Results and markets down 30 Jan 07

UAE market news & discussions for 30 January 2007 UAE companies list of 2006 final results and dividends ARKAN 2006 FY profit 176m +33% from 132m in 2005 30 Jan 2007 SOROUH 2006 FY profit 976m, includes IPO income? - BOD meeting 29 Jan 07 DHAFRA 2006 FY profit AED 42m -53% on 2005 - 30 Jan 2007 AMLAK 2006 FY profit AED 130m +23% on 2005, incomplete PR 30 Jan 2007 EMAAR 2006 FY profit AED 6.37 bn +35% on 2005 - PR 29 Jan 2007 ALDAR 2006 FY profit AED 1.25 bn +120% on 2005, cash div 8% - 17 Jan 07 DANA 2006 FY profit less than AED 821m (includes IPO income?) - 30 Jan 07 ARMX 2005 FY profit AED 95m +28% on 2005 but someone can't count? FOODCO 2006 FY profit AED 60m -55% from 2005 - 30 Jan 2007 More UAE stock market news and discussions...

Dubai and Abu Dhabi stock market report 30 January 2007

top stock rises symbol price change AKIC 1.87 +0.17 +10% NBF 4.29 +0.29 +7.3% FH 8.84 +0.55 +6.6% ADSB 2.87 +0.15 +5.5% ADAVIATION 2.15 +0.10 +4.9%

top stock falls symbol price change ASMAK 2.93 -0.26 -8.2% DNIR 3.10 -0.16 -4.9% NCC 11.90 -0.60 -4.8% OILC 9.20 -0.37 -3.9% INVESTB 2.54 -0.10 -3.8%

top volume symbol value (AED) price EMAAR 672,641,922 12.90 DIC 57,231,432 4.40 ALDAR 21,615,750 4.05 AMLAK 18,940,958 5.04 DIB 16,719,862 8.49

Both markets fell today, 0.8% for DFM on 818m dhs of trading - about half of yesterday's total - and 0.5% for ADSM with volumes up a little to 120m dhs. As the 31 January 2007 deadline approaches for filing reports, the trickle from the past 3 weeks has turned into a bit of a deluge.

• Al Dhafra Insurance continued in the same vein as other insurance and cement companies - increase revenue and decrease profit through investment losses.
• Amlak Finance disclosed their "preliminary financial results" but didn't really. Profit growth commendable but still doesn't justify high share price yet with a PE over 50.
• Arkan Building Company profits were up due to IPO income but operational profits couldn't keep up with revenues.
• Aramex profits confused by using different figures for 2005 revenues after company buyout.
• Dana Gas made 812m dhs profit by cleverly adding a month to the year and including IPO income but excluding any comment about the Iranian gas supply.
• Foodco got their revenue up and cut their profits in half. Blame the stockmarket again...
• Sorouh almost made a billion dhs to show us an unbelievable 150% profit margin. We'll have to wait for the full accounts to see how much they really made after taking away the IPO income.
• Several cement companies yesterday all did much the same thing. Revenues up and Profits down - Union Cement, Gulf Cement, RAK Cement, RAK White Cement. Blame the stockmarket and worry how they'd perform if the UAE wasn't in the middle of a construction boom.

Also releasing results today were Al Ain Ahlia Insurance Company (AAAIC), Al Buhaira National Insurance Company (ABNIC), Dubai Insurance Company (DIN), Dubai Islamic Insurance & Reinsurance (AMAN), National Corporation of Tourism (NCTH), Oman Insurance Company (OIC), Salam International Investment Limited (SALAM), Sharjah Insurance Company (SICO), Kuwait Commercial Markets Complex (SHOP).

Dubai Financial Market

On DFM, Emaar Properties PJSC (EMAAR) led the way down with over 80% of the total volume traded once again, falling 1.2% to 12.80. Their results don't appear to have given the market the boost it was looking for. Will we be stuck at these levels for another quarter?

Dubai Investments PJSC (DIC) still trading heavily with 57m dhs worth on a 0.9% fall. One paper reported that Dubai Investments PJSC (DIC) deciding not to pay a dividend resulting in unhappy shareholders. If that's correct, then like Emaar shareholders, they'll be less happy if stock prices stay in the dumps because growth companies have to borrow money after giving it all away in dividends.

Shuaa Capital PJSC (SHUAA) bucked the downwards trend with a 1.8% rise to 4.62 - the highest rise of the day on DFM and one of only three stocks to move up. Arabtec Holding PJSC (ARTC) up a fraction by 0.2% and GGICO up 1.1% on only 4 trades.

Aramex PJSC (ARMX) had the biggest fall (2%) of the actively traded stocks on the day of their profit news, while Amlak Finance Company (AMLAK), also releasing profit news, was not far behind with a 1.5% drop. Biggest falls overall from NCC and Dubai National Insurance & Reinsurance Co. (DNIR) on only 6 trades in total.

Abu Dhabi Securities Market

A fairly even split between winners and losers on ADSM with 23 stocks rising and 17 falling. Aldar Properties PJSC (ALDAR) with news of a possible 8% dividend was up 1% and the most heavily traded stock on ADSM with 22m dhs worth of transactions.

Other big volumes from Abu Dhabi Islamic Bank (ADIB) as usual, falling by 0.6%, and First Gulf Bank (FGB), not so usual and rising by 0.8%. Union National Bank (UNB) another bank going up with a 1.4% increase on greater than average trading.

Big trading and a 3.9% drop for Oasis International Leasing Company PJSC (OILC) on the day of their board meeting. Unpleasant results announcement coming perhaps? Sorouh Real Estate (SOROUH) also falling 0.8% as results released today. ARKAN fell another 1.6% today on its way down to par value, another company with results out today.

AKIC behaved as normal and had the largest rise of 10% from a few trades, while ASMAK had the biggest fall from just one trade. They'll probably swap places tomorrow.

• Discuss and read UAE company news at Dubai Share Talk.