qatar listed stocks handbook iii

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


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

[email protected]

Rajat Gupta, CFA

Associate

Direct Tel: +974 4420 2627

[email protected]

mailto:%[email protected]

mailto:[email protected]


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.


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)


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


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


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


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


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


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.


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.


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.


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)


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


Top 5 stocks with lowest P/E**

Company Name Symbol P/E (x)



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 (%)


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


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


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.


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%


Total Assets 61,485 57,317 62,520 71,540 14.4% 5.2%


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%


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%


48.4 55.5 55.1 57.5 4.4% 5.9%



COMMERCIAL BANK OF QATAR Reuters / Bloomberg code COMB.QA / CBQK QD

Market Data

CMP (QAR) 76.7










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


PEG(x) 1.2

Price Performance


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).


2008 2009 2010 2011 YoY (%) CAGR (%)

(2008-11)

Interest Income 1,328 1,150 1,705 1,889 10.8% 12.5%


Total Assets 16,769 24,124 34,683 55,271 59.4% 48.8%


Total Debt - - - - - -

Cash & Cash Equivalents 501 716 1,482 2,253 52.1% 65.0%


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%


7.6 7.9 9.5 11.3 18.9% 14.1%



MASRAF AL RAYAN Reuters / Bloomberg code MARK.QA / MARK QD

Market Data

CMP (QAR) 27.8










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


PEG(x) 7.6

Price Performance


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.


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.


2008 2009 2010 2011 YoY (%) CAGR (%)

(2008-11)

Interest Income 2,399 2,092 1,965 2,407 22.5% 0.1%


Total Assets 33,543 39,273 51,877 58,286 12.4% 20.2%


Total Debt 8,697 8,691 11,125 16,059 44.3% 22.7%



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%


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%


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


Limit Allowed (%) 20.6% Current Exposure 4.4%


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


PEG(x) 2.0

Price Performance


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.


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.


2008 2009 2010 2011 YoY (%) CAGR (%)

(2008-11)

Interest Income 1,986 2,253 2,299 2,074 -9.8% 1.5%


Total Assets 38,970 45,996 47,230 52,420 11.0% 10.4%


Total Debt 9,393 11,314 9,451 12,405 31.3% 9.7%



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%


28.6 32.3 31.8 34.2 7.5% 6.1%



DOHA BANK Reuters / Bloomberg code DOBK.QA / DHBK QD

Market Data

CMP (QAR) 60.8










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


PEG(x) 1.6

Price Performance


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.


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.


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%


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%



QATAR INTERNATIONAL ISLAMIC BANK Reuters / Bloomberg code QIIB.QA / QIIK QD

Market Data

CMP (QAR) 51.0










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


PEG(x) 2.4

Price Performance


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.


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.


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%


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%


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%


12.6 13.4 14.6 15.0 2.7% 6.0%

Dividend Per Share (QAR) - - 1.0 1.0 0.0% NA


AL KHALIJ COMMERCIAL BANK Reuters / Bloomberg code KCBK.QA / KCBK QD

Market Data

CMP (QAR) 16.4










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


PEG(x) NA

Price Performance


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.


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.


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%


Total Debt 223 1231 1115 676 -39.4% 44.8%


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


Market cap (QAR Mn) 1, 547

Market cap (USD Mn) 425







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


PEG(x) NA

Price Performance


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.


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%


12 10.8 11.8 11.6 -1.7% -1.1%

Dividend Per Share (QAR)* 2 - 0.9 1.0 11.1% -20.6%


DLALA BROKERAGE AND INVESTMENT HOLDING COMPANY Reuters / Bloomberg code DBIS.QA / DBIS QD

Market Data

CMP (QAR) 35.1


Market cap (QAR Mn) 701






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.


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


PEG(x) NA

Price Performance


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.


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.


