Wall Street Journal – 11 hours ago
Wall Street Journal – 11 hours ago
Friday, 02 August, 2013
With tens of millions of potential customers who have only a few of them bank accounts, it has become Iraq represents an ambitious target of banking institutions, especially that the Iraqis are now looking to banking services is greater than those available to them.
However, the long-standing laws, and the majority of banks controlled by the government, and weak infrastructure for this sector, in addition to a huge number of other obstacles, political Kaerak ongoing and deteriorating security situation, make the banking activity in the country is not guaranteed results.
He says a Western diplomat told AFP «It is very likely that Iraq is a rich market for banking.
He returned to talk about the Iraqi market during the past few weeks, after starting the major banks, including Citibank »and» Stnadrd Chartered, moving in an attempt to consolidate its presence in Iraq.
Says owner مايانك, bank manager Citi Bank in Jordan, Iraq, AFP, «we look to Iraq as the next biggest target», adding that «we see in Iraq, preparing for the advancement of giant».
The «consider ourselves among the top candidates, and we want to have the priority. The bank will Citi Bank initially to serve existing customers, who are working within the energy companies, which operate in the oil-rich fields.
But in the long term, the multinational bank will seek to go to commercial banking and service sectors, although no timetable has not put in place until now.
He holds Citi Bank have high hopes for Iraq, which the bank economists predict that Iraq has a population of 50 million people, the economy, worth about $ 2 trillion by 2050.
The latter figure represents 15 times the current capacity of the economy, and roughly equivalent to the size of India’s economy.
With the development of the sector, to become full banking services are required, since the Iraqis are currently limited opportunities in obtaining loans, insurance, credit cards, mortgages and other services.
The owner shows optimism about the potential of the banking sector in Iraq, waving fundamental obstacles to the development of this sector.
At a time in which it decided Citi Bank to open an office in Iraq last month, the Bank «HSBC announced later that it was withdrawing from the Bank ‘Dar es Salaam’ local, who owns 70 percent of its shares.
A spokesman for «HSBC» that «at this stage we can not provide more details about the process of change and timing.
But diplomats and analysts pointed to a number of difficulties, including a lack of modern systems to give Iraqis confidence in the banking process.
Even Iraqis, who have bank accounts, they are not able to use the ATM or online bank services or even the ability to access their accounts from different branches of the same bank.
And some credit cards issued, but there are no places accept to deal with it.
Advanced technology required
A Western diplomat says that «the conditions are not well suited to engage in individual banking.
Often local businesses complain that banks are unwilling to lend, or it demanding assurances expensive and unacceptable.
And the withdrawal of the World Bank estimates, the Iraqi bank credit amounted to less than ten percent of the gross domestic product (GDP) in 2010. For comparison, that figure was about 55 percent in the rest of the Middle East.
Thamer Ghadban says chief advisers of the Iraqi Prime Minister «should avoid accumulation of cash within the government banks, but the use of funds for lending to be part of the system of the private sector.
He adds huffy required «better technology, as well as reductions in processing times, leaves and staffing levels.
There is also a need to change the attitude toward customers. He explained that «the bank’s employees do not provide them the service, but the situation on the contrary, ‘he said, adding’ they must attract customers, not push them to go out.
Even Iraqis who have bank accounts, they are not able to use the ATM or online bank services or even the ability to access their accounts from different branches of the same bank. And some credit cards issued, but there are no places accept to deal with it
BAGHDAD / electronic integrity The head / Rafidain List / Member of the Parliamentary Committee on Foreign Relations Kanna, that there is an agreement between Iraq and the United States, to support Iraq’s political, calling on Washington to reconsider the decision to close the embassy in Baghdad.
We said in a press statement: “The decision to close the U.S. embassy in Iraq, an unfortunate decision and be brought back and review this position, saying: that Iraq is not the level of risk which leads to the closure of the embassy, and vice versa expect a wait of friends supporting a positive attitude to Iraq.”
He pointed out that, there is an agreement signed between us and them to support democracy and democratic institutions, and that America bears part of the responsibility to communicate with us, and support the political process, but he also said: Maybe not all Iraqis not to shutdown, because Nak of spiteful on the political and Iedaha, but there is an agreement between the two countries, Washington bears part of the responsibility of what it is now, and they have to reach out to support the political process.
