7 13.8
Industrials 3,333.29 0.0 0.1 3.7 16.5
Transportation 2,437.47 0.1 0.4 18.3 13.2
Real Estate 1,936.82 (0.3) (1.4) (11.4) 15.9
Insurance 3,387.46 0.5 1.3 12.6 20.4
Telecoms 944.44 0.3 (0.1) (4.4) 19.2
Consumer 7,838.54 (0.8) (1.0) 16.1 15.3
Al Rayan Islamic Index 4,107.10 (0.0) 0.1 5.7 13.9
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Comm. Bank of Kuwait Kuwait 0.59 6.4 86.1 28.7
Emaar Malls Dubai 1.76 2.3 11,856.5 (1.7)
QNB Group Qatar 187.00 2.2 253.6 (4.1)
First Abu Dhabi Bank Abu Dhabi 16.68 1.8 2,537.0 18.3
Ominvest Oman 0.32 1.3 205.3 (7.7)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Kayan Petrochem. Saudi Arabia 13.40 (5.4) 33,576.0 1.5
Al Ahli Bank of Kuwait Kuwait 0.32 (3.6) 1,519.4 8.1
Emaar Economic City Saudi Arabia 9.50 (2.9) 3,186.8 20.1
Burgan Bank Kuwait 0.33 (2.7) 2,099.6 23.9
Rabigh Ref. & Petrochem. Saudi Arabia 19.90 (2.6) 2,893.0 4.3
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Zad Holding Company 130.00 (6.5) 87.0 25.0
Qatar Oman Investment Co. 6.35 (4.4) 16.2 18.9
Salam International Inv. Ltd. 5.17 (2.5) 204.5 19.4
Qatar Islamic Insurance Company 55.00 (1.7) 2.6 2.4
Alijarah Holding 8.54 (1.7) 124.4 (2.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 187.00 2.2 46,954.1 (4.1)
Gulf International Services 15.66 1.9 15,952.2 (7.9)
Masraf Al Rayan 36.60 0.7 14,275.1 (12.2)
Zad Holding Company 130.00 (6.5) 11,443.3 25.0
Qatar First Bank 5.40 0.9 10,915.0 32.4
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* 10,401.40 0.4 0.5 2.9 1.0 55.46 160,110.9 14.6 1.6 4.2
Dubai 2,820.95 0.0 0.3 7.1 11.5 79.42 99,939.5 10.0 1.0 4.8
Abu Dhabi 5,386.44 0.8 1.8 6.1 9.6 43.04 147,269.1 15.0 1.5 4.6
Saudi Arabia 9,195.02 (0.5) (0.0) 4.3 17.5 953.49 575,738.9 20.8 2.1 3.2
Kuwait 4,943.16 0.1 (0.4) 0.5 4.3 114.59 33,974.9 14.7 0.9 4.0
Oman 3,978.60 (0.1) (0.0) (0.1) (8.0) 5.10 17,254.9 8.3 0.8 6.9
Bahrain 1,442.78 (0.2) (0.2) 2.1 7.9 12.84 22,123.3 9.4 0.9 5.7
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,300
10,350
10,400
10,450
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QE Index rose 0.4% to close at 10,401.4. The Banks & Financial
Services and Insurance indices led the gains. The index rose on the back
of buying support from Qatari and GCC shareholders despite selling
pressure from non-Qatari shareholders.
 QNB Group and Gulf International Services were the top gainers, rising
2.2% and 1.9%, respectively. Among the top losers, Zad Holding
Company fell 6.5%, while Qatar Oman Investment Company was down
4.4%.