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%



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%


9 10.1 10.5 10.2 -2.9% 4.3%

Dividend Per Share (QAR)* - 0.5 0.5 0.5 0.0% NA


QATAR OMAN INVESTMENT COMPANY Reuters / Bloomberg code QOIS.QA / QOIS QD

Market Data

CMP (QAR) 9.1







Current Exposure 29.1% *Due to change in nationality of investors, ownership might appear to be higher than limit



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


PEG(x) NA

Price Performance


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.


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).


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%


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%


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%


ISLAMIC HOLDING GROUP Reuters / Bloomberg code IHGS.QA / IHGS QD

Market Data

CMP (QAR) 24.0









*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.


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


PEG(x) NA

Price Performance


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.


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%


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%


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%


28.1 31.9 32.2 35.8 11.2% 8.4%

Dividend Per Share (QAR)* 5 5 5 - NA NA


AHLI BANK Reuters / Bloomberg code AABQ.QA / ABQK QD

Market Data

CMP (QAR) 60.0







Current Exposure 33.3%* *Due to change in nationality of investors, ownership might appear to be higher than limit



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


PEG(x) NA

Price Performance


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.


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.


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%


Total Debt - - - - NA NA


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%


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


QATAR FUEL – WOQOD Reuters / Bloomberg code QFLS.QA / QFLS QD

Market Data

CMP (QAR) 243.7










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


PEG(x) NA

Price Performance


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.


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.


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%


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%


SALAM INTERNATIONAL Reuters / Bloomberg code SALM.QA / SIIS QD

Market Data

CMP (QAR) 12.8






Limit Allowed (%) No Limit



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.


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


PEG(x) NA

Price Performance


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.


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).


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%


Total Debt - - - 247 NM NM


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%


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


AL MEERA CONSUMER GOODS COMPANY Reuters / Bloomberg code MERS.QA / MERS QD

Market Data

CMP (QAR) 168.0










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


PEG(x) NA

Price Performance


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.


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.


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%


Total Debt 10 50 39 158 301.0% 150.9%


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%


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%


QATAR COMPANY FOR MEAT & LIVESTOCK TRADING (MAWASHI) Reuters / Bloomberg code QMLS.QA / QMLS QD

Market Data

CMP (QAR) 44.2










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


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.


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.


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%


Total Debt 3 14 5 0 -100.0% -100.0%


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%


27.5 24.5 26.2 26.7 1.9% -1.0%

Dividend Per Share (QAR)* - - 1.0 1.1 10.0% NA


MEDICARE GROUP Reuters / Bloomberg code MCGS.QA / MCGS QD

Market Data

CMP (QAR) 27.0










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


PEG(x) NA

Price Performance


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).


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%


Total Debt 31 - - 289 NM 110.5%


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%


37.6 43.8 55.2 96.4 74.6% 36.9%

Dividend Per Share (QAR)* 0.6 1.1 2.3 - NA NA


ZAD HOLDING COMPANY Reuters / Bloomberg code ZHCD.QA / ZHCD QD

Market Data

CMP (QAR) 51.0









100% Publicly owned

Source: Zawya


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


PEG(x) NA

Price Performance


* 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.


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


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%


16.2 18.2 24.0 23.4 -2.5% 13.0%



QATAR CINEMA AND FILM DISTRIBUTION COMPANY Reuters / Bloomberg code QCFD.QA / QCFS QD

Market Data [ Current]

CMP (QAR) 66.6








Shareholding Pattern[ Post

acquisition by Qatar Media]


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


PEG(x) NA

Price Performance


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.


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.


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%


Total Debt 22 27 18 19 NM -4.3%


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%


18.3 17.7 17.4 17.4 0.0% -1.7%

Dividend Per Share (QAR)* 0.5 - - - NA NA


QATARI GERMAN COMPANY FOR MEDICAL DEVICES Reuters / Bloomberg code QGMS.QA / QGMD QD

Market Data

CMP (QAR) 8.6










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


PEG(x) NA

Price Performance


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.


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%


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%


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%


INDUSTRIES QATAR Reuters / Bloomberg code IQCD.QA / IQCD QD

Market Data

CMP (QAR) 140.5










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


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.


