Results round-up - July 23

Saudi Arabia's National Commercial Bank (NCB) recorded net income totalling $942.3 million for the first half this year, up almost 6% on profits of $890.3 million for the same period in 2006.

Total assets grew by 18.7% year-on-year to reach $49.1 billion on June 30, while net loans and advances increased 9.2% to $22.1 billion and customer deposits grew 12.6% to $35.1 billion.

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Industries Qatar, the country’s largest company by market value, posted net income in the three months to June 30 of $318.8 million, up 33.7% year-on-year.

The company, which groups chemical, metals and fuel additive businesses, made $563.5 million in the first half of 2007.

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Bahrain’s United Gulf Bank (UGB) posted net profit of $168.3 million for the first half of 2007, almost four times the $45.4 million it earned during the same period last year.

The figure is also 1.7 times higher than United Gulf’s 2006 full year net profit of $101.5 million.

The bank’s total consolidated revenues for the first six months of this year were $285.6 million, compared to $106.6 million for the same period last year, while Total consolidated assets as of June 30 were $2.5 billion.

United Gulf said results were boosted by healthy gains from organic growth in the wealth management and financial services sector and from trading activities and private equity funds.

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The National Bank of Ras Al Khaimah (Rakbank) reported net profits of $49.59 million for the first half of the year, up 52% on the same period in 2006.

The total loans and advances increased 9% to $2.1 billion in the first six months of this year, while the mortgage loan portfolio saw an increase of 26% over the same period.

Total assets of the bank increased 7% year-on-year to $2.59 billion by the end of June.

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UAE-based Commercial Bank International (CBI) has announced a 322 % increase in second quarter profits to $37.1 million compared to the same period in 2006.

The bank saw total assets increase to $2.75 billion at the end of June from $1.66 billion a year ago, representing growth of 66.1%.

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Oman's leading cement producer Raysut Cement posted net profits of $32.65 million for the first half of 2007, up 24.8% year-on-year.

The company's revenue rose by 14.4% over the same period to $72.21 million, compared to $63.12 million for the first six months of 2006.

Raysut put its performance down to growth in sales volume and an increase in the selling price of cement.

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