The U.S. Department of State, announced the closure of its embassy in Iraq in the next few days. The embassy said in a statement received probity electronic copy of it: that some embassies will be closed for security reasons, first and foremost embassies and diplomatic missions in Iraq, Egypt, Libya and Kuwait during the next few days, adding: that its embassy in Egypt will be closed on Sunday for security reasons, to افتتا that The administration of President Barack Obama is currently considering the risks that threaten the U.S. Embassy in Yemen, was not clear if there was any intention to shut down also.
08-01-13 EXOGEN: PER CONVERSATION THE RATE SHOWED UP LIVE THIS MORNING AT 5:00 AM EST FOR A SHORT TIME PERIOD. THE RELEASE OF THE RV CAN NOT BE TURNED BACK AT THIS POINT…
1. THE REASON RATE WENT LIVE TEMPORARILY WAS TO TEST RATES SHOWING INTERNATIONALLY BEFORE RELEASE
2. COUNTRIES HAD TO MAKE SURE THE RATE SHOWED UP ON ALL SCREENS GLOBALLY
3. EACH COUNTRY TESTED FOREX SYSTEMS
4. ALL SYSTEMS WERE BEING SYNCHRONIZED GLOBALLY
Did not bring the report of the International Monetary Fund recently released a new, could refer to the new features of evolution or a citizen of the defect, unknown in the body of the Iraqi economy, in spite of rumination with sentences and words.
Annual report, which was prepared after several visits punctuated by the process of collecting data from inside the scene of the Iraqi economy, he pointed out the importance of diversifying revenue and not to rely on one side in the TTM fear of fluctuations in oil prices, along with the importance of the development of the private sector non-oil and liberalization of the foreign exchange market to encourage investment. . And the right to do so is to repeat and ruminate about what was said and reported daily in writings and تنظيرات the Iraqi economists in seminars and conferences.
The report brought the same reasons that are repeated annually فتقف behind the failures of the ongoing economic (deteriorating security situation caused by continuing to wrestle political misuse of funds – calling for direct spending in public budgets, reduce waste and improve the quality of spending, «with regard to the electricity sector and spending on salaries by reducing the growth of employment in the public sector with the construction of public financial reserves can fortify spending declines in oil exports or in oil prices – but he praised the government’s performance in maintaining macroeconomic stability in Iraq.
International Monetary Fund which committed Iraq with the World Bank and the Paris Club Bmasmi economic reforms when settling the issue of debt without laws regulating market relations and movement of capital contributed in guiding monetary policy in Iraq over the past ten years, which led to what led to him after detection of the movement of the transfer of funds in the central auction, and was a trustee with the World Bank on public budgets annually makers in Iraq . .
According to its annual report this year, said the reason for the transfer request «, which he called a project» on foreign currency parallel market are the measures the central bank last did not give the real deal for this dilemma did not reveal to us about the results of the economic reforms committed by Iraq, and the secret of instability in monetary policy despite the costs of high spent on work items that policy, which contributed to the set, only to demand liberalization of the foreign exchange market, praising »previous policies of the Central Bank which has achieved monetary stability over three years,» according to the report.
On this, the follower of the history of the recommendations and claims that it was dictated by the Fund on the Central Bank of Iraq like a spiritual father, surprised by the fact that the provisions of the report in this regard, which only displays the reality (and leave the issue of non-verification of monetary stability despite the multiplicity of outlets selling the dollar dramatically) while ignoring the growing demand for the dollar by traders Iraq’s neighboring countries in order to finance trade those states besieged, leaving this matter to his family like a not significant days this policy dealing with the results of the Central Bank current, at a time Amplify the reference rate of growth in the overall economy to the extent that the reader believe that 9% of this growth came from outside the oil exports!
Rejection of a member of the Committee on the economy and investment MP Ibrahim stirrup, migrate the Tariff Act to the next parliamentary session, stressing that the amendment, which received a law is agreed upon by the financial and economic committees.
Rikabi said in a press statement that “the application of the Tariff Act is an urgent need to support the Iraqi economy, he will contribute to the fight against financial and administrative corruption in the process of passing the goods through the border crossing points, on the condition that operates according to a sophisticated electronic system.
He pointed out: that the amendment, which was the law is agreed upon by the two financial and economic النيابيتين, because he came out of the Finance Committee without the knowledge of the Committee on the economy and their discussion about the most important paragraphs that have been modified.
