UAE market news & discussions for 13 November 2007Arabtec announced the acquisition of 60% of the Target Engineering Construction Company in a statement released today. Arabtec did not disclose the cost of the acquisition. Air Arabia said they would buy 34 Airbus A320s with an option to buy another 15. Their share price fell 2.6% today. Borse Dubai were approved by the Swedish market regulator (or Finnish according to one report) as a shareholder in the OMX. The DFM investor conference in New York got underway. DFM shares were up, on massive trading, just 0.8% today to 6.31 after hitting a day's high of 6.87. But yesterday they soared 10%. There was a report that the DP World IPO was popular and some analysts expected the share price to rise by 5%-10% when it floated. |
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Q3 results update
- Commercial International Bank in Egypt (CIB), yesterday, saw a 20% increase in Q3 profits to AED 160m but a more impressive 50% increase in M9 profits to AED 534m. Their shares have yet to see a single trade on the ADSM though.
- Dubai Development Company (DDC) had a 20% increase in profit, to 330,000 dhs for 2007 M9. From interest on deposits. There shares remained untraded.
- Emaar Properties full financial statements were released today, showing that although assets increased 25% - a big part of that from increases in Development Properties, and Cash in Hand, their loan portfolio increased substantially also. The increase in Shareholders Equity means that their returns on Assets and Equity have fallen yet again as there was little change in profit. Emaar shares fell 2.2% today.
- Gulfa Mineral Water (GULFA) had a marginal increase in sales but due to cutting costs, their gross operating profit almost doubled, and net profit was up almost 10x for 2007 M9. Their shares remained untraded.
- IAIC Salama profits, yesterday, had falls of 12% and 29% for the quarter and the M9 period respectively. Their shares fell 3.4% today, after rising 2.6% yesterday, and are still one of the most expensive insurance company shares based on PE.
- Kuwait Commercial Markets Complex (SHOP) revenues fell slightly but net profit almost tripled for the nine months to Sep 2007, compared to last year. Which was also the last time their shares were traded on the DFM.
- International Financial Advisers (IFA) had a massive turnaround in M9 profit to AED 650m after a loss for the same period last year. Mostly due to property sales, revaluations, and improved performance in stocks held.
- National Marine Dredging Company (NMDC) revenues increased for both Q3 and M9 but increasing costs meant a 30% hit on Q3 gross profits, and net profit was cut in half to AED 24m. Profits for the nine month period were much improved however, at AED 113m compared to a 15m dhs loss for the same period last year. NMDC shares fell 1% on thin trading today.
- National Real Estate Company (NRE), yesterday, released limited information with profits falling by about 15% for both the third quarter and the nine month period. No shares have been traded since September 2007.
- Oman & Emirates Investment Holding (OEIHC) released limited information showing net profits tripled to more than AED 100m for 2007 M9. But their shares plummeted 10% today on a single trade of just 89 shares.
- Qatar Telecom (QTEL), yesterday, had substantial revenue increases but little change in net profit due to finance cost for its Wataniya purchase.
Board meetings for Q3 result discussions will be held on 14 Nov 2007 for Aerated Concrete Industries (ACICO), and 15 Nov 2007 for Grand Real Estate.
- 13 November 2007 shares and financial news for DFM and ADSM
- AIRARABIA to borrow AED 6 bn for 40 plane purchase R 11 Nov 2007
- ARTC - Arabtec workers on strike - 01 Nov 2007
- Borse Dubai approved by Sweden FSA for OMX ownership 12 Nov 2007
- CIB 2007 Q3 profit AED 160m +19%, M9 530m +47% 12 Nov 2007
- DP World IPO sees strong investor demand - R 12 Nov 2007
- DP World IPO