 Volume of shares traded on Monday rose by 10.1% to 9.7mn from 8.8mn
on Sunday. However, as compared to the 30-day moving average of
12.8mn, volume for the day was 24.0% lower. Qatar First Bank and
Vodafone Qatar were the most active stocks, contributing 20.7% and
12.6% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Bank ABC S&P Bahrain LT-ICR/ST-ICR BBB-/A-3 BBB-/A-3 – Stable –
Source: News reports (*LT – Long Term, ST – Short Term, ICR –Issuer Credit Rating)
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2019
% Change
YoY
Operating Profit
(mn) 1Q2019
% Change
YoY
Net Profit
(mn) 1Q2019
% Change
YoY
Saudi Kayan Petrochemical Co. Saudi Arabia SR 2,544.3 -6.7% 98.5 -86.3% -197.5 N/A
Saudi Telecom Co. Saudi Arabia SR 13,386.0 8.4% 3,275.0 24.4% 2,750.0 6.3%
National Shipping Co. of Saudi Arabia Saudi Arabia SR 1,705.8 17.0% 377.2 46.8% 179.3 45.6%
Saudi Arabian Mining Co. Saudi Arabia SR 4,241.3 18.9% 251.8 -78.5% -252.9 N/A
Takaful International Company# Bahrain BHD – – – – 240.6 3.9%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (#
Values in ‘000)
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
DBIS Dlala Brokerage & Investment Holding Company 23-Apr-19 0 Due
QIGD Qatari Investors Group 23-Apr-19 0 Due
MRDS Mazaya Qatar Real Estate Development 24-Apr-19 1 Due
MCGS Medicare Group 24-Apr-19 1 Due
QFBQ Qatar First Bank 24-Apr-19 1 Due
QIMD Qatar Industrial Manufacturing Company 24-Apr-19 1 Due
UDCD United Development Company 24-Apr-19 1 Due
QCFS Qatar Cinema & Film Distribution Company 25-Apr-19 2 Due
QATI Qatar Insurance Company 28-Apr-19 5 Due
QAMC Qatar Aluminum Manufacturing Company 28-Apr-19 5 Due
QNNS Qatar Navigation (Milaha) 28-Apr-19 5 Due
IGRD Investment Holding Group 28-Apr-19 5 Due
QFLS Qatar Fuel Company 28-Apr-19 5 Due
MERS Al Meera Consumer Goods Company 28-Apr-19 5 Due
BRES Barwa Real Estate Company 29-Apr-19 6 Due
AHCS Aamal Company 29-Apr-19 6 Due
SIIS Salam International Investment Limited 29-Apr-19 6 Due
ZHCD Zad Holding Company 29-Apr-19 6 Due
QGRI Qatar General Insurance & Reinsurance Company 29-Apr-19 6 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-19 6 Due
MCCS Mannai Corporation 29-Apr-19 6 Due
QOIS Qatar Oman Investment Company 29-Apr-19 6 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 35.90% 40.64% (9,618,856.41)
Qatari Institutions 31.70% 25.29% 13,013,036.31
Qatari 67.60% 65.93% 3,394,179.90
GCC Individuals 1.00% 1.89% (1,806,248.06)
GCC Institutions 10.39% 4.50% 11,946,776.92
GCC 11.39% 6.39% 10,140,528.86
Non-Qatari Individuals 11.60% 11.03% 1,162,302.91
Non-Qatari Institutions 9.40% 16.65% (14,697,011.67)
Non-Qatari 21.00% 27.68% (13,534,708.76)

3. Page 3 of 7
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
DOHI Doha Insurance Group 29-Apr-19 6 Due
ORDS Ooredoo 29-Apr-19 6 Due
KCBK Al Khalij Commercial Bank 29-Apr-19 6 Due
VFQS Vodafone Qatar 30-Apr-19 7 Due
QGMD Qatari German Company for Medical Devices 30-Apr-19 7 Due
DHBK Doha Bank 30-Apr-19 7 Due
Source: QSE
Stock Split Dates for Listed Qatari Companies
Source: QSE
News
Qatar
 IQCD posts a significantly weaker-than-expected 1Q2019; we
see downside to our already below consensus QR4.5bn 2019 net
income (QR7.44 EPS) – IQCD reported 1Q2019 net income of
QR674mn (-47% YoY, -44% QoQ), which was 22% lower than
our estimate of QR866mn and 31% lower than Bloomberg
consensus of QR974mn. According to IQCD, of the YoY
QR594mn decline in earnings, average price decline of 9%
wiped out ~QR400mn in net income, while the rest ~QR200mn
earnings erosion was due to some shutdowns. Steel prices
decline YoY, while margins take another step down negating
moderate volume increase. By segment, steel revenue of
QR1.3bn (-8% YoY,+2% QoQ) was 10% higher than our
estimate of QR1.1bn but cash gross margins, due to higher iron
prices and other costs, dropped even below our 12% estimate to
9.2%; steel GMs have come under significant pressure dropping
from 28.2% in 1Q2018 to 14.8% in 4Q2018 and now further
down to 9.2%. According to the company, prices fell YoY due to
several factors, including lower demand and higher
competition. In Qatar, prices were affected by relatively lower
demand in 1Q2019, while regional demand was also impacted
by low price steel from non-GCC producers, especially Turkey.
