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									                                                                                                                                                                                                                                       ARAB TIMES, THURSDAY, AUGUST 2, 2012
    BUSINESS                                                                                                                                                                                                                                                                              38

                                                                                                                                                                                     NBK distributes more than 1,000 Iftar meals

                                                                                                                                                           As part of fulfilling its ongoing corporate social                  reach of its “Do Good Deeds in Ramadan”
   Left: Talal Al Turki, NBK                                                                                                                               responsibilities and on the occasion of the holy                    Campaign to cover other areas in Kuwait.
  Public Relations Officer,                                                                                                                                month of Ramadan, NBK Public Relations Team                            It is worth mentioning that NBK’s Al Watani
(right), NBK PR team dis-
      tributes the meals to                                                                                                                                has distributed more than a thousand meals and                      Iftar banquet campaign launched with the
       fasters at Shuwaikh                                                                                                                                 special convoys to fasters at Shuwaikh                              commencement of the Holy Month of
             Industrial Area.                                                                                                                              Industrial Area in Kuwait, within the framework                     Ramadan as part of an extensive social pro-
                                                                                                                                                           of the ongoing “Do Good Deeds in Ramadan”                           gram comprising a multitude of philanthropic
                                                                                                                                                           philanthropic campaign launched by the Bank.                        activities, is garnishing impressive attendance
                                                                                                                                                             NBK Public Relations Officer Talal Al Turki                       with hundreds of fasters attending NBK tent
                                                                                                                                                           said that the NBK is willing to extend the                          set up in Kuwait city.

                                                                                                                Moody’s outlook negative

EMEA consumer loan ABS performance stable in May
FRANKFURT AM MAIN, Aug 1: The                defaults rose sharply since closing. This     these were originated by Credit Agricole          the main countries in the European con-                As of May 2012, the total outstanding          grades to A3(sf) notes in 328 Spanish
performance of the EMEA consumer loan        transaction was fully repaid in July 2012.    Consumer Finance S.A. and one by BNP              sumer loan ABS index. Italy, Spain,                 pool balance in the EMEA consumer loan            ABS, RMBS and CLO transactions”.
asset-backed securities (ABS) market has        The 90-180 day delinquencies index         Paribas Personal Finance B.V. The asset           Portugal and Greece are in recession and            ABS market was EUR28.10 billion, a                   On 22 May 2012, one Italian transac-
been relatively stable in the three-month    (as a percentage of current balance)          securitised in these transactions com-            the rating agency expects GDP to con-               14.30% year-over-year decrease.                   tion, Consumer One, was placed on
period leading to May 2012 and year-         ended in May 2012 at 1.44%, rising            prise personal loans, equipment loans,            tract by 2.0%, 1.7%, 3.7% and 5.6%,                    However, Italian market volumes                review for possible downgrade following
over-year, according to the latest indices   slightly from 1.40 % in February 2012.        vehicle loans and debt consolidation              respectively, in 2012 (see “European                increased approximately 42% compared              the strong indirect linkage to the
published by Moody’s Investors Service.         Moody’s constant prepayment rate           loans extended to obligors located in             ABS and RMBS Outlooks: June 2012                    with a year earlier. Between May and              Unicredit Spa, the issuer account bank of
   Moody’s cumulative default index          (CPR) recorded an increase to 11.99% in       France.                                           Update”, June 2012; “Credit Opinion:                July 2012, three EMEA consumer loan               the transactions, downgraded to A3 the
increased slightly to 3.26% in May 2012      May 2012, from 10.58% in February               Portuguese transactions are now                 Government of Italy,”, July 2012 and                transactions closed in France, Italy and          14 May. On 16 July, Unicredit Spa was
from 3.17% in February 2012. However         2012.                                         included in the trend line “Other”, as only       “Credit Opinion: Government of Spain,”,             Finland, respectively, for an original vol-       further downgraded to Baa2. For more
this figure decreased on a year-on-year         The EMEA Consumer Loan Indices             one transactions is currently outstanding.        July 2012). Unemployment will continue              ume of around EUR1.5 billion.                     information please refer to the press
basis approximately 12%. All markets         now includes the French trend line,             Moody’s outlook for consumer loan               to rise in all of these markets, which will            On 2 July 2012, Moody’s downgraded             releases published on
contributed to this annual decrease except   which shows performance data from             ABS in EMEA is negative as detailed in            increase borrower defaults.                         13 tranches of Spanish Consumer loan                 Additional information in regards to
France where cumulative defaults             November 2010. In the past, French            the report titled “European ABS and                  As of July 2012, nine of the 41 out-             transactions to A3, the highest achievable        the number of outstanding deals, number
increased significantly to 3.62% in May      consumer loan performance was includ-         RMBS Outlooks: June 2012 Update”,                 standing transactions have a reserve fund           rating after the downgrade of Spain’s             of outstanding rated tranches, the average
2012 from 2.49% in May 2011. The             ed in the trend line “Other” because of       available on                      below their target level, six of which have         government bond ratings to Baa3 from              pool factor and the average of Moody’s
increase in the French market is mainly      insufficient outstanding transactions.          The performance of consumer loan                completely drawn their reserve fund.                A3 on 13 June 2012. For more informa-             performance expectations are now avail-
attributable to FCT Ginkgo Consumer          However, during the last two years, four      ABS in Europe will deteriorate.                   Seven transactions show an unpaid prin-             tion please refer to the press release pub-       able in the summary sheet of the Italian
Finance, Compartment 2009-1, in which        transactions have been closed. Three of       Economic conditions remain weak across            cipal deficiency ledger.                            lished on “Moody’s down-               leasing Index report.

