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Iraq Business
09-06-2025
- Business
- Iraq Business
Tabaqchali: Humongous Dividends Boost the Iraqi Market
By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News . "Humongous Dividends Boost the Market" The market, as measured by the Rabee Securities U. S. Dollar Equity Index (RSISX USD Index), closed at an all-time high for May, with an increase of 0.7%, and is up 4.0% for the year. However, there is more to the Index's 0.7% increase than meets the eye due to the nature of the index's market value-weighted calculation that incorporates stock price changes, but not dividends, that negatively affected the index's monthly performance far more than in the prior years. The culprits were two humongous dividend announcements of 14.5% and 11.5% by two of its ten components, the Bank of Baghdad (BBOB) and Asiacell Communications (TASC), respectively, with a 28.6% and 10.6% index weighting at the end of April. If these two dividends, as well as another component's 0.3% dividend, were incorporated in the index's calculations, then it would have been up 6.4% for the month. Preceding TASC's and BBOB's dividend announcements, a few weeks earlier was the National Bank of Iraq (BNOI), another major component of the index with a 22.3% weighting at end of April, which declared a 4.9% per share cash dividend and a 30% share dividend. The combination was effectively equivalent to a 12.3% dividend yield. The two bank's oversized dividends follow from the outstanding earnings and book value growth enjoyed by the top banks in the country over the last two years, as reported here in "Banks End a Second Year with a Bang", in which the earnings two-year compounded annual growth rate (CAGR) was 203% for BNOI and 104% for BBOB (table below). For TASC, its dividend increased by 50% year-over-year, from Iraqi Dinar (IQD) 1.0 to IQD 1.50 per share, with the dividend payout ratio increasing to 118% from 88%, reflecting the ongoing growth in the company's earnings over the last two years with a 22% CAGR (table below), and its cash generating model that resulted in the build-up of huge reserves over the last few years. The market, while expecting such a high dividend, nevertheless received it enthusiastically on the day the stock went ex-dividend. According to the Iraq Stock Exchange (ISX) trading regulations, the ISX sets the stock lower by the amount of the dividend payout on the ex-dividend date; in other words, it lowered the stock's price by IQD 1.50, yet this was completely reversed, on a high trading volume, with the stock ending at the same price that it was before it went ex-dividend. As such, effectively rallying 13% versus the ISX's ex-dividend price adjustment. Promisingly, it increased by a further 3% again on high trading volumes by month's close, in the process reflecting the market's expectation for further strong earnings growth for the company, and continued high dividends. Earnings and Book Values for Selected Companies ( Source: Rabee Securities, company reports, and AFC Research. Unaudited data as of end 2024* ) The backdrop to the strong growth enjoyed by the country's top companies, as reflected in declared dividends, stems from the relative stability that the country enjoyed over the last few years; that provided a stable and predictable macroeconomic framework for businesses and individuals to operate in and to plan for capital investments on a scale not seen in the prior decades of conflict. The stock market's upside potential in discounting these developments was the focus of a recent report, "Investing in Iraq, yet more gain to come" by Undervalued Shares " itself a second report on Iraq after the initial report four years ago, with the RSISX USD index increasing by 179% between the two reports, i.e. between June 2021 and May 2025. The over-arching theme, as discussed in "What Next After Two Gangbuster Years?" is that both of the two key dynamics discussed here in the past -the cumulative positive effects of the relative stability and structural banking developments- are in the early stages of their transformation of the Iraqi economy, a process that would unfold over the next few years, bringing with it high economic growth that would feed into higher corporate earnings, and ultimately higher stock market returns. Nonetheless, as discussed last month in "Market at an All-time High, Oil Prices Crashing, What Gives?", the negative effects of lower oil prices on the economy will become a headwind, reversing the positive tailwind of the past two years. Yet, the secular positives of the economic transformation should overcome the drag from the cyclical negatives and thus continue to drive the market's direction. The equity market, as measured by the Rabee Securities U. S. Dollar Equity Index (RSISX USD Index), having surpassed its 2014 peak by 11.1% by the end of May, has the potential to rally further reflecting the powerful dynamics discussed here over the last few months. However, risks remain given Iraq's recent history of conflict, extreme leverage to volatile oil prices, especially in the current uncertain global environment, as well as the risk that a widening of the current Middle East conflict will not be contained and evolve to destabilise the region. Notes: * Using unaudited quarterly data, and earnings are net profit after tax. IBSD's net profit for 2024 is arrived at after accounting for the company's tax rate. Please click here to download Ahmed Tabaqchali's full report in pdf format . Mr Tabaqchali ( @AMTabaqchali ) is the Chief Strategist of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years' experience in US and MENA markets. He is a Visiting Fellow at the LSE Middle East Centre, Senior Fellow at the Institute of Regional and International Studies (IRIS), and a Senior Non-resident Fellow at the Atlantic Council. His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment.