He added: It can not go around the law to the next parliamentary session, because the deadline امهلها House of Representatives for the customs have ended to create a suitable ground for the application of the law, noting that the application needs to be an electronic system developed to be controlled through the border crossings
8-2-2013 Intel Guru TD My contact indicates we are still in countdown mode for the train to start from the station on August 8th or soon after… It will be a modest float as I learned and stated. Now for the newer developments: They are now in a hurry to set definite time frames to call in all the old notes which…is how they intend to manipulate the ROI, which like the float also means a modest return. So it seems you’ll only have a short ride on the train and will be asked to get off the first station. Of course as an investor you could redeem for the New Dinars and ride it out for a longer time.
8-2-2013 Intel Guru TD And one last juicy item my source revealed today: This should be a whack to all the Maliki haters, evidently Maliki was on the side of a huge markup on the Dinar, take credit for it & make himself a hero in the process. THIS ATTEMPT OF A HUGE VALUE CHANGE WAS DEEMED UNREALISTIC AND UNSUPPORTABLE, BY THE IMF, THE CBI & THE FINANCE COMMITTEE AND SO MALIKI WAS OVERULED IN FAVOR OF THE PLAN TO BE ROLLED OUT.
8-1-2013 Newshound/Intel Guru Eagle1 I have received countless emails, text messages and phone calls today regarding some story…about us only having 30 days in which to exchange our IQD. The quick answer to this rumor is, NO! Let me state this as emphatically as possible so that there is no misunderstanding. To place that kind of time limit on exchanging our IQD/IQN for USD, or any other currency, under normal circumstances would be a general violation of international banking rules and regulations.
8-1-2013 Newshound/Intel Guru Eagle1 I don’t remember the specific time frame when the old Saddam notes were pulled out of circulation (and it may have been something like 30 or 60 days, or even 90 days), but that currency was specifically sanctioned by the US, by the UN, and by the IMF and forbidden to be used in international trade. Once De La Rue had printed up the new currency we now have in circulation and George Bush signed executive order #13303 permitting us the freedom to purchase and hold that currency toward the day when it would be restored to normal status, the stigma of the Saddam era was removed.
8-1-2013 Newshound/Intel Guru Eagle1 …we have discussed, the introduction of the lower denominated notes as well as the coins. Those are not “NEW” currency in the legal sense of the word. They are additional denominations of the IQD — the same IQD that has been in circulation as the “NEW” currency for a decade. That’s different from having a truly new and different currency, and despite some of the poorly translated articles out of Iraq, the CBI is NOT introducing new currency. They are adding additional lower denominated notes to their already existing currency.
8-1-2013 Newshound/Intel Guru Eagle1 That said, we’ve all heard about the effort by the CBI to gather in the three-zero notes as much as possible and exchange them for lower denominated notes. Again, that’s totally different from requiring people to do their exchanges from the IQD to the USD (or whatever other currency) within some narrow time frame such as the 30-days proposed in the erroneous post that has been floating around today. There are no requirements pending that would demand that we do our exchanges within a 30-day, 60-day or 90-day period — or even a two-year period.
8-2-2013 Intel/Newshound Guru Poppy3 I AM…FEELING VERY GOOD ABOUT ALL THE NEWS. JUST ALLOWING TIME TO TELL THE FACTS OF OUR SITUATION. [What are your thoughts if we don’t see this by the 15th?] …AT PRESENT THERE IS NO NEWS AT ALL THAT POINTS TO ANYTIME PAST THAT DATE. I EXPECT TO BE MANAGING THE MONEY BY THE 15TH. POPPY3
8-2-2013 Intel Guru TerryK WATCH A. M. FOR AN ANNOUNCEMENT…HIGH RATE. CONFIRMED THE 30 DAY DEAL BUT WE WILL GET A HIGHER RATE TO GET US ALL IN. THEY ARE GOING TO COME OUT WITH A NEW CURRENCY AFTER THE 30 DAY…OLD CURRENCY WILL BE WORTHLESS. YOU TURN IT IN WITHIN A GIVEN TIME FRAME. IF YOU HAVE AN APPOINTMENT THEY WILL EXCHANGE.