Prices in other markets, like the Far East, were affected by the
supply of low-cost steel from countries such as China. On the
plus side, the steel segment was able to grow its volumes
marginally over 1Q2018. JV income comes in below
expectations due to petrochemical weakness. IQCD does not
provide breakdowns of the petrochemicals and fertilizer
segments until 1H but overall JV income of QR517mn (-40%
YoY, -46% QoQ) was a significant 29% below our estimate of
QR731mn; our sense is that petchems bore the brunt of these
declines with fertilizers up marginally YoY. JV revenue of
~QR2.3bn was also below our estimate of QR2.8bn. According
to IQCD, petchem prices declined moderately vs. 1Q2018 due to
a marginal reduction in crude prices and muted demand in some
major markets due to weak economic conditions. Petchem

4. Page 4 of 7
volumes also fell YoY due to periodic planned shutdowns in one
of the JVs. Fertilizer prices, on the other hand, improved
marginally vs. 1Q2018 due to better demand metrics along with
higher raw material costs and regulatory pressure on non-
environment compliant producers in countries like China.
Fertilizer sales volumes, however, were marginally down vs.
last year. For more details on this and our estimates, please
refer to page 2 for actual vs. estimate comparisons. Balance
sheet continues to remain solid; we expect some newsflow
related to potential acquisitions in the future. IQ’s balance
sheet remains strong with group cash at QR9.9bn with minor
debt of only QR25.5mn, which is expected to be paid off by
2H2019. Overall, these are a weak set of results and we expect
to lower our 2019 estimates further by another 20-25%.
Sequentially PE prices have improved on strengthening crude,
urea is still on the decline but expected to improve and steel
prices have strengthened but iron prices still continue their
march up. We remain Market Perform on IQCD with a price
target of QR119. At around QR6 EPS for 2019, the stock trades
at ~20x which is expensive with earnings expected to decline
around 30% for 2019. (QNB FS Research, Company releases,
QSE)
 MPHC to disclose 1Q2019 financial statements on April 25 –
Mesaieed Petrochemical Holding Company (MPHC) announced
its intent to disclose 1Q2019 financial statements for the period
ended March 31, 2019, on April 25, 2019. (QSE)
 QGMD postpones its AGM and EGM to April 24 – Qatari German
Company for Medical Devices (QGMD) postponed its AGM and
EGM to April 24, 2019, which was earlier scheduled on April 22,
2019, due to lack of quorum. (QSE)
 WDAM's net profit declines 3.1% YoY and 10.1% QoQ in
1Q2019 – Widam Food Company's (WDAM) net profit declined
3.1% YoY (-10.1% QoQ) to QR25.9mn in 1Q2019. The
company's revenue came in at QR130.2mn in 1Q2019, which
represents an increase of 9.9% YoY (+12.9% QoQ). EPS
decreased to QR1.44 in 1Q2019 from QR1.48 in 1Q2018. (QSE)
 QFBQ’s EGM approves resolution for capital reduction – Qatar
First Bank’s (QFBQ) Extraordinary General Meeting (EGM)
adopted a special resolution to approve the bank’s board of
directors’ share capital reduction recommendation. QFBQ’s
board had earlier proposed to reduce the bank’s authorized and
paid up capital by 50% in an effort to meet listing requirements,
offset accumulated losses and raise net asset valuations per
share. This was in accordance with regulatory requirements by
Qatar Financial Markets Authority (QFMA), Qatar Financial
Centre rules and other applicable laws. The bank will now seek
to fulfill the necessary regulatory and legal arrangements to
effect the capital reduction recommendation. Another special
resolution was passed approving certain alterations to the
Articles of Association in accordance with the new corporate
governance regulations issued by the QFMA. QFBQ’s Chairman,
Abdulla bin Fahad bin Ghorab Al-Marri said, “At QFBQ we were
not immune to the prevailing macro-economic conditions. Such
net loss was mainly driven by global and regional headwinds
resulting from prevailing market uncertainties that affected the
performance of the bank’s alternative investments portfolio.”
