• 40% Year-on-Year increase in revenue
• 96% Year-on-Year rise in operating profit
• Significant growth in net profit attributable to shareholders
Doha - 22 February 2023: QInvest, Qatar’s leading investment bank and one of the most prominent Islamic financial institutions globally, today announced its financial results for the fiscal year 2022. The bank reported QAR 285.6 million revenues from all business lines and an operating profit of QAR 165 million for the year 2022.
Mr. Hussain Abdulla, Co-Chief Executive Officer of QInvest, said:
“Despite the unprecedented economic disruption and market volatility, and the challenging macroeconomic environment, our result proves the resilience of our business model and the adaptability of our strategy. The bank’s latest results demonstrated a 40% Year-on-Year increase in revenues and 96% Year-on-Year rise in operating profit; thanks to the positive performance by all our business lines and the success of QInvest’s strategy, which aims to deliver consistent value.”
Mr. Hussein Fakhreddine, Co-Chief Executive Officer of QInvest, said:
“QInvest’s performance in 2022 with significant increase in revenue and strict control over costs reasserts the Group’s ability to deliver positive returns despite financial headwinds across the region and the world. During the past year, we have repositioned the business to focus all activities on the profitability while maintaining the quality of operations across the business franchises and back-office functions. The bank successfully captured new and diversified opportunities, made several strategic investments and solidified relationships with existing clients. Looking ahead, we started off the 2023 New Year by developing a focused strategy that will support further growth and improvement of the bank’s performance in the coming years.”
During 2022, QInvest team of investment banking professionals effectively sourced and executed compelling investment opportunities with low volatility resulting in a significant increase in net profit compared to 2021. In addition, the bank’s advisory business continued to perform in line with the expectations, advising on several live transactions in Qatar and across the markets in which QInvest operate. QInvest is in a favorable position, that qualifies it for further growth in the years to come, especially with laying the foundations of a resilient strategy and development plan for the year 2023, and in continuing to pursue opportunities that deliver value to shareholders and are transformative for the business.
The past year saw QINVEST reinvest in more liquid asset portfolios directly or via funds, and mid-level risk real estate investments where the business has a strong and consistent track record of delivering robust returns with a plan to recycle its long dated assets.