                      Fee income up 20 pct

    Investcorp annual profit
                                                                                           KGL Logistics logs KD 5.9m
    slumps on euro ‘crisis’
    DUBAI, Aug 1, (RTRS):Bahrain-
    based      investment      company
                                                The company has closed four-
                                             teen private equity deals since the
                                                                                           H1 net profit; EPS 19.91 fils
    Investcorp said its full-year net        financial crisis in 2008, out of
    income fell by more than half            which five deals where closed                                                                   Gulf Insurance Q2 net profit KD 2.25 mln
    because of lower returns on its          through its Gulf Opportunity Fund
    investment portfolio.                    in the Middle East and North
       Despite a 20 percent recovery in      Africa.                                       KUWAIT CITY, Aug 1,
    fee income, the company’s net               Last month it bought a 30 per-             (Agencies):     Board      of                                                 DIB reports 6% decline in 2nd qtr net profit
    income for the 12 months to June         cent stake in Turkish menswear                Directors of KGL Logistics
    30 shrank to $67.4 million, the          retailer Orka Group. Turkey’s                 Company (KGL Logistics)
    company said in a statement on
    Wednesday. That compared with
    net income of $140.3 million for
    the prior-year period.
                                             organised luxury menswear market
                                             is estimated to be worth $7.4 bil-
                                             lion, Investcorp said, adding that
                                             the investment would help Orka
                                                                                           met on July 31, 2012 and
                                                                                           approved the interim finan-
                                                                                           cial statements for the first
                                                                                                                                             ADIB Q2 profit rises 2.3 pct
       “Net income was down due to a         accelerate its growth in Turkey and                                                             DUBAI, Aug 1, (RTRS): Abu Dhabi                     stood at 629.9 million dirhams, versus            largest sharia-compliant lender in the
    fall in asset based income primari-      expand to other global markets.               half period ending June 30,
                                                                                                                                             Islamic Bank posted a 2.3-percent rise in           619.8 million dirhams a year ago, the             emirate, reported a 6-percent decline in
    ly due to the European crisis,”             Investcorp invested $98 million            2012.                                             quarterly net profit on Wednesday and               statement said.                                   second-quarter net profit on Tuesday
    Investcorp said.                         in October 2008 in Redington Gulf.              KGL Logistics reported a profit                 warned earnings for the rest of 2012                   “The continuation of the uncertainty           though the results still beat analysts’
       “Fee income, however, was up          It also has stakes in gold and jewel-         of KD 3,115,868 for the three                     would be subdued by euro zone uncer-                prevailing in the euro zone and a mean-           forecasts.
    20 percent year on year due to           ry manufacturer L’azurde and a 20             months ending June 30, 2012 as                    tainty and regulations being introduced in          ingful global economic recovery, when                The bank had profit of 310 million
    strong acquisition and placement         percent stake in Gulf Cryo, a man-            compared to a profit of KD                        the United Arab Emirates.                           combined with the increasingly enhanced           dirhams ($84.4 million) in the three
    activity.”                               ufacturer of industrial, medical and          2,676,072 earned during the same                     The largest sharia-compliant lender by           regulatory regime in the UAE ... means            months to June 30, up from 330.56
       Total assets at the end of June       specialty gases.                              period ending 2011.                               market value in the UAE had second-                 we continue to anticipate limited quality         million dirhams in the prior-year peri-
    2012 slipped to $2.7 billion from           In July Investcorp’s online port-          Particulars (6 months       June 30,   June 30,   quarter net profit of 322.6 million                 credit opportunities and a resultant sub-         od. First quarter profit stood at 245
    $2.9 billion in the previous fiscal      folio unit Skrill bought Austrian                ending)                      2012       2011   dirhams ($87.8 million) in the three                dued growth in profits for the balance of         million dirhams, it said in a bourse
    year. Liabilities also decreased,        firm for up to 140            Profit (KD)                5,985,368 4,948,009    months to June 30. That is up from 315.2            2012,” Tirad Mahmoud, chief executive             statement.
