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ABU DHABI / WAM
A total of AED 18.4 billion of Q1 profits were reported by 92 companies listed at Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) a growth of 13 percent from AED16.2 billion in the same period last year.
Fifty five companies listed at ADX posted Q1 profits of AED10.7 billion, a growth of 27.3 percent from 2016 Q1’s AED8.4 billion. At DFM, the total profits of 42 companies by the end of Q1 edged toward AED7.7 billion, a 1.2 percent down from the same period last year. The banking sector represented by 19 national banks at the two markets came first in terms of profits with a total of AED9.7 billion in Q1, a 7.7 percent up from AED9.00 billion during the same period last year.
The profits of 12 banks at ADX hit AED5.8 billion by the end of Q1, an increase of 6.4 percent from the same period last year of AED5.45 billion.
Seven banks at DFM booked gains of AED3.9 billion during the first three months, a rise of 9 percent up from AED3.55 billion during the same period last year.
The real estate sector came second with AED3.6 billion in profits by 10 companies, 2.8 percent up from AED3.55 billion in the same period last year. The telecommunications sector’s profits climbed to AED 2.45 billion, 1.2 percent down from AED2.48 billion in the same period last year.