QInvest, Qatar's leading private investment group and one of the region’s prominent Islamic financial institutions, reported a net profit of QR15m for the first quarter of this financial year (Q1,2017).
QInvest maintained revenue and operating profitability at a consistent level and is pleased to publish results in line with its expectations. The Bank’s revenues continue to be well diversified across numerous markets and sectors creating a balanced risk profile.
The Bank generated revenues of QR98m ($27m) across all three of its business lines. Operating profit was maintained at QR51m ($14 m). The Bank’s assets stood at QR4.58bn ($1.25bn) at the end of the first quarter ended March 31, 2017.
In light of the challenging market conditions, the Bank has continued to deploy its capital cautiously and retain a prudent provisioning policy to protect its gains and prepare for any market uncertainties ahead. The Bank has a strong capital adequacy ratio and significant liquidity ready for investment.
Tamim Hamad Al Kawari (pictured), Chief Executive Officer of QInvest, said: “The first quarter of 2017 has shown the significant opportunities available in our markets. We are seeing very strong deal flow across all our divisions and continue to connect Middle Eastern investors to transactions across the world. We are currently in the market with the Magnolia Fund, which is seeing significant demand from our clients, and we launched the QInvest SQN Income Fund, which is now fully subscribed.” Looking at QInvest’s three key business lines in more detail, the Group completed a number of transactions and advisory mandates during the first quarter and the pipeline for the rest of the year looks buoyant.
The Firm launched the QInvest SQN Income Fund in collaboration with SQN Capital Management, a global investor and fund manager. The Fund, a Sharia’a compliant closed-ended fund, provides a unique opportunity for investors to access income generating equipment leasing assets in developed markets. It is already oversubscribed, having gained significant traction with investors.
QInvest also announced its joint bid with Atlas Merchant Capital LLC to take Panmure Gordon private and reposition the company as a key boutique investment bank in the UK market. The transaction was recommended by the Independent Directors of Panmure Gordon’s Board and recently received 99.94 percent approval in the relevant shareholder General Meeting.
