24th Feb 2015 09:38
LONDON (Alliance News) - Qatar Investment Fund PLC Tuesday said its net asset value rose by 8.6% in the first six months of its financial year, beating the 6.9% rise of the Qatar Exchange Index over the same period, as it reported a slight fall in pretax profit.
In a statement, Qatar Investment Fund said it made a USD18.9 million pretax profit in the six months to the end of December 2014, compared with USD19.2 million in the corresonding period of the prior year.
Chairman Nicholas Wilson said the fall in oil and gas prices will have some consequences on the Qatari economy as some "low priority" projects may be deferred.
"However, Qatar is the world's largest exporter of liquid natural gas (LNG) and an overwhelming majority of these exports are secure under long-term contracts so have steadier revenue streams. The government diversification policies over recent years have placed Qatar in an enviable position relative to other Gulf countries with around 50% of GDP now derived from the non-hydrocarbon sector," Chairman Nicholas Wilson said in a statement.
"This, combined with strong population growth, improving demographics and a full infrastructure pipeline, should safeguard Qatar's growth prospects," Wilson said.
"The board views the future of the company with confidence, as rapid development of Qatar's non-hydrocarbon sector helps offset the slowdown in the oil and gas. Widespread infrastructure spending underpins economic growth. Valuations and dividend yields remain attractive," Wilson added.
Qatar Investment Fund shares were flat at USD1.29 on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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