BBC News
06-06-2025
- Politics
- BBC News
Latest legal challenge against Sizewell C launched
A legal challenge against the planned Sizewell C nuclear power station has been lodged at the High Court. Campaign group Together Against Sizewell C (TASC) claimed the plant wanted to add additional coastal flood defences at the site, which were not included in the original planning said it raised the concerns with Ed Miliband, the Secretary of State for Energy Security and Net Zero, but after they were "not addressed", it submitted an application for judicial review. The Department for Energy Security and Net Zero said it could not comment on ongoing legal proceedings. Sizewell C declined to comment. In the approved plans, Sizewell C said the power station would be built on a platform 7m above the current sea level and protected by "a sea defence structure which will be more than 14m above mean sea level".TASC claimed the power station now wanted to "build two more flood barriers, standing at nine and 10 metres high, further inland to protect the power station" in the event of a "worst-case scenario" flooding. The group believed the additional defences should be consulted on and would "disrupt nearby protected areas of wildlife".The BBC approached Sizewell C for details about the alleged extra defences, but it declined to comment. TASC said it had contacted Miliband to ask him to consider revoking or changing the development consent order, which was approved in 2022, but the request was not accepted. It has now submitted an application for judicial review of this decision and argued that the Secretary of State breached his obligations and duties in rejecting its request, and the decision was "irrational". Chris Wilson from TASC said: "We must not let the Secretary of State of the Department for Energy Security and Net Zero allow Sizewell C Ltd to use the unpredictability of climate change to defer for decades the assessment and public scrutiny of the impacts of these two huge overland flood barriers."A spokesperson from the Department for Energy Security and Net Zero said: "New nuclear power stations such as Sizewell C will play an important role in helping the UK achieve energy security and net zero, while securing thousands of good, skilled jobs and supporting our energy independence beyond 2030."Development consent was granted for Sizewell C on 20 July 2022, having considered all relevant information." Follow Suffolk news on BBC Sounds, Facebook, Instagram and X.
India.com
28-05-2025
- Entertainment
- India.com
This 10-episode web series is one of the most-watched on OTT, has 8.7 IMDb rating, climax will leave you shocked, series is..., lead actor is..
Suspense thriller series are often loved by the audience. And with OTT platforms witnessing a boom in their viewership, movies falling under these categories are once again surfacing online despite being released years ago. A good suspense thriller film only works when the storyline is solid and the actors give their all when it comes to their performance. Today, we will talk about a thriller series that will leave your mind blown. The series is filled with all the emotions—from suspense, thrill, unexpected twists and turns, and everything in between. While you may think that we are discussing a new series that has hit the OTT space, no, this series was released 6 years ago! Yes, that's right! If you are wondering which series this is, then let us tell you—we are discussing The Family Man Season 1. One of the most iconic and enthralling series was The Family Man, featuring Manoj Bajpayee, Sharib Hashmi, Priyamani, and Samantha Ruth Prabhu in major roles. Directed by Raj Nidimoru and Krishna D.K., the story is about a man who works for the Threat Analysis and Surveillance Cell (TASC), an intelligence agency, while juggling his family life. The series emphasizes the man's struggle to manage his work, maintain secrecy, and at the same time, take care of his family. The first season of The Family Man was so well-loved that the makers came up with a second season of the show. Just like the first one, Season Two also received the same love, and ever since it was released, fans have been eagerly waiting to watch The Family Man Season 3. As per media reports, the makers of The Family Man Season 3 are set to release it next year. However, no confirmed information has been announced. Are you also excited about The Family Man Season 3?
