GB Auto's full-year profit falls 26%

GB Auto, the biggest car assembler in Egypt, said full-year profit declined 26 per cent as fin-ance costs increased.

Net income fell to 191 million Egyptian pounds (Dh117.44 million) from 258 million pounds a year earlier, the Cairo-based company said in an emailed statement.

Net finance costs increased to 217 million pounds from 167 million pounds, while the net profit margin dropped to 2.6 per cent from 3.8 per cent.

The average estimate of seven analysts was for a profit of 208 million pounds, according to data compiled by Bloomberg.

GB Auto, which has a 32.6 per cent market share of passenger cars in Egypt, has been assembling variations of the Hyundai Accent in Egypt since 1995.

The company said on February 21 it signed an agreement with Geely Automobile Holding Ltd to assemble the Chinese passenger cars in Egypt and distribute them in North Africa.

Takaful Emarat

Takaful Emarat - Insurance P.S.C., a Sharia-compliant life and health insurance company, has launched a 20 million Saudi riyal equity fund, Chief Executive Officer Gassan Marrouche said.

"It's a global equity investment fund that protects 90 per cent of the capital," he said in an interview in Dubai yesterday.

"The expected annual rate of return is between 3 and 5 per cent." The fund is managed by Riyad Capital, Marrouche said.

Takaful Emarat's services include savings through investment products, personal accident benefits and mortgage insurance products.

Nawras

Omani Qatari Telecommunications Co, a unit of Qatar Telecom, said it has refinanced a $149 million loan facility.

The new five-year facility comprises a term loan of $87 million and revolving credit facility of 24 million riyals, the company also known as Nawras said in a statement to the Muscat bourse yesterday.

BankMuscat, DBS Bank Ltd, Qatar National Bank and The Bank of Tokyo-Mitsubishi UFJ Ltd. arranged the refinancing.

"The company used this opportunity to refinance the whole of its existing facility from a project financing to a corporate financing structure," it said.

"The deal will allow the company to refinance its existing indebtedness on more flexible terms and facilitates future investments."

IPIC

International Petroleum Investment Co (IPIC), an investment company owned by Abu Dhabi, raised a two-year dual currency facility to repay existing debt.

The company raised $170 million and ¤505 million at an interest rate of a spread over Libor and Euribor, it said in a statement distributed via the Regulatory News Service yesterday.

The facility repaid $600 million and Dh917 million under IPIC's dual-currency facility raised in February 2009.

Barwa

Barwa Real Estate Co retreated the most in seven months after the Qatari property company said full-year profit declined to 1.2 billion riyals from 1.4 billion riyals a year earlier.

The shares dropped 4.4 per cent, the most since August 9, to 29.2 riyals in early trade in Doha.

The board recommended a dividend of one riyal a share for last year.

Juhayna

Juhayna Food Industries, Egypt's biggest producer of packaged milk, said its 2011 profit declined 18 per cent.

Net income fell to 185.9 million Egyptian pounds from 227.8 million pounds a year-earlier, the Cairo-based company said in a filing to the Egyptian bourse yesterday.

American Express

American Express Co appointed Mazin Khoury as chief executive officer for the Middle East.

Khoury was previously the chief operating officer and takes over from William Keliehor, the company said in an emailed statement yesterday.

BankMuscat

BankMuscat, Oman's biggest bank by assets, denied plans to open branches in India, Sri Lanka and Mauritius.

BankMuscat issued the denial via the Regulatory News Service in response to an article in the Oman Daily Observer yesterday.