Guru Critic, I can’t put into words how full of crap and misinformed this nut job Terrence Keller is! I only post his crap so you can all witness with your own eyes how wrong he is and what a pumper he is! It makes all the other legitimate informers and Dinar speculators look terrible to everyone, don’t believe one word that comes out of this guys mouth! You should be ashamed of yourself Terry, shame on you.
8-2-2013 Intel Guru TerryK IF YOUR DON’T SEE IT TOMORROW [FRIDAY] YOU WILL SEE IT BY TUESDAY FOR SURE PERIOD. THE TEST LAST NIGHT PASSED. THE PINING TEST IN ALL NATIONS THAT’S ALL IT WAS. THEY ARE READY TO GO. THE WATER IS IN THE HOSE. THERE IS NOT STOPPING IT.
Guru Critic, here you go again with your bullcrap!! Shame on you Terry.
8-1-2013 Newshound/Intel Guru BGG “Where are we now?” This has got to be the question on a lot of people’s minds. Going back past the weekend before last (as early as Friday the 12th) there was an extraordinary amount of expectation in the Dinar community. While there may have been some basis in fact, it is my opinion the vastest majority of the “hysteria” last weekend was fueled by “circuitous rumors” – “camp fire stories” and unscrupulous…“pot-stirring”. Let’s look at some more of these rumors…
8-1-2013 Newshound/Intel Guru BGG Rumor: “Talabani will come back, sign-off on everything and RV will be announced over the weekend. ” I’m not downing the timing of when this may or may not happen, but I can assure you – it is a virtual impossibility that Talabani is EVER a political force in Iraq again. He’s not as well as his party makes out. Spooky rumor…
8-1-2013 Newshound/Intel Guru BGG Rumor: “Dr. Mohammed Saleh said this won’t happen until 2014…(if then). ” Firstly, he was never right when he was with the CBI. He always put out press reports that were almost always directly counter to what Dr Shabibi was saying. Secondly, he has no current standing – they JUST LET HIM OUT OF JAIL!! Then today he comes out with an article that nearly counters this statement from yesterday. He said the political unrest will basically act like CH 7 sanctions on Iraq. Essentially – a currency shift will quiet things down and move things along.
8-1-2013 Newshound/Intel Guru BGG Rumor: “WHY THE RATE SHOWED UP TEMPORARILY” It didn’t. Simple. Stick to the facts. There were no glitches, test rates, hitches, fuzzies or orbiting satellites falling – this will go when it goes. No questions asked. The “system” is in place and functions properly (the world currency trading depends on it) every day.
8-1-2013 Newshound Guru Kaperoni I always hoped that the economic push from the IMF, WB and others would force the issue despite Maliki. We shall see. IMO, just like when Shabibi was in charge of the CBI, the CBI cannot execute this event without the GOI support. Turki can cry all he wants, and threaten Maliki, it aint happening till Maliki says so. The reasons have been clearly stated that the CBI cannot do this on their own, it requires government assistance from planning, security, engineering, media etc. Without the green light from him, it stalls.
8-1-2013 Newshound Guru Enorrste Article: “Sales of dollar by the CBI decline on Tuesday auction. ” …we should not expect to see an announcement until the process of removing the three zeros from the local economy is essentially complete. Then they will formalize the announcement and call in the remaining notes by demand (not incentive). After the notes are all in, then they will float the currency. They simply cannot RV the currency to $1 prior to removal of the large notes. The CBI doesn’t have $7 trillion to buy back the large notes.
8-1-2013 Newshound Guru Enorrste On the other hand, if they remove the large notes through auction at the current rate, then that problem disappears. They COULD then RV at $1, but they would have no incentive to do so. Instead, they’ve indicated, following direction from the IMF, incidentally, that freely floating their currency is the best way to change their exchange rate regime.
Guru Critic, I disagree, the more Dinar that is held by or retained by the CBI, the less that they have to “cover”. If the CBI retains 50% or more, it is a wash, for every Dinar that they have to cover, they have one that is worth the same, in essence they are raising the value of their Dinars too! If they get more then 50% of the dinars then they actually gain after “covering” what is left in circulation!
That is not to say that the Dinar will not float or that option is available.
8-1-2013 Newshound Guru Enorrste I do believe that it will rise quickly once allowed to float. It would not surprise me to see it at $1 by the beginning of 2014, but we have to see the start before we can speculate on a finish line. While we don’t know if Saleh is spouting future policy or just his own opinion, it seems to make sense to me to follow his lead: OLD dinars for dollars, then dollars for NEW dinars.