Edinburgh Live
23-05-2025
- Health
- Edinburgh Live
Hardy Edinburgh ambulance staff to take on marathon in full kit with 10kg bags
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Two ambulance workers are set to take on a mammoth challenge, as they run the Edinburgh Marathon with their full kit and 10kg bags on. Jack Falconer and Dominic Ballisat, both technicians with the Scottish Ambulance Service, will be setting off in the capital on Sunday, May 25. They're raising money for The Ambulance Service Charity, which aims to support the mental, physical and financial wellbeing of ambulance staff in the UK. Dominic, who is based at Edinburgh Ambulance Station, told the Daily Record : "We decided to do the marathon to help raise money for TASC as we are grateful for the amazing work they do in supporting our colleagues and their families in their time of need." Jack, who is based in Wick, added: "We decided to run with the kit bag, uniform and boots in order to make it more challenging in the hope it will raise awareness and support for TASC. It also highlights the mental and physical stress that ambulance personnel undergo on a daily basis." Sign up for Edinburgh Live newsletters for more headlines straight to your inbox Dominic, who used to work at Thurso station, has run three previous marathons, but this will be Jack's first. Dominic said: "We have both been training with boots and trousers with a 10kg bag plus water. We expect it to be tough especially if it's hot, but nothing worthwhile is easy." The charity operates independently, and receives no money from the NHS or ambulance services. It offers resources including mental health support, a 24/7 crisis helpline, access to rehabilitation for staff injured in the line of duty, and financial guidance. Jasmin Rana, TASC's Head of Income Generation, said: "We're so grateful to Jack and Dominic for taking on this incredible challenge for TASC! Join Edinburgh Live's Whatsapp Community here and get the latest news sentstraight to your messages. "As a charity we receive no support from the NHS or ambulance trusts to provide our general services, which means we rely on our incredibly generous supporters to continue supporting our ambulance workers when they're struggling with their mental, physical or financial wellbeing. "Thanks to Jack, Dominic and everyone who has supported them, almost £2,500 (including GiftAid) has been raised already, the equivalent of 46 hours of mental health support or 172 financial guidance sessions. From everyone at TASC, thank you." Dominic and Jack's fundraising page can be found here.
Daily Record
23-05-2025
- Health
- Daily Record
Scots ambulance staff to run Edinburgh Marathon with full kit and 10kg bags
The pair hope to raise awareness of the "mental and physical stress" faced by ambulance staff while raising money for charity. Two Scots ambulance workers are set to take on a special fundraising challenge at this weekend's Edinburgh Marathon. Jack Falconer and Dominic Ballisat, who are both technicians with the Scottish Ambulance Service, are running in the event on Sunday, May 25, wearing their full uniform, which includes boots and a 10kg response bag. The pair are raising money for The Ambulance Service Charity (TASC), which supports the mental, physical and financial wellbeing of ambulance service staff in the UK. The pair have raised nearly £2,500 so far. Dominic, who is based at Edinburgh Ambulance Station, opened up on the challenge, saying: "We decided to do the marathon to help raise money for TASC as we are grateful for the amazing work they do in supporting our colleagues and their families in their time of need." Jack, who is based in Wick, added: "We decided to run with the kit bag, uniform and boots in order to make it more challenging in the hope it will raise awareness and support for TASC. It also highlights the mental and physical stress that ambulance personnel undergo on a daily basis." Dominic, who used to work at Thurso station, has run three previous marathons, but this will be Jack's first. Dominic said: "We have both been training with boots and trousers with a 10kg bag plus water. We expect it to be tough especially if it's hot, but nothing worthwhile is easy." The charity operates independently, and receives no money from the NHS or ambulance services. It offers resources including mental health support, a 24/7 crisis helpline, access to rehabilitation for staff injured in the line of duty, and financial guidance. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. Jasmin Rana, TASC's Head of Income Generation, said: "We're so grateful to Jack and Dominic for taking on this incredible challenge for TASC! "As a charity we receive no support from the NHS or ambulance trusts to provide our general services, which means we rely on our incredibly generous supporters to continue supporting our ambulance workers when they're struggling with their mental, physical or financial wellbeing. "Thanks to Jack, Dominic and everyone who has supported them, almost £2,500 (including GiftAid) has been raised already, the equivalent of 46 hours of mental health support or 172 financial guidance sessions. From everyone at TASC, thank you." Dominic and Jack's fundraising page can be found here.
