Singapore-based oil exploration and production company Rafiul Resources plans an initial public offering, or IPO, in the fourth quarter and may list in Dubai as well as other Asian exchanges, the company's chairman David Curry said yesterday. Rafiul Resources, which is currently 75 per cent owned by London-based investment firm Raphael Group, will IPO in only one of these exchanges. At present the company has assets valued at $100 million but plans to raise its value to $200 million by year-end.

United Insurance

United Insurance Company announced its financial statements for 2009 yesterday. Revenue was Dh129.23 million after Dh112.32 million in 2008. Net profit for the period stood at Dh15.03 million after Dh13.21 million in 2008.

Abu Dhabi National Insurance

The board of directors meeting of Adnic will be held on March 1.

Tabreed

Tabreed has postponed its board of directors meeting from February 14 to an undefined later date, the company said yesterday.

United Foods Company

United Foods Company has released its financial statement for 2009 yesterday. Sales revenue was Dh394.26 million after Dh618.85 million in 2008. Net profit for the year stood at Dh55.32 after a loss of Dh44.4 million in 2008.

Mashreq

Mashreq said yesterday that its annual general meeting and an extraordinary general meeting will be held on March 7.

Methaq Takaful Insurance

Methaq Takaful Insurance Company has set its board of directors meeting for February 17.

Arab Bank

Jordan's Arab Bank Group said its 2009 net profit fell 31 per cent in 2009 to $575.5 million due to an increase in non-performing loans. The bank's profit before tax was $783 million, compared with $1.06 billion in the previous year.

Kuwait Projects Co

Standard & Poor's said yesterday it had placed Kuwait Projects Co, the country's biggest investment firm by assets, on credit watch with negative implications due to weak liquidity and high concentration of investments in unlisted assets. The rating agency will review Kipco's credit profile in the coming weeks to see if it keeps its BBB+ rating, with a focus on evaluating portfolio risk and the company's role as a government-related entity.

Commercial Bank of Qatar

Morgan Stanley has raised the Commercial Bank of Qatar's target price to 96.60 riyals from 86.40 riyals. "We believe renewed interest in recently neglected market segments, such as retail and public, will substantially enhance near-term growth prospects, and that asset quality should stabilise this year," it notes.

Gulf Finance House

Investment firm Gulf Finance House was up 2.7 per cent at Dh1.14 on the Dubai market and traded up 2.2 per cent on the Kuwaiti bourse yesterday. The Bahrain-based company is cross listed on DFM and KSE. GFH said it paid off a $200 million loan on time and refinanced the remaining $100 million with a new Islamic finance facility. GFH hopes to raise $400 million from the sale of assets as it cleans up its balance sheet, the bank's acting chief executive Ted Pretty said.

Blom Bank, Byblos Bank

HC Research initiates coverage on Lebanese Blom Bank with a buy recommendation, target price of $115 and a 28 per cent upside, and on Byblos Bank with a target price of $2.7 and a 25 per cent upside. Issues a hold recommendation on Bank Audi with a target price of $84.7.

Mobinil

The Egyptian Company for Mobile Services, or Mobinil, Egypt's largest mobile operator by subscribers, said net profit for 2009 rose 3 per cent as its subscriber base grew. Mobinil said its net profit for 2009 reached 2.038 billion Egyptian pounds ($371.5 million) and its net profit for the fourth quarter was 581 million Egyptian pounds, an increase of 5 per cent on year.