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.


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%


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%


QATAR ELECTRICITY AND WATER COMPANY Reuters / Bloomberg code QEWC.QA / QEWS QD

Market Data

CMP (QAR) 144.0

Shares outstanding (Mn) 100









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


PEG(x) 0.8

Price Performance


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.


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%


Total Debt 846 954 803 828 3.1% -0.7%


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%


9.3 9.8 10.8 12.1 12.0% 9.2%

Dividend Per Share (QAR)* - - - - NA NA


AAMAL COMPANY Reuters / Bloomberg code AHCS.QA / AHCS QD

Market Data

CMP (QAR) 18.4










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


PEG(x) NA

Price Performance


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.


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.


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%


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%


22 25.4 30.4 40 31.6% 22.1%



MANNAI CORPORATION Reuters / Bloomberg code MCCS.QA / MCCS QD

Market Data

CMP (QAR) 92.3










H.E. Sh. Hamad Bin Abdulla Bin

Khalifa Al-Thani – Chairman

H.E. Sh. Suhaim Bin Abdullah Bin Khalifa


Management

Mr. Alekh Grewal – CEO

Key Ratios

P/E (x) 11.3

P/BV (x) 2.3


PEG(x) NA

Price Performance


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.


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%


Total Debt 874 490 324 164 -49.4% -42.8%


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%


33.5 39.2 44 47.1 7.0% 12.0%



QATAR NATIONAL CEMENT COMPANY Reuters / Bloomberg code QANC.QA / QNCD QD

Market Data

CMP (QAR) 106.2










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


PEG(x) 1.1

Price Performance


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%).


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.


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%


Total Debt 1020 862 858 949 10.6% -2.4%


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%


12.2 15.2 16.6 15.8 -4.8% 9.0%



GULF INTERNATIONAL SERVICES Reuters / Bloomberg code GISS.QA / GISS QD

Market Data

CMP (QAR) 26.7










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


PEG(x) NA

Price Performance


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.


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%


Total Debt 37 53 51 43 -15.4% 4.7%


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%


23.7 20.2 28.9 31.6 9.3% 10.1%



QATAR INDUSTRIAL MANUFACTURING COMPANY Reuters / Bloomberg code QIMC.QA / QIMC QD

Market Data

CMP (QAR) 54.0










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


PEG(x) NA

Price Performance


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.


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%


Total Debt 571 680 1411 956 -32.2% 18.7%


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%


10.9 14.9 15.5 15.6 0.6% 12.7%

Dividend Per Share (QAR)* - - 0.5 0.5 0.0% NA


QATARI INVESTORS GROUP Reuters / Bloomberg code KHCD .QA / KHCD QD

Market Data

CMP (QAR) 16.4










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


PEG(x) NA

Price Performance


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.


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%


Total Debt 957 923 229 182 -20.6% -42.5%


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%


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%


QATAR INSURANCE COMPANY Reuters / Bloomberg code QINS.QA / QATI QD

Market Data

CMP (QAR) 72.5










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


PEG(x) 1.2

Price Performance


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.


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%


Total Debt 158 263 357 631 76.7% 58.5%


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%


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%


QATAR GENERAL INSURANCE AND REINSURANCE COMPANY Reuters / Bloomberg code QGIR.QA / QGRI QD

Market Data

CMP (QAR) 46.5





Foreign Ownership* (%)


Current Exposure 23.2% *Due to change in nationality of investors, ownership might appear to be higher than limit



H.E. Sh.Nasser Bin Ali Bin Saud Al-

Thani – Chairman & Managing Director

H.E. Sh. Mohammed Bin Ali Bin Saood


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


PEG(x) 4.4

Price Performance


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%



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%


18.9 17.4 17.6 17.9 1.7% -1.8%



QATAR ISLAMIC INSURANCE COMPANY Reuters / Bloomberg code QIIC.QA / QISI QD

Market Data

CMP (QAR) 56.2










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


PEG(x) NA

Price Performance


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.


