UAE corporate profits up 15% in H1

Banks and other companies listed in the UAE's bourse maintained their post-crisis recovery and reported a surge of nearly 15 per cent in their net profits in the first half of 2013, according to bourse figures published on Sunday. The combined net earnings of 74 banks and companies stood at around Dh25.2 billion in the first half of 2013 compared with Dh21.9 billion in the first half of 2012. The figures, published in the Arabic language daily Al Khaleej, showed the strong performance of listed firms boosted the market capitalisation of the country's bourses in Dubai and Abu Dhabi, by a whopping Dh194.6 billion so far this year to reach around Dh573.67 billion on Thursday. The report showed 21 banks and financing firms listed on the UAE bourse, one of the largest stock markets in the Middle East, controlled nearly 57 per cent of the net profits in the first half of 2013, standing at around Dh14.39 billion. "This sector was also one of the best performers during that period as its combined net earnings jumped by nearly 20.5 per cent,” the paper said, citing a market analyst. Real estate companies performed even better, with their net profits soaring by 26 per cent to Dh2.988 billion in the first half of 2013. Source: Emirates 24?7