(Gulf-Times.com)
 Qatar Petroleum initiates steps to build 100 LNG ships – Qatar
Petroleum has issued an invitation to tender for the reservation
of ship construction capacity required for the LNG carrier fleet
for its North Field Expansion (NFE) Project, which will increase
Qatar’s LNG production capacity from 77mn tons per year (tpy)
to 110mn tpy starting in 2024. In addition to addressing
shipping requirements for the North Field Expansion Project,
the tender covers shipping requirements for the LNG volumes
that will be purchased and off-taken by Ocean LNG (70-30%
joint venture between Qatar Petroleum and ExxonMobil) from
the Golden Pass LNG export project in the US, which is
currently under construction and is planned to start by 2024.
The tender also includes options for replacement requirements
for Qatar’s existing LNG fleet. HE the Minister of State for
Energy Affairs, Saad Sherida Al-Kaabi, also the President &
CEO of Qatar Petroleum, said, “With this significant step, Qatar
Petroleum embarks on another major LNG ship-building
campaign expected to initially deliver 60 LNG carriers in
support of the planned production expansion, with a potential
to exceed 100 new LNG carriers over the next decade. This
important initiative reinforces Qatar Petroleum’s commitment
to its global reputation as a safe and reliable LNG producer at all
times and under all circumstances.” (Gulf-Times.com)
 Nakilat signs MoU with the Ministry of Public Health – Qatar
Gas Transport Company Limited (Nakilat) has signed a
Memorandum of Understanding (MoU) with Qatar’s Ministry of
Public Health (MoPH) to implement a Workplace Wellness
Program. Under the initiative, Nakilat will be coordinating with
MoPH to launch internal campaigns on health education and
promoting a healthy lifestyle amongst its employees. The MoU
comes as part of Nakilat’s comprehensive corporate social
responsibility framework, which focuses on health, education,
community and environment. The program is based on an
integrated plan that includes surveys and feedback sessions,
followed by informational and engagement sessions to raise
awareness on nutrition, physical activity, smoking hazards,
stress management and prevention of infectious diseases.
(Peninsula Qatar)
 Ooredoo partners with Smart Management IT Solutions for new
ERP systems for SMEs – Ooredoo has announced a new
agreement with Smart Management IT Solutions that will
allow it to help small and medium sized enterprises (SMEs)
digitally transform by leveraging the power of cutting-edge
cloud-based Enterprise Resource Planning (ERP) solutions.
Under the new agreement, Ooredoo will offer Smart
Management IT Solutions’ Wallpost cloud-based ERP solution
to its SME business customers, which form a significant driver
of job creation in Qatar. (Gulf-Times.com)
 Qatar Airways, JetSmart reportedly interested in Avianca
Brasil – Qatar Airways and JetSmart are interested in Brazil-
based airline Avianca Brasil’s assets, Valor stated in its report,
citing sources. In recent weeks, Avianca Brasil has held a series
of meetings with potential investors on the 7 production units
that the company intends to auction on May 7, 2019, Valor
stated. (Bloomberg)
International
 US home sales tumble as supply constraints linger – US home
sales fell more than expected in March as rising demand stoked

5. Page 5 of 7
by declining mortgage rates and slowing house price inflation
continued to be frustrated by a lack of properties, especially in
the lower-priced segment of the market. Existing home sales
dropped 4.9% to a seasonally adjusted annual rate of 5.21mn
units last month. February’s sales pace was revised down to
5.48mn units from the previously reported 5.51mn units. Sales
fell in all four regions of the country last month. Economists
polled by Reuters had forecast existing home sales would fall
3.8% to a rate of 5.30mn units last month. Existing home sales,
which make up about 90% of US home sales, declined 5.4%
from a year ago. That was the 13th straight YoY decrease in
home sales. Economists expect housing probably remained a
drag on gross domestic product in the first quarter. Residential
investment contracted in 2018, logging its weakest
performance since 2010. (Reuters)
 US to end all waivers on imports of Iranian oil – The US
demanded that all buyers of Iranian oil stop purchases by May 1
or face sanctions, a move to choke off Tehran’s oil revenues
which sent crude prices to six-month highs on fears of a
potential supply crunch. The Trump administration’s move on
Monday not to renew exemptions granted last year to major
buyers of Iranian oil was a more stringent outcome than some
nations had expected. Several importers had hoped to continue
buying Iranian oil without facing US sanctions, according to
sources. The US reemployed sanctions in November on exports
of Iranian oil after US President, Donald Trump last spring
unilaterally pulled out of a 2015 accord between Iran and six
world powers to curb Tehran’s nuclear program. Eight
economies, including China and India, were granted waivers for
six months, and several had expected those exemptions to be
renewed. Tehran remained defiant, saying it was prepared for
the end of waivers, while the Revolutionary Guards repeated a
threat to close the Strait of Hormuz, a major oil shipment
channel in the Gulf, Iranian media reported. (Reuters)
 RBS tops up small business support fund, downplays Brexit
effect – British state-controlled lender the Royal Bank of
Scotland (RBS) has doubled its funding pot to support small
businesses to 6bn Pounds, but says the extra cash is no longer
primarily for Brexit-proofing businesses. NatWest, the biggest
trading arm of RBS, stated it had topped up its so-called Growth
Fund in response to high demand from firms in industries
including green energy and technology. The lender previously
topped up the fund from 1bn Pounds to 3bn Pounds in October.