8-1-2013 Intel/Newshound Guru Poppy3 THE ONLY WAY HE [MALIKI] MAY POSSIBLY CONSIDER RESIGNING WOULD BE IF HE GOT COMPLETE IMMUNITY AND MY PERSONAL OPINION IS EVEN THEN HE WOULD NOT DO IT. HE THINKS HE IS UNTOUCHABLE AND HE HAS GOTTEN AWAY WITH MANIPULATING THE GOI AND PARLIAMENT LEADERS FOR SO LONG… I HOPE THEY CAN GET THE BACKING TO GET HIM OUT IN SOME WAY…AS LONG AS HE IS GONE… POPPY3
8-1-2013 Intel Guru TNT Tony Everyone was excited yesterday, depressed this a. m. , & will be excited this afternoon. I have heard some depressing things and some up beat things about Iraq. It just came out from [Guru] Delta that Iraq has declared a state of emergency & that is correct. Don’t get depressed, it is part of the process to what you want to happen. There is something going on and they needed to do this to have everyone in place so that they can orderly do what we want them to do. I was just told it’s going to help get this done. More countries have gotten involved. I told you yesterday it was a political situation.
Guru Critic, the state of emergency was or security reasons, nothing else, it had nothing to do with monetary policy!!
8-1-2013 Intel Guru TNT Tony Something happened last night. They told the people in Iraq they would get an extra 300,000 dinar…in an article it said it would happen today on their cards. As of right now, the cards being loaded & activated. When they are done, we’re done. This is ready to go. The issue was and the agreement was that the people in Iraq would get it first. There are no technical issues, the system is connected, tried, tested & passed. As of today widows, orphans, retirees cards were activated at $3. 44 and are still activating cards as we speak right now. We knew they were going in stages, that’s how they were loaded. Because they got the 300K, we got an increase in our rate so the rate a little higher than last week.
Guru Critic, I believe that the 300,000 dinar was issued for retirees, nothing more.
8-1-2013 Intel Guru TNT Tony If it doesn’t happen today, there will be a reset, so there will be a delay…days not weeks. Bankers today said they were expecting it last night at 3am & 5am. Two different banks said it went live at 5 am this morning. One bank said it was live for 10 minutes, the other said for 20 minutes, but then they shut it back down but the system does work. Why? Because they agreed to let their people go first. They are trying their best to get this completed today. The rate was $5. 65 for the IQD when it was live & $0. 97 for the Dong, but I’m not sure if that is the real rate. Here’s the good thing, anybody with contacts over there can check out, they are physically handing out LD’s today to speed this up. They are not waiting for folks to get it on their cards since their having problems with activating some cards.
8-1-2013 Intel Guru TNT Tony There is a newspaper article out which has been verified stating that they are giving them 10 days to do their exchange from the old currency to the new currency. They are going to now give us 30 days, 30 calender days. It was going to be a 2 year process – it’s now a 30 day process. Could it be extended? Yes, but as of this morning you have 30 days. There was an article that Turki put out from the CBI stating that they were ready, the system was ready and that the government not authorizing it and was asking the people to put pressure GOI to release it. We’re close to the tipping edge. It is powder keg about to explode. They are trying to do it today. Today is not over. There are things in motion and things are getting done today. <–WRONG!! Impossible!!
BAGHDAD, Iraq – Iraq’s Prime Minister Nuri al-Maliki is blaming opponents and allies alike for his government’s failures, accusing a deputy of giving him wrong information about power outages and charging that the Shiite Mahdi Army was behind the recent escape of prisoners from Baghdad jails.
In an interview with Al Iraqiya TV, a semi-official channel in Iraq that gathered Maliki and a number of Iraqi political commentators, the premier said that electricity blackouts across the country were not his fault.
“Hussein Shahristani, Iraqi deputy PM for energy affairs, has given me incorrect information about the level of electricity production in Iraq,” said Maliki, whose Shiite-led government has been adrift as attacks and bombings have risen dramatically, and the country’s large Sunni and Kurdish minorities no longer regard him as the man to lead Iraq.
“Unfortunately these mistakes happen at a time when the Iraqi PM has three deputies. Each deputy prime minister should have acted responsibly towards the problems of social services,” said Maliki, providing a glimpse into the turmoil and disunity inside his own inner circle.
