Thursday 28 March 2024
 
»
 
»
Story

QInvest net profit increases 57pc to $7.4m

DOHA, April 30, 2015

QInvest, a leading investment bank and Islamic financial institutions in Qatar, has reported a net profit of $7.48 million (QR27.21 million) for the three-month period ending March 31, an increase of 57 per cent.

The firm posted revenues of $20.7 million, up 27 per cent, said a statement.

Tamim Hamad Al-Kawari, chief executive officer, said: “I am very pleased with QInvest’s performance over the last quarter. All three of our key business lines – Investment Banking, Principal Investments and Asset Management – have continued to grow and prosper.

“We anticipate an active pipeline of activity for the remainder of 2015 and I am confident that we will reach our capital deployment targets for this year.”

“We remain absolutely committed to maintaining our leading position in all of the markets in which we operate and I would like to thank all of the staff for their continued dedication,” he said.

During the first quarter of the year, all of QInvest’s three revenue-generating business lines – investment banking, principal investments and asset management - continued to cultivate new business and develop existing relationships.

In the investment banking division, the debt capital markets franchise continued to grow and, notably, acted as joint lead manager and book runner on Noor Bank’s debut $500 million sukuk, which was oversubscribed by more than four times, said the statement.

QInvest continues to actively work on a number of mandates for both sovereign and corporate entities, which the team expects to execute in the second quarter of the year, it said.

QInvest’s structured finance business built on last year’s strong performance and closed approximately $100 million of new transactions in both developed and emerging markets.

The principal investments unit continues to see significant interest from QInvest’s shareholders and clients in real estate investments, which are currently at various stages of execution and completion in Europe and the US, said the statement.

The team continues to assess and secure both equity and financing opportunities. However, there are signs of an excess of capital in both markets, which make securing good equity opportunities challenging, it said.

Meanwhile, the asset management division has had a robust start first quarter, with the formal launch of the QInvest Pioneer European Fund, increasing the QMAP exposure and successfully rolled out Qatar Islamic Bank’s capital protected note that offers shareholders and clients an upside exposure to a range of GCC companies in a two-year period. - TradeArabia News Service




Tags: increase | profit | Net | QInvest |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads