Litigation slashes Tamweel profit 34%

Tamweel said first quarter profit dropped 34 per cent because of one-time litigation losses. Net income fell to Dh18 million from Dh27 million a year earlier, the company said in a statement to the Dubai bourse Tuesday. Provision for litigation losses was Dh21.6 million. EFG-Hermes Holding estimated a profit of Dh32 million, according to data. "Despite the one-off litigation provision in this quarter, the operating profitability of the company improved and the successful funding transaction in this quarter strengthened the sustainability of the company and bolstered its business model," acting chief executive officer Varun Sood said

GFH

Bahrain-based Islamic investment bank Gulf Fin-ance House has appointed Hesham Al Rayes as acting chief executive officer, it said in a bourse filing Tuesday. Al Rayes, previously GFH's chief investment officer, will be responsible for overlooking the overall performance of the bank including the management of the bank's assets and liabilities. He replaces chief executive Ted Pretty who left the cash-strapped firm last year after failing to return the firm to profitability.

Zain Saudi

Zain Saudi said its first quarter loss narrowed by 21 per cent from a year earlier due to lower operating costs, in line with analyst expectations. An affiliate of Kuwait's Zain, Zain Saudi posted a loss of 420 million riyals (Dh411.2 million) in the three months to March 31, compared with a loss of 532 million riyals in the year-earlier period. Total profit was 702 million riyals, down from 716 million riyals in the corresponding period of 2011 while the operational loss for the first quarter was 191 million riyals, down from 233 million riyals, the statement said. "The main reasons behind the narrowing of losses for the first quarter is the decline in operational costs by 7 million riyals," it said.

Global Investment

Global Investment House, a Kuwaiti investment bank that reorganised $1.73 billion (Dh6.35 billion) of debt in 2009, said it will meet bondholders on April 24 as part of the restructuring process. There will be separate meetings in Kuwait City with holders of its 50 million-dinar (Dh658.2 million) bond and of its 45 million-dinar bond, the bank said.

Orascom Telecom

Orascom Telecom Holding, North Africa's biggest mobile phone company, said the income tax calculated for its 2011 earnings was raised by $40 million (Dh146.92 million) after being reviewed by external auditors. The Cairo-based company made the statement in a filing to the Egyptian bourse Tuesday.

Faisal Islamic Bank

Faisal Islamic Bank of Egypt said it will pay a 2.111 Egyptian pound (Dh1.26) dividend for each of its pound-denominated shares and a $0.35 (Dh1.28) dividend for its dollar-denominated ones. The Cairo-based lender will make the distribution on April 22 for shareholders as of Wednesday, it said in a filing to the Egyptian bourse Tuesday.

Jadwa Investment

Jadwa Investment Co, a Saudi Arabian investment company, named Paul Gamble as chief economist and head of research. Gamble, 39, replaces Brad Bourland who will "maintain important linkages with Jadwa, and has been nominated to join our board of directors," according to an emailed statement.

Petro Rabigh

Rabigh Refining and Petrochemicals Company said first-quarter profit plunged 83 per cent after returns from processing crude oil into fuel and prices for chemical products declined from the year-earlier period. Net income fell to 116 million riyals from 699 million riyals in the first quarter of 2011, the company said in a statement Tuesday.

Asya Katılım Bankası

ABC Islamic Bank, Emirates NBD Capital Limited, National Bank of Abu Dhabi, Noor Islamic Bank and Standard Chartered Bank have announced the successful closure and signing of a $201 million and €96.5 million dual-currency syndicated murabaha facility for Asya Katılım Bankası. Launched at $200 million, the facility was oversubscribed to close at $325 million equivalent with participation from 28 banks from across the globe.