Posted on September 30, 2014
- Revenues +7% YoY but earnings -9% for Materials and Telcos
- Aggregate earnings (18 companies) dropped 9% YoY (-8% QoQ) to QAR7.53bn. Meanwhile, aggregate earnings (for 12 companies with consensus estimates) dropped 10% YoY (-5% vs. consensus) with 25% beating estimates, 25% missing, and 50% in line.
- YoY earnings decline was heavily driven by Materials as Industries Qatar (IQCD.QE) had planned maintenance and shut-downs in key facilities of its petrochemicals and fertilizer segments, coupled with weak fertilizer prices on weak demand and strong supply from the Middle East and China.
- Telecom Services & IT also contributed to the aggregate earnings drop, fueled by Ooredoo (ORDS.QE) which reported lower earnings on lower business contributions from Indonesia, Kuwait, and Iraq.
- Financials reported 3% YoY higher earnings, just 1% ahead of consensus. Meanwhile, Consumer & Health Care reported 88% YoY higher earnings on 26% higher revenues.
- Qatar companies’ Beat/Miss ratios for revenues and earnings were both lower QoQ, yet at 1.00 apiece.
click here to to view the full report