It stated at the time that it was doing so after identifying nearly
2,000 businesses it lent to that were likely to suffer payment or
supply problems due to Britain’s exit from the European Union.
(Reuters)
 BoJ signals readiness to combine steps if more stimuli needed –
Bank of Japan (BoJ) is ready to ramp up stimulus, including
through a combination of various steps, if the economy loses
momentum for hitting its 2% inflation target, a senior central
bank official said. Eiji Maeda, the BoJ’s Executive Director
overseeing monetary policy, added that any further step must
take into account the impact it has not just on the economy but
on the banking system. “If the economy’s momentum for
achieving our price target is threatened, we are ready to ease
monetary policy as necessary,” Maeda said. BoJ has various
means available to ease, such as cutting interest rates, boosting
asset purchases and accelerating the pace of money printing, he
said. “The BoJ has actively taken various unconventional steps.
We will continue to take steps as needed, including a
combination of them, with an eye on their effects and side-
effects,” Maeda said. (Reuters)
Regional
 Saudi Arabia to coordinate with other producers to ensure
adequate oil supply – Saudi Arabia has stated that it will
coordinate with other oil producers to ensure an adequate crude
supply and a balanced market after the US stated that it will
end waivers granted to buyers of Iranian oil. “Saudi Arabia is
closely monitoring the oil market developments following the
recent statement from the US government regarding oil export
sanctions on Iran,” Energy Minister, Khalid Al-Falih said.
“Saudi Arabia will coordinate with fellow oil producers to
ensure adequate supplies are available to consumers while
ensuring the global oil market does not go out of balance,” he
added. (Reuters)
 Saudi Arabian supply to come back after Iran waivers expire –
Extra supplies from Saudi Arabia will now almost certainly
return to the market from May as US waivers on Iranian oil will
not be renewed after expiry early next month, JBC Energy
stated. There is available capacity, with Saudi Arabian output
estimated by JBC at 1.3mn bpd below November’s peak and
450k bpd below average level in 2018. Asia will likely bear the
burn of reductions in Iranian oil supply, while Saudi Arabian
volumes will help correct the removal of large supplies of
Middle Eastern crude. Iranian oil flows to the countries granted
waivers have accounted for essentially all of the ~1.4mn bpd of
outflows observed over 1Q2019, JBC stated. (Bloomberg)
 Saudi Arabia and UAE to ensure appropriate supply of oil –
Saudi Arabia and the UAE will ensure an appropriate supply of
oil along with the US, as President Trump will not re-issue Iran
oil waivers set to expire in May, Secretary of State, Mike
Pompeo said. “Each of those suppliers is working directly with
Iran’s former customers," he said. (Bloomberg)
 RIBL posts 44.7% YoY rise in net profit to SR1,645mn in 1Q2019
– Riyad Bank (RIBL) recorded net profit of SR1,645mn in
1Q2019, an increase of 44.7% YoY. Total operating profit rose
21.1% YoY to SR2,580mn in 1Q2019. Total revenue for special
commissions/investments rose 30.1% YoY to SR2,431mn in
1Q2019. Total assets stood at SR239.5bn at the end of March 31,
2019 as compared to SR213.7bn at the end of March 31, 2018.