    from $1.8 billion to $1.7 billion,       million euros ($172 million).                 Earnings per share (fils)      19.91      16.30   million dirhams in prior-year period, it            of ADIB, said.                                       Two analysts polled by Reuters fore-
    while Investcorp’s capital adequa-       Paysafecard provides prepaid elec-            Total current assets       9,760,811 10,720,379   said in a statement.                                   The bank allocated 186.6 million               cast net profit of 246 million dirhams and
    cy ratio increased to 26.9 percent.      tronic payment services; the acqui-           Total assets              65,890,519 69,329,842      The results beat estimates of two ana-           dirhams in provisions in the second quar-         267 million dirhams.
       Investcorp, which previously          sition was Investcorp’s fifth invest-         Total current liabilities 9,490,630 13,653,514                                                        ter, down from the 235.8 million dirhams
                                                                                                                                             lysts who forecast profit of 314 million            a year-ago.                                          DIB’s profit for the first half of the
    took luxury brands Gucci and             ment in Europe in the past six                Total liabilities         12,605,428 20,181,628   dirhams and 294 million dirhams in a                                                                  year increased marginally, hitting 555
    Tiffany & Co public, said it pro-        months.                                       Total shareholders’                               Reuters poll.                                                   ❑         ❑         ❑                 million dirhams against 552 million
    posed a dividend of $7.50 per ordi-         Investcorp in November last                   equity                 52,804,416 48,863,377
                                                                                                                                                Net profit for the first half of the year          Dubai Islamic Bank (DIB), the                   dirhams in the first six months of 2011.
                                                                                              The total revenue from transactions
    nary share plus a 12 percent divi-       year acquired three real estate               with related parties is worth KD 46,414
    dend on preference shares.               assets in the United States for               and total expenses from transactions              Earnings per share (fils)       24.51       21.94   June 30, 2012, according to the follow-              Kuwait Insurance Company said
       In June, Investcorp signed up to      $100 million, taking its total pur-           amounts to KD 1,067,510.                          Total current assets      153,229,042 135,981,560   ing:                                              Tuesday its net profits in the first half of
    a $504 million-equivalent loan           chases in the country in 2011 to                          ❑         ❑         ❑                 Total assets              284,795,864 257,477,313      For the three months ending June 30,           2012 topped KD 2.8 million with per
    designed to refinance debt due in        eight with a combined value of                                                                  Total current liabilities 70,408,114 62,316,343     2012, NCC reported a profit of KD                 share profits of 15.3 fils.
    2013.                                    $300 million.                                    Gulf Insurance Company (Gulf                   Total liabilities         199,126,837 177,586,712   886,733, as compared to a profit of KD               The figures show a remarkable
                                                                                           Insurance) reported that the Board of             Total shareholders’                                 401,453 for the same period ending 2011.
                                                                                           Directors met on July 31, 2012 and                                                                                                                      increase when compared with net profits
                                                                                                                                                equity                  70,364,446 65,992,572    Particulars (6 months       June 30,   June 30,   of KD 2.5 million and per share profits of
                                                                                           approved the interim financial state-                The total revenue from transactions                 ending)                      2012       2011   13.1 fils in the corresponding period of
                    Total revenue rises 3%                                                 ments for the H1 period ending June 30,
                                                                                                                                             amounts to KD 2,881,547 and total                   Profit (KD)                1,600,119    747,599   last year, according to a statement by the
                                                                                                                                             expenses from transactions with related             Earnings per share (fils)        7.51      6.87   KSE-listed company.
                                                                                              For the three months ending June 30,           parties the amounts to KD 348,941.
                                                                                           2012, Gulf Insurance earned a profit of                                                               Total current assets      34,507,620 22,625,183      The total value of shareholder divi-

