From left: Bassel Jamal, Tamim Hamad Al Kawari, Jassim bin Hamad Al Thani, Mohamed Al Manaa and Khamis Mubarak Al Kuwari at a function to announce the financial results yesterday.
DOHA: QInvest, Qatar’s leading investment bank, recorded 40 percent increase in its revenue for full year 2013. The net profit rose by $60m during the period.
The year 2013 saw significant capital deployment across financing and real estate transactions. Balancesheet risk was significantly reduced with collection of outstanding receivables and reduction of foreign currency exposure.
Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani, Chairman of QInvest, said: “2013 was a turning point for QInvest. Our full year results are evidence that our new strategy has successfully positioned QInvest to support Qatar and the wider region’s international investment plans as well as to act as the gateway for investors looking to access the region’s fast growing dynamic economy.”
Commenting on the results Tamim Hamad Al Kawari, Chief Executive Officer of QInvest, said: “Despite ongoing challenges in global markets throughout the year, we have delivered a strong set of results having repositioned the business to focus on the most lucrative areas.”
QInvest’s strategy, which was announced in October 2013, streamlined the company into three business lines: Investment Banking, Principle Investments and Asset Management and focussed on its core product and service offers. Complementing the strategic restructuring, QInvest has been increasingly working with its largest shareholder, Qatar Islamic Bank (QIB) and its subsidiaries, enabling it to benefit from its wider network and from access to its balance sheet.
On the investment banking front, the business experienced significant activity across the entire Islamic financing spectrum, delivering some of the largest transactions globally including Turkey and Ooredoo sukuk. In total, QInvest advised on $ 3.5bn of sukuk transactions in 2013, representing 20 percent of global US dollar sukuk issuance.
The Principle Investments team executed a major shift in strategy last year, redirecting its efforts to investments that provide short term profitability and long-term value creation within a manageable risk framework. The Real Estate franchise also delivered impressive results.
Asset Management team added significant value through some of the best performing Sharia’a investment funds and products in their investment class, with returns of up to 30 percent net of fees coming from a range of investments.