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Wednesday, 8 February 2017

MIDEAST STOCKS-Qatar's Barwa leaps on Q4 earnings, Saudi drops as oil slides | Reuters

MIDEAST STOCKS-Qatar's Barwa leaps on Q4 earnings, Saudi drops as oil slides | Reuters:

"Shares in a Qatari property developer jumped in early trade on Wednesday after it swung to a quarterly profit, while Saudi Arabia's market pulled back following a fall in crude oil prices.

Barwa Real Estate surged 6.9 percent after posting a net profit of 108 million riyals ($29.7 million) in the three months to Dec. 31 versus a loss of 518 million riyals a year earlier. The board recommended a 2016 cash dividend of 2.5 riyals per share, higher than the 2.2 riyals proposed for 2015.

United Development, however, dropped 2.4 percent after the board recommended a dividend for the full year of 1.25 riyals, lower than 1.5 riyals for 2015. The developer reported a fourth-quarter net profit of 171.4 million riyals, an 81 percent jump from the prior-year period."



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