TAQA & AABAR down 01 Feb 2007

UAE market news & discussions for 01 February 2007 UAE companies list of 2006 final results and dividends BILDCO 2006 FY profit AED 74m +5% from 2005 - 01 Feb 2007 GLOBAL 2006 FY profit AED 907m +16% on 2005 - 01 Feb 2007 IAIC 2006 FY profit AED 181m +63% on 2005 - 01 Feb 2007 UNB 2006 FY profit AED 1.0 bn -9% from 2005, 35% cash div - 01 Feb 2007 Full list of results and other disclosures below the market report.

Dubai and Abu Dhabi stock market report 01 February 2007

top stock rises symbol price change CBI 2.87 +0.25 +9.5% GLOBAL 12.30 +0.40 +3.4% MAZAYA 8.25 +0.25 +3.1% EMAAR 12.70 +0.35 +2.8% DIC 4.32 +0.11 +2.6%

top stock falls symbol price change AABAR 1.72 -0.15 -8% TAQA 1.83 -0.15 -7.6% AMAN 13.70 -1.05 -7.1% ADNH 5.41 -0.39 -6.7% DANA 1.34 -0.07 -5%

top volume symbol value (AED) price EMAAR 577,557,756 12.70 AMLAK 100,037,380 4.33 DIC 74,928,594 4.32 DU 38,080,268 6.03 FGB 33,967,260 12.65

An encouraging day today on DFM with a 0.8% rise to 4154 points on volumes of just under AED 1 billion. ADSM fared less well, falling 1.1% with some of the more actively traded stocks taking big hits. Many more companies released results today - a day after the deadline from ESCA. Several companies still haven't filed their reports.

Dubai Financial Market

The DFMGI had a sharp fall on opening with Amlak Finance Company (AMLAK) leading the way down again, but by 1030 the index recovered and steadily rose for the rest of the session to finish on an upbeat note.

Emaar Properties PJSC (EMAAR) and Dubai Investments PJSC (DIC) were both up by close to 3% with Emaar volume down to 60% of the DFM total, while Arabtec Holding PJSC (ARTC), DIB, Tamweel PJSC (TAMWEEL) and Union Properties PJSC (UPP) all rose about 1% or less. Biggest rise was just over 3% from a single trade in MAZAYA.

Amlak Finance Company (AMLAK) crashed another 8% in early trading but recovered a little, still down 3% by the end of the day though, and heavy volume of 100m dhs worth. Aramex PJSC (ARMX) and Islamic Arab Insurance Company PSC (IAIC) also suffering with 2% falls, Emirates Integrated Telecommunications Company (DU) and National General Cooling Company PJSC (TABREED) dropped 1%, and Shuaa Capital PJSC (SHUAA) fell 0.4%. AMAN had another tumble of 7% by the days' end, following on from yesterday's big 15% plunge.

Abu Dhabi Securities Market

ADSM traded increased volume of 144m dhs, closing at 2947 points with 11 stocks rising, 20 falling, and 4 unchanged.

First Gulf Bank (FGB) trading was 20% of the total for ADSM, with a rise of 1.2% to 12.65. Aldar Properties PJSC (ALDAR) was the only other one of the more liquid shares rising with a 1.3% increase on news of a convertible sukuk. Oasis International Leasing Company PJSC (OILC) was a bit more active than normal, gaining 1.5%, and the biggest jump of 9.5% came from just 4 trades in Commercial Bank International (CBI).

Abu Dhabi National Energy Company (TAQA) and Aabar Petroleum Investments Company PJSC (AABAR) had the worst falls of about 8% each - Taqa's results showing massive revenue increase, but not finding its way into final profit, while Aabar's new CEO did not seem to meet with the market's favour.

Dana Gas PJSC (DANA) fell 5%, Sorouh Real Estate (SOROUH), AGTHIA, ARKAN, National Bank of Abu Dhabi (NBAD), and Foodco Holdings PJSC (FOODCO) all fell around 3%, while the other actively traded stocks fell less than 2%.

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List of final results today for Dubai Financial Market

• ARTC - Arabtec Holding 2006 accounts - profit AED 217m up 30% from 2005 - GN 22 Jan 2007, on DFM & SCA sites 01 Feb 2007. A bit slow and Profit Margin looks weak but good enough growth in other areas.
• ASCANA Arabian Scandinavian Insurance 2006 final results - profit AED 9.3m -93% from 2005 - 01 Feb 2007
• GLOBAL - Global Investment House 2006 financial results - profit AED 907m +16% on 2005 - 01 Feb 2007. Profit increase at 16% is far behind growth in Revenue and Assets.
• GRAND - Grand Real Estate (Kuwait) 2006 results - profit AED 154m -5.7% from 2005 - 01 Feb 2007. Total Assets more than tripled but Revenues and Profits down means Returns on Equity and Assets have dropped substantially.
• IAIC - Islamic Arab Insurance Company (Salama) 2006 final results profit AED 181m +63% on 2005 - 01 Feb 2007. Good to see increasing profits at an insurance company for a change, but where do they come from? Operating profit decreased over 90% and is only a fraction of the Net Profit amount.

List of final results today for Abu Dhabi Securities Market

• BILDCO Abu Dhabi Building Materials Company 2006 financial results - profit AED 74m +5% from 2005 - 01 Feb 2007. Minimal profit growth but they spent AED 60m buying back their share. A 25% growth in revenues became a 100% growth in Operating Profits.
• PALTEL - Palestine Telecommunications Company 2006 final results - profit AED 293m -19% on 2005 - 01 Feb 2007. Good growth until you get to Net Profit - investment losses to blame says management.
• SUDATEL - Sudan Telecommunications 2006 financial statements - profit AED 2.68 bn +166% from 2005 - 01 Feb 2007. Strangely low PE of only 3.
• UNB - Union National Bank 2006 final results - profit AED 1.0 bn -9% from 2005, 35% cash div - 01 Feb 2007. Dividend yield of just under 5% is good. Performance about average compared to other UAE banks, with the similar issue of falling Returns on Equity, Assets and Sales.

Other Disclosures

• AABAR hires David Woodward as new CEO - PR 01 Feb 2007. And stock price promptly sheds 8%.
• Al Dar Properties Annual General Meeting 27 Feb 2007 at 17:00
• ALDAR launches AED 5.5 bn convertible Sukuk - 01 Feb 2007
• First Gulf Bank full report available - 01 Feb 2007