UAE cooling firm Tabreed’s                                                                 KD 2,257,598, as compared to a profit of
                                                                                           KD 2,058,950 for the same period ending
                                                                                                                                                          ❑         ❑         ❑
                                                                                                                                                Kuwait Stock Exchange announced
                                                                                                                                             that the Board of Directors of National
                                                                                                                                                                                                 Total assets              62,535,387 49,053,066
                                                                                                                                                                                                 Total current liabilities 23,183,987 15,062,996
                                                                                                                                                                                                 Total liabilities         28,047,273 26,327,624
                                                                                                                                                                                                                                                   dends amounted to KD 46.5 million in
                                                                                                                                                                                                                                                   H1-2012 compared with 48.7 million in
                                                                                                                                                                                                                                                   the corresponding period of 2011, it was

2nd qtr net profit up 32 pct                                                               Particulars (6 months  June 30,  June 30,         Cleaning Company (NCC) met on Aug                   Total shareholders’                               reported.
                                                                                              ending)                2012       2011         01, 2012, and adopted the interim finan-            equity                    33,701,493 21,978,600      The value of assets amounted to KD
                                                                                           Profit (KD)           4,504,847 4,104,088         cial statements for the periods ending                          ❑         ❑         ❑                 116.2 million, the statement added.
ABU DHABI, Aug 1, (RTRS): UAE                code-share arrangement, where airlines
utility firm Tabreed on Wednesday
reported a 32 per cent rise in second
                                             share some flights.
                                                “The deal is likely within six
                                                                                                                                                ‘A’ long-term issuer credit rating affirmed
quarter net profit, driven by its core       months,” he said. “We are not discussing
chilled water business and lower finance     revenue sharing.”
   The Dubai-listed firm said quarterly
profit rose to 57.9 million dirhams
($15.7 million) from 43.8 million
                                                Last week, Qantas confirmed it was
                                             talks with Emirates on a potential
                                                         ❑        ❑        ❑
                                                                                           S&P revises OPWP outlook to stable
dirhams a year ago.                                                                        DUBAI, Aug 1, (RTRS): Standard &
   Total revenue for the second quarter         National Societe Generale Bank             Poor’s Ratings Services revised its out-
was 296.6 million dirhams, up 3 percent
compared to 286.6 million dirhams in
                                             (NSGB), Egypt’s second-biggest private
                                             bank by market capitalisation, reported
                                                                                           look on Oman Power and Water
                                                                                           Procurement Co. SAOC (OPWP) to
                                                                                                                                             Fluor wins Saudi aluminum, US highway contracts
the prior-year period.                       on Wednesday a 17 percent gain in sec-        stable from negative. At the same time,           RIYADH, Aug 1, (RTRS): Engineering                  partner Transuburban Drive USA                    contract from Ma’aden and Alcoa Inc
   Tabreed posted a net profit of 94.7       ond quarter net income for 2012 to 435.6      we affirmed our ‘A’ long-term issuer
                                             million Egyptian pounds ($71.71 mil-                                                            and construction company Fluor Corp                 Investments LLC closed a $925 million             to provide engineering, procurement
million dirhams for the first half of the                                                  credit rating on OPWP.                            has won contracts worth more than $1                contract with the state of Virginia to            and construction management services
year, up 25 percent.                         lion)
   It said net finance costs decreased by       Net income for the same period of                          Rationale                         billion for a highway project in the                build new lanes on Interstate 95.                 for an automotive sheet facility in Ras
33 per cent to 87.2 million dirhams in       2011 was 369.2 million pounds, the               The ratings on OPWP are based on an            United States and an aluminum plant in                Fluor will book $691 million from               Al-Khair, Saudi Arabia.
the six-month period due to the comple-      statement from the bank said.                 equalization with the long-term sover-            Saudi Arabia, the company said on                   that contract in the third quarter, it              Fluor added $337 million to its back-
tion of the recapitalisation program in                  ❑        ❑        ❑               eign credit rating on the Sultanate of            Wednesday.                                          said.                                             log of contracted work in the second
2011. Revenue from chilled water,                                                          Oman (A/Stable/A-1). The equalization                Fluor’s Fluor Enterprises Inc and its              The company also was awarded a                  quarter.
                                                 State oil giant Saudi Aramco unex-        reflects our opinion that there is an
Tabreed’s core business, rose 5 percent.
                                             pectedly shut a secondary unit at its
   Formally known as National Cooling
