Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th August 2014).
The RSISX index ended the week at ID1,452 (+8.4%)/ $1,549 (+8.4%) (weekly change) (-22.1% and -22.0% YTD change, respectively). The number of week traded shares was 13.5bn and the weekly trading volume was ID25.2bn ($20.7mn).
ISX Company Announcements
- 2Q14 (unaudited) financial results:
Dar Es Salaam Bank (BDSI) – B/S – 2Q14: Assets: IQD622bn, -5% q/q (-14% ytd), Monetary Credit: IQD92bn,+189% q/q (+196% ytd), Cash: IQD456bn, -11% q/q (-13% ytd), Deposits: IQD425bn, -8% q/q (-19% ytd), BV: IQD180bn, +3% q/q (+5% ytd). P&L – 2Q14: Estimated NBI: IQD7.5bn, +45% q/q (-39% y/y), Operating Profit: IQD4.4bn, +63% q/q (-40% y/y), Profit Before Tax: IQD4.2bn, +54% q/q (-25% y/y). P&L – 6M14: Estimated NBI: IQ12.6bn, -37% y/y, Operating Profit: IQD7.0bn, -47% y/y, Profit Before Tax: IQ7.0bn, -40% y/y.
Baghdad Soft Drinks (IBSD): P&L – 2Q14: Sales: IQD55.2bn, -8% y/y, Gross Profit: IQD7.9bn, -8% y/y (Gross Profit Margin stayed at 14.2% in 2Q14 compared to 2Q13), Profit Before Tax: IQD5.0bn, -21% y/y (Profit Before Tax Margin declined from 10.6% in 2Q13 to 9.1% in 2Q14), P&L – 6M14: Sales: IQD100.9bn, -11% y/y, Gross Profit: IQD13.4bn, -12% y/y (Gross Profit Margin stayed at 13.3% in 6M14), Profit Before Tax: IQD7.6bn, -28% y/y (Profit Before Tax Margin declined from 9.2% in 6M13 to 7.5% in 6M14), B/S – 2Q14: Assets: IQD190.2bn, +2% q/q (+1% ytd), BV: IQD186.0bn, +3% q/q (+6% ytd)
- Central Bank of Iraq (CBI) made an announcement on August 7 related with the development of the Iraqi currency (Iraqi Dinar/IQD). According to this announcement, the development of Iraqi currency will help increase the efficiency of the currency. The material that will be used to print the currency bills is of a better quality of paper. Many security features will also be added to the currency bills. The CBI will begin adding these new features starting with the 10,000 IQD note. Regarding security there will be many more features/marks added to the notes.
- Metallic Ind. and Bicycles (IMIB) will hold its AGM* on Sep. 2, 2014 to discuss and approve 2013 annual financial results. ISX will suspend trading of IMIB starting on Aug. 26, 2014.
- Iraqi Date Processing & Mark. (IIDP) resumed trading on Aug. 14, 2014 after fulfilling ISC’s disclosure requirements.
- A cross transaction occurred on IQD726mn Investment Bank of Iraq (BIBI) shares on Aug. 14, 2014. This represents 0.3% of BIBI capital.
- A cross transaction occurred on IQD3.8bn Ashur International Bank (BASH) shares on Aug. 13, 2014. This represents 1.5% of BASH capital.
- Bank of Baghdad (BBOB) resumed trading on Aug. 12 after they approved 2013 annual financial results, distributing 11% cash dividend (IQD0.11 per share) and electing new board members.
- Iraqi Agricultural Products (AIRP) will hold its AGM* on Aug. 17, 2014 to discuss and approve 2013 annual financial results, distributing 50% cash dividend and electing new board members. ISX suspended trading of AIRP starting on Aug. 10, 2014.
- New shares of Kurdistan Int. Bank (BKUI) from the capital increase to IQD400bn through 33.3% bonus issue resumed trading on Aug. 10, 2014. A cross transaction occurred on IQD9.9bn Kurdistan Int. Bank (BKUI) shares on Aug. 10, 2014. This represents 2.5% of BKUI capital.