38 listed UAE firms post AED12.7bn gains in Q1

ABU DHABI / WAM

The net profits booked by 38 UAE companies listed at Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) amounted to AED 12.7 billion during Q1 2017, a growth of 6.7 percent from AED11.9 billion for the same period last year.
The gains were termed as ‘‘fair’’ by market analysts who have viewed them as indicative that the total gains of all companies listed at the two UAE equity markets will be better than their 2016 equivalents.
In more detail, the gains of DFM-listed companies increased to AED4.5 billion by the end of Q1, growing by 7.3 percent from AED4.2 billion in 2016. At ADX, 23 companies posted net profits of AED8.1 billion over the first three months of the year, a six percent increase over the past year.
The banking sector accounts for 77 percent of the total gains reaped by the companies which released their Q1 financial statements, with the net profits of 18 banks amounting to AED9.64 billion, a 7.1 percent growth from AED9 billion for the same period in 2016. The profits of 12 ADX-listed banks amounted to AED5.82 billion, a 5.8 percent increase from the same period last year. AT DFM, net profits of six banks were up to AED3.82 billion , an increase of 9 percent over 2016.
Emirates Islamic Bank was the best performer in terms of growth, augmenting its profits from AED45 million to AED 221 million, while First Abu Dhabi Bank was a top performer in terms of profit value, booking gains of AED2.92 billion by the end of Q1, a 12 percent growth over the same period last year.

UAE stocks back in green, with AED8bn in profit

ABU DHABI / WAM

UAE stocks closed with a profitability on Thursday, booking AED8 billion in gains over the week’s five sessions amidst
upbeat sentiments that triggered transactions worth as high as AED3 billion over 927 million shares.
The growing gains were attributable to high-performing real estate and banking sectors where a select of transactions were conducted leaving stocks in green by the end of Thursday’s session.
Sources have expected continual improvement over the coming week as a number of beaten-down stocks reached mouthwatering lows to buy, with a large number of traders still waiting for property companies to disclose their financial statements over the coming few days.
Within this context, Abu Dhabi Securities Exchange General Index closed high at 4,671 points, a growth of 2.3 percent over
the past five sessions.
The Dubai Financial Market General Index closed bit high as well at 3,420 points.
First Abu Dhabi Bank, traded under the ticker symbol NBAD, closed at as high as AED11.50, a 4.5 percent increase from its rate on the first day of the week.