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%


Total Debt - - - 46 NA NA


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%


33.4 35 40.5 40.9 1.0% 7.0%



AL KHALEEJ TAKAFUL Reuters / Bloomberg code KINS.QA / AKHI QD

Market Data

CMP (QAR) 42.3










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


PEG(x) NA

Price Performance


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).


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%




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%


20.1 20.7 23.8 19.1 -19.7% -1.7%

Dividend Per Share (QAR)* 2.5 2.5 2.5 - NA NA


DOHA INSURANCE Reuters / Bloomberg code DICO.QA / DOHI QD

Market Data

CMP (QAR) 24.4









100% Publicly owned. Nasser Bin Abdullah Company and Almana Group's shareholding is part of the public stake. *Source: Zawya


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


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.


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.


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%


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%


16.9 19.7 28.9 31 7.3% 22.4%

Dividend Per Share (QAR)* - 2.0 - 1.0 NA NA


BARWA REAL ESTATE COMPANY Reuters / Bloomberg code BRES.QA / BRES QD

Market Data

CMP (QAR) 28.2










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


PEG(x) NA

Price Performance


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.


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.


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%


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%


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










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


PEG(x) NA

Price Performance


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.


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


NA NA NA NA NA NA

Dividend Per Share (QAR)* NA NA NA NA NA NA


MAZAYA QATAR REAL ESTATE DEVELOPMENT Reuters / Bloomberg code MRDS.QA / MRDS QD

Market Data

CMP (QAR) 9.8




52-week range H/L (QAR)






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


PEG(x) NA

Price Performance




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.


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.


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%


Total Debt 366 2043 3531 4842 37.1% 136.5%


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%


6.6 4.8 10.3 10.5 1.9% 16.7%

Dividend Per Share (QAR)* - - - 0.2 NA NA


EZDAN REAL ESTATE COMPANY Reuters / Bloomberg code ERES.QA / ERES QD

Market Data

CMP (QAR) 20.0

Shares outstanding (Mn) 2,652.5









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


PEG(x) NA

Price Performance


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.


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.


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%


Total Debt 29,881 38,486 49,153 45,783 -6.9% 15.3%


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%


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%


QATAR TELECOM Reuters / Bloomberg code QTEL.QA / QTEL QD

Market Data

CMP (QAR) 134.8






Limit Allowed (%) No limit




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


PEG(x) 0.9

Price Performance


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.


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.


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


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






Limit Allowed (%) No Limit




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


PEG(x) NA

Price Performance




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.


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.


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


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%


0 7.1 6.2 2.6 -58.1% NA

Dividend Per Share (QAR)* - 0.5 0.8 0.9 NA NA


QATAR GAS TRANSPORT COMPANY (NAKILAT) Reuters / Bloomberg code QGTS.QA / QGTS QD

Market Data

CMP (QAR) 17.6










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


PEG(x) 7.2

Price Performance


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’.


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%


Total Debt 857 1,009 1,970 1,961 -0.5% 31.8%


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%


77.6 82.1 94.2 92.3 -2.0% 6.0%



QATAR NAVIGATION (MILAHA) Reuters / Bloomberg code QNNC.QA / QNNS QD

Market Data

CMP (QAR) 74.0









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


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


PEG(x) 1.3

Price Performance


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.


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.


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%


Total Debt 79 91 219 422 92.3% 74.5%


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%


11.6 12 14 17.2 22.9% 14.0%

Dividend Per Share (QAR)* - - 1 1.5 50.0% NA


GULF WAREHOUSING COMPANY Reuters / Bloomberg code GWCS.QA / GWCS QD

Market Data

CMP (QAR) 37.1










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


PEG(x) NA

Price Performance


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


57

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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

[email protected]

Rajat Gupta, CFA

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Direct Tel: +974 44490521

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Qatar listed Stocks Handbook

http://elaysnetwork1.wordpress.com/2010/12/02/qatar-to-host-2022-world-cup/

mailto:%[email protected]

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