In the same interview, Maliki blamed the fellow-Shiite Sadr Movement’s Mahdi Army for this month’s attacks on teahouses and cafes in Baghdad.
“The Mahdi Army is also involved in the escape of prisoners in Abu Ghraib and Taji prisons in Baghdad,” Maliki said. He described Wathiq Batat, leader of the Iraqi Hizbullah and the Mukhtar Army, as “insane.”
Maliki’s verbal attacks have shaken the Shiite alliance, provoking strong reactions.
Habeeb Tarfi, an MP of the al-Muwatin Movement bloc inside the Sadr Movement, said that the alliance would discuss Maliki’s accusations. He did not rule out that Maliki’s intentions behind the accusations was to create disunity among the National Iraqi Alliance (NIA).
“These statements of Maliki represent his own personal views. We decided to discuss them within NIA in the near future,” said Tarfi.
The strongest response came to Maliki’s statements came from Ameer Kanani, secretary general of the Sadr Movement.
“The NIA is not made up of Maliki alone. The alliance consists of many factions and groups. The only rebel in this alliance is Maliki’s State of Law, which does not abide by the directives of the alliance,” said Kanani.
“Maliki’s statements were inappropriate,” Kanani added. “These statements will drive the political groups to better consider whom they elect next time for the position of Iraqi PM.”
“Maliki is trying to escape from his failures in improving security, social services, foreign relations, and eliminating corruption. He even failed to provide Iraqi citizens with food rations, which Saddam succeeded in providing despite the economic embargo,” said Kanani.
“The next government will become the first independent Iraqi government after the withdrawal of the American forces, because the United States and Iran had their roles in appointing the Iraqi prime minister,” Kanan claimed.
“If Maliki becomes the PM again, Iraq will fall into division and civil war,” he charged.
Hashim Haboubi, Iraqi political columnist, said that Maliki’s attacks are related to the upcoming parliamentary elections.
“Maliki has no other option but to attempt to create excuses for his failures in politics, economy, security and social services,” Haboubi said.
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 1st August 2013).
Note: ISX will be closed from August 8, 2013 to August 11, 2013 due to the national holiday for Eid Al-Fitr. The next session will be held on Monday, August 12, 2013.
Please click here to download a table of listed companies and their associated ticker codes.
The RSISX index ended the week at ID1,791 (+0.9%) / $1,921 (+0.8%) (weekly change). The number of week traded shares was 19.9bn and the weekly trading volume was ID17.0bn ($14.1mn).
ISX Company Announcements
By John Lee.
Banking giant HSBC is reportedly struggling to exit its Iraqi operations, having had two proposals to sell its stake in Dar Es Salaam Investment Bank (DES) rejected by the country’s regulator.
We reported in June that HSBC was exploring options to dispose of its 70.1 percent holding in the Iraqi bank following a strategic review.
According to Reuters, DES, which focuses on corporate and consumer banking and has eight branches in Iraq, has been linked to HSBC since October 2005. Its shares last traded at 1.36 dinars, down 63 percent from this year’s high, which was hit in January, and far below levels around 6.00 dinars in 2011. The current market price values HSBC’s stake at about 100 billion dinars ($86 million).
The company’s chairman, Asad al-Kudhairi, said the Iraq Securities Commission (ISC) objected to HSBC selling at a value significantly below the market price. The regulator said that HSBC’s previous proposals to sell were not approved by the ISC because they breached Iraqi financial regulations.
ISC chairman, Abdul Razzak al-Saadi, told Reuters:
“HSBC first proposed abandoning its stake in DES to Iraqi investors. We asked them the reason for abandoning its stake and the mechanism for transferring the stake, but they never returned with answers.“
One of HSBC’s proposals was for it to sell its DES shares at a nominal price of one Iraqi fils (a thousandth of a dinar) each, but HSBC officials did not explain why the bank wanted to do this, the regulator added. He did not elaborate on the ISC’s objections to HSBC’s proposals.
The central bank has agreed to extend the deadline for Dar Es Salaam to increase its capital until it sorts out this issue with HSBC.
Zawya reported that DES had a net profit of 12.06 billion dinars on revenue of 33.64 billion dinars in 2011, the latest period for which data is available.