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04/05/2017 - 18:49hs

UAE: listed companies’ profits up

Net profit numbers by companies whose shares are traded in the Abu Dhabi and Dubai stock exchanges climbed by 6.7% in the first quarter. Banks were the highlight.

São Paulo – The combined net profit numbers posted by 38 UAE-based companies listed with the stock markets of Abu Dhabi (ADX) and Dubai (DFM) reached AED 12.7 billion (USD 3.4 billion at current exchange rates) in Q1 this year, a 6.7% increase over Q1 2016, Emirates News Agency (WAM) reported this Thursday (4).

The banking sector accounted for 77% of profit, with a total of 18 banks. Their combined net profits was AED 9.6 billion (USD 2.6 billion), up 7.1% from Q1 2016. Emirates Islamic Bank posted the biggest growth in profit of all banks listed in both markets, and the Abu Dhabi Bank had single highest number.

*Translated by Gabriel Pomerancblum

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