uae corporates\ net profits surge
Last Updated : GMT 05:13:35
Arab Today, arab today
Arab Today, arab today

UAE corporates\' net profits surge

Arab Today, arab today

Arab Today, arab today UAE corporates\' net profits surge

Abu Dhabi - Arabstoday

The net profit of UAE corporates surged 11.5 per cent to $3.01 billion in the first quarter as the total net income of GCC companies for the same period rose 12.9 per cent to $14.5 billion, a research by Global Investment House shows. In Abu Dhabi Stock Exchange, a total of 59 companies, covered in this study, reported an aggregate net profit of $2.25 billion for the first quarter compared to $1.87 billion in the same 2011 period, a growth of 20.5 per cent.“On the other side, a total of 34 companies listed on the DFM, that were covered in the report, posted a decrease of 8.9 per cent in their first quarter net profit to $754.8 million from $828.6 million in the same 2011 period,” Faisal Hasan, head of research at Global Investment House said in the research note. The study covers 543 GCC listed companies, in which 39 companies are from Bahrain, 160 from Kuwait, 65 from Oman, 41 from Qatar, 144 from Saudi Arabia, and 94 from the UAE. The study excludes companies that have not reported their financial results, dual listing companies and companies whose fiscal year does not end on 31st of December. All GCC stock markets managed to enhance their bottom lines by the end of March 2012, barring the Bahrain bourse, with its corporate profitability declining by 0.9 per cent year on year, it said. The Kuwaiti market had the best performance among its regional peers, with its corporate profitability increasing by 40.6 per cent year on year after excluding non recurring earnings of Wataniya of KWD265.5 million which was recorded in the 2011 first quarter due to a revaluation of the existing held interest in Tunisiana following the increase in the shareholding from 50per cent to 75per cent, the study said. By sector, the first quarter aggregate net profits for GCC banking sector increased by 9.9 per cent year on year. Insurance sector was also a notable gainer, with its aggregate net profit increasing by 34.7 per cent by the end of first quarter 2012. “On the negative side, aggregate net profit of GCC services stocks retreated marginally by 0.2 per cent, as it dropped to $444.3 million in 2012 first quarter from $445 million in 2011 first quarter. Profitability of Bahraini listed stocks declined marginally by 0.9 per cent by the end of first quarter as compared to the corresponding period of the previous year. Aggregate corporate profits announced by Bahraini companies stood at $560.3 million in first quarter 2012, down from $565.5 million in the same 2011 period. The overall profitability of Omani companies listed in the regular market (excluding companies with fiscal year not ending on December 31) reported rise of 18.3 per cent amounting to $414.3 million compared to $350.1 million reported in the corresponding period of 2011. The study observed that profitability of listed Qatari companies witnessed margin growth during the first quarter of 2012. The listed companies on Qatar Exchange reported 1.3 per cent growth in their net profit in first quarter at $2.52 billion compared to $2.48 billion in 2011 first quarter. “Good financial results recorded by Qatari banks lent great support to the overall profitability of Qatari stocks,” the study said. Global said the aggregate net profit of Saudi corporate reached $6.7 billion by the end of first quarter, up by 14.9 per cent year on year. “By sector, 13 out of the 15 sectors of the market managed to enhance their bottom lines by the end of first quarter, compared to the previous year, while two sectors reported a decline in their net profit. Net income of banks and financial services sector grew by 22.5 per cent by the end of first quarter,” it said.from khaleej times.

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