Iraq Stock Market Report

Rabee Securities Iraq stock exchange (ISX) market report (trading week ending: 18th July 2024).

Please click here to view a table of listed companies and their associated ticker codes.

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• Financial Results Announced on July 18: 6M24: BMNS, BIDB, BRTB, IICM.

Al-Mansour Bank (BMNS): Net profit increased by 17% q/q to IQD27.1 bn in 2Q24 due to the increase in net FX income, net interest and net commission income. Assets increased 22% q/q to IQD1.7 trln at end-6M24 mainly due to the growth in customers' deposits by 17% q/q to IQD886.9 bn and margin accounts by 40% q/q to IQD309.5 bn. Net direct credit facilities grew by 2% q/q IQD196.2 bn and net financial investments stayed stable at IQD147.7 bn. Cash & balances: IQD1.3 trln, +30% q/q. 6M24: Net profit considerably increased by 281% y/y to IQD50.1 bn in 6M24 mainly due to the increase in net commission income and net FX income.

International Development Bank (BIDB): Profit before tax grew by 28% q/q to IQD34.5 bn in 2Q24 mainly due to the increase in banking operating revenues. Assets increased 22% q/q to IQD3.2 trln at end-6M24 mainly due to the growth in current accounts & deposits by 24% q/q to IQD2.4 trln. Monetary credits increased 2% q/q to IQD1.0 trln. Cash: IQD1.8 trln, +58% q/q. 6M24: Profit before tax significantly increased by 101% y/y to IQD61.3 bn in 6M24 mainly due to the increase in banking operating revenues.

Region Trade Bank (BRTB): Profit before tax fell by 30% q/q to IQD8.5 bn in 2Q24 mainly due to the increase in transferred & other expenses. Assets decreased 10% q/q to IQD1.0 trln at end-6M24 mainly due to the decrease in current accounts & deposits by 20% q/q to IQD485.2 bn. Monetary credits decreased 6% q/q to IQD65.4 bn. Cash and balances: IQD599.9 bn, -17% q/q. 6M24: Profit before tax increased by 22% y/y to IQD20.5 bn in 6M24 mainly due to the decline in transferred & other expenses and administrative expenses.

Iraqi Carton Manufacturies (IICM): Total revenues increased 546% y/y to IQD866.7 mn in 2Q24. The company turned from IQD156.4 mn loss in 2Q23 into IQD577.8 mn profit before tax in 2Q24. 6M24: The company turned from IQD305.5 mn loss in 6M23 into IQD386.3 mn profit before tax in 6M24.

• Iraqi For Tufted Carpets (IITC) resumed trading on Jul. 18 after holding its AGM on Jul. 14 in which they discussed and approved 2023 annual financial statements and decided to distribute IQD0.8 cash dividend per share, corresponding to a 5.3% dividend yield.
• ISX suspended trading of National Chemical & Plastic Industries (INCP) starting Jul. 18 due to the AGM that will be held on Jul. 23 to discuss and approve 2022 annual financial statements.
• Zain Al-Iraq Islamic Bank (BZII), Ameen Al-Iraq Islamic Bank (BAME), and Babil Animal & Vegetable Production (ABAP) will resume trading on Jul. 21 after fulfilling ISC's request and publishing its 3M24 financial statements.
• ISX will suspend trading of Dar Al-Salam for Insurance (NDSA) starting Sep. 3 due to the AGM that will be held on Sep. 8 to discuss and approve 2023 annual financial statements and dividend distribution.

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