Loans and advances stood at SR158.2bn (+12.1% YoY), while
customer deposits stood at SR173.5bn (+14.2% YoY) at the end
of March 31, 2019. EPS came in at SR0.55 in 1Q2019 as
compared to SR0.38 in 1Q2018. (Tadawul)
 Saudi Arabian banks set to report double-digit profit growth;
NCB’s profit to decline – Some of Saudi Arabia’s banks are
expected to report double-digit growth as they benefit from
higher government spending and improved margins. First-
quarter profit at Al Rajhi Bank, the Kingdom’s second-biggest
lender, may rise 18% and Saudi British Bank (SABB) may say
net income increased 17%, according to analyst estimates
compiled by Bloomberg. Riyad Bank, the country’s fourth-
largest lender, stated that the profit for the period soared 44.7%
as lending climbed 12%. The world’s biggest oil exporter
pledged to lift government expenditure by more than 7% this

6. Page 6 of 7
year to help economic growth even as it grapples with the need
to clip its fiscal deficit and curb crude output under an OPEC
plan to support prices. Bank lending increased 3.3% in the 12
months through February, according to Saudi Arabian
Monetary Authority (SAMA). Yields on bank loans have also
improved as local interest rates were a percentage point higher
than a year ago. “Credit trends are improving and margins
would still benefit from last year’s rate hikes,” an analyst at
Bloomberg Intelligence in Dubai, Edmond Christou said. “We
expect sector loan growth of about 5% in 2019 compared with
2.8% last year unless the first half turns out better than
expected, although provisions for bad loans are expected to
edge up,” he said. (Bloomberg)
 Mashreqbank recorded net income of AED628mn in 1Q2019 –
Mashreqbank (MASQ) has reported a net income of AED628mn
in 1Q2019, increasing 5% YoY. Impairment allowance is down
13.6% YoY. Non-interest income to operating income ratio
stood at 40.4%. Customer deposits fell 3.1% to AED80.6bn in
1Q2019. Loan-to-deposit ratio stood at 86.6% at the end of
March 31, 2019. Non-performing loans to gross loans ratio stood
at 3.6%. (Bloomberg)
 Banks cut rates on Network International's $328mn loan before
London IPO – Lenders to Dubai-based card payments processing
firm Network International have cut interest rates on a $328mn
acquisition loan by a fifth before its parent raised $1.4bn in an
Initial Public Offering (IPO). Banks have reduced margins on
the Dollar tranche to 275bps and to 250bps on the Dirham
portion, according to Network International Holdings Ltd. IPO
prospectus has been filed in London earlier this year. That
represents a reduction of 75bps on the facilities, according to
data compiled by Bloomberg. Network International raised the
loan in 2016 to buy Emerging Markets Payments Holdings
(Mauritius) Ltd., according to a statement. General Atlantic and
Warburg Pincus, which then owned 49% of Network, sponsored
the facility that matures in 2022. Citigroup Inc., First Abu Dhabi
Bank (FAB), Abu Dhabi Commercial Bank (ADCB) and Union
National Bank (UNB) have provided the loan, according to data
compiled by Bloomberg. The IPO allows shareholders Emirates
NBD, Warburg Pincus and General Atlantic to reduce their
stakes in the company. (Bloomberg)
 DME weighs adding Abu Dhabi Murban oil into DME Oman
futures – Dubai Mercantile Exchange (DME) has issued a public
consultation to add Abu Dhabi’s Murban as alternative delivery
crude into its DME Oman Crude Oil Futures Contract, after
receiving preliminary regulatory approval, it has stated.
Murban will be deliverable through DME in certain market
situations at the seller’s option; the Murban grade oil has a
production capacity of ~1.7mn bpd, out of which 40% are freely
traded. Murban’s inclusion potentially adds ~700k bpd to the
standard Oman crude oil delivery mechanism. DME’s Oman
crude oil futures contract is currently used by governments of
Oman, Dubai, Saudi Arabia and Bahrain to set their official
selling price of crude oil export heading to Asia. DME,
established in 2007, is a joint venture between Dubai Holding,
Oman Investment Fund and CME Group; Goldman Sachs,
JPMorgan, Morgan Stanley, Shell, Vitol and Concord Energy
also hold equity stakes in the DME. (Bloomberg)
 ADIB recorded net income of AED600.3mn in 1Q2019 – Abu
Dhabi Islamic Bank (ADIB) has reported a net income of
AED600.3mn in 1Q2019 as compared to AED590.4mn in
1Q2018, missing the estimate of AED700.5mn. Revenue came in
at AED1.44bn in 1Q2019 as compared to AED1.36bn in 1Q2018,
missing the estimate of AED1.51bn. Credit provisions and
impairments stood at AED186.4mn in 1Q2019 as compared to
AED149.9mn in 1Q2018. (Bloomberg)
 Kuwait Finance House recorded net income of KD51.6mn in
1Q2019 – Kuwait Finance House (KFH) reported net income of
KD51.6mn in 1Q2019 as compared to KD44mn in 1Q2018,
beating the estimate of KD49.1mn. Operating revenue came in
at KD196.8mn for 1Q2019 as compared to KD189mn in 1Q2018.