                                             305,000 barrels-per-day joint venture         “almost certain” likelihood that the gov-         policy role and 100% state ownership                in counterparty risks as Oman’s distri-           capital swings. This could lead us to
Company, Tabreed is among several                                                          ernment of Oman would provide timely              through the Ministry of Finance and                 bution companies are privatized.                  reconsider our view of OPWP’s agency
Gulf firms which has had to restructure      refinery in Jubail, which caused the
                                             refiner to offer a rare high sulphur gasoil   and sufficient extraordinary support to           government-owned Electricity Holding                                                                  role and, in particular, the likelihood of
its debt after the property market boom                                                    OPWP in the event of financial distress.                                                                                Outlook
                                             cargo, industry sources said on                                                                 Co. SAOC (EHC). The government                                                                        government support.
ended abruptly in 2009.                                                                       In accordance with our criteria for                                                                   The stable outlook on OPWP reflects              Related Criteria And Research
   In March 2011, the industrial cooling     Wednesday.                                                                                      created OPWP specifically to act as a
                                                The Saudi Aramco Shell Refinery            government-related entities, our rating                                                               that on Oman. If the ratings on Oman              ■ Outlook On Sultanate Of Oman
firm secured an extra 3.1 billion dirhams                                                                                                    government agency according to                      were to change, the ratings on OPWP
                                             Company (SASREF) in Jubail shut its           approach is based on our view of                                                                                                                        Revised To Stable; Ratings Affirmed
funding from state-owned fund                                                              OPWP’s:                                           Article 14 of the Law for the                       would change. We currently do not
                                             hydrotreater unit about two or three days                                                       Regulation and Privatization of the                                                                   On Strength Of The Fiscal And
Mubadala Development Co, helping it to
                                             ago due to a “glitch” two sources famil-      ■ “Critical” role as the monopoly buyer                                                               expect our view of OPWP’s “critical”              External Positions, July 2, 2012
tackle its debt pile.                                                                      and supplier of bulk electricity and desali-      Electricity and Related Water Sector                role and “integral” link with the Omani
   The firm currently has 59 plants in the   iar with the matter said. But details of                                                        (Sector Law), under which OPWP                                                                        ■ Sovereign Government Rating
                                             the hydrotreater’s capacity or the reason     nated water in Oman. OPWP was set up                                                                  government to change, meaning that                Methodology And Assumptions, June
UAE and six plants across the Gulf                                                         by the government in 2005 as an interme-          must remain wholly government-                      the ratings on OPWP will remain
region.                                      for the shutdown were not clear.                                                                owned. OPWP’s obligations are not                                                                     30, 2011
                                                Hydrotreaters are used to remove           diary between electricity producers and                                                               equalized with those on Oman. We also             ■      Rating       Government-Related
            ❑         ❑      ❑               sulphur from high sulphur gasoil to           distributors. Its legal role is to secure the     explicitly guaranteed, but under Article            anticipate that the tariff regime will
                                                                                                                                             67 of the Sector Law, the Ministry of                                                                 Entities:       Methodology           And
   Emirates airline’s planned alliance       make it a more environmentally friend-        production capacity and output to meet                                                                remain supportive and that OPWP will              Assumptions, Dec. 9, 2010.
with Australia’s struggling Qantas           ly fuel.                                      “all reasonable demands” for electricity,         Finance must provide adequate financ-               not engage in any nonregulated activi-
Airways does not include a revenue-             Saudi Aramco offered about 60,000          and to secure the production of desalinat-        ing to enable OPWP to undertake its                 ties without approval from Oman’s                               Ratings List
sharing agreement, the chairman of the       tonnes of 0.5 percent sulphur gasoil          ed water. This includes the critical func-        assigned activities.                                Authority for Electricity Regulation.               Read as: Ratings Affirmed;
Dubai-based carrier said on Wednesday.       from the Jubail refinery for loading over     tion of forecasting the demand and supply            These strengths are somewhat offset                 The ratings on OPWP could come                 CreditWatch/Outlook Action; To; and
   “The objective is to eventually see       August 18-20 through private negotia-         of electricity and related water in Oman          by OPWP’s inherently low profitabili-               under pressure should the company                 From
Qantas fly through Dubai,” Sheikh            tions, traders said.                          over a seven-year period.                         ty, which mainly results from its                   deviate from its current practices and              Oman Power and Water Procurement
Ahmed bin Saeed al-Maktoum told                 Bids for the cargo have to be submit-      ■ “Integral” link with the Omani gov-             agency role, seasonal working capital               start to engage in long-term borrowing            Co. SAOC; Issuer Credit Rating;
reporters, saying talks centered on a        ted by Wednesday, they added.                 ernment, given the company’s public               requirements, and a potential increase              other than that which covers working              A/Stable/—; A/Negative/—

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