Operating profit came in at KD118.1mn as compared to
KD110mn in 1Q2018. The bank has stated the rise in net
operating income and lower provisions has led to 17% increase
in net income. It has also stated that provisions and
impairments have dropped 16%. (Bloomberg)
 Bahrain sells BHD70mn 91-day bills; bid-cover at 2.43x –
Bahrain sold BHD70mn 91 day of bills due on July 24, 2019.
Investors have offered to buy 2.43 times the amount of
securities sold. The bills were sold at a price of 99.132, having a
yield of 3.46% and will settle on April 24, 2019. (Bloomberg)
 S&P upgrades Bank ABC’s ratings outlook to ‘Stable’ and
affirms its ‘BBB-’/‘A-3’ credit ratings – S&P has upgraded its
outlook on Bank ABC to ‘Stable’ and re-affirmed its ‘BBB-’/‘A-3’
long- and short-term issuer credit ratings as a result of the
Bank’s ability to withstand difficult conditions in its key
markets and to deliver strong financial performance. In a
recently published statement, S&P underscored that the
‘Stable’ outlook reflects its view of the Bank’s resilience to high
economic and banking industry risks in the countries where it
operates. S&P added that despite challenges in many markets,
Bank ABC's stable financial performance supports the Group's
capitalization. (Bahrain Bourse)

7. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNB FS at a given time only. 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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns, #
Market was closed on April 22, 2019)
45.0
70.0
95.0
120.0
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
QSE Index S&P Pan Arab S&P GCC
(0.5%)
0.4%
0.1%
(0.2%) (0.1%)
0.8%
0.0%
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,274.93 (0.0) (0.0) (0.6) MSCI World Index 2,161.58 0.1 0.1 14.7
Silver/Ounce 15.01 0.2 0.2 (3.1) DJ Industrial 26,511.05 (0.2) (0.2) 13.6
Crude Oil (Brent)/Barrel (FM Future) 74.04 2.9 2.9 37.6 S&P 500 2,907.97 0.1 0.1 16.0
Crude Oil (WTI)/Barrel (FM Future) 65.70 2.7 2.7 44.7 NASDAQ 100 8,015.27 0.2 0.2 20.8
Natural Gas (Henry Hub)/MMBtu 2.61 2.8 2.8 (18.1) STOXX 600#
390.46 0.0 0.0 13.4
LPG Propane (Arab Gulf)/Ton 63.63 2.6 2.6 (0.6) DAX#
12,222.39 0.0 0.0 13.6
LPG Butane (Arab Gulf)/Ton 67.50 2.3 2.3 (2.9) FTSE 100#
7,459.88 0.0 0.0 12.9
Euro 1.13 0.1 0.1 (1.8) CAC 40#
5,580.38 0.0 0.0 15.7
Yen 111.94 0.0 0.0 2.1 Nikkei 22,217.90 0.1 0.1 9.5
GBP 1.30 (0.1) (0.1) 1.8 MSCI EM 1,089.03 (0.3) (0.3) 12.8
CHF 0.98 (0.1) (0.1) (3.3) SHANGHAI SE Composite 3,215.04 (1.8) (1.8) 32.1
AUD 0.71 (0.3) (0.3) 1.2 HANG SENG#
29,963.26 0.0 0.0 15.7
USD Index 97.29 (0.1) (0.1) 1.2 BSE SENSEX 38,645.18 (1.6) (1.6) 7.2
RUB 63.80 (0.4) (0.4) (8.5) Bovespa 94,588.06 0.3 0.3 6.1
BRL 0.25 (0.0) (0.0) (1.4) RTS 1,275.59 1.2 1.2 19.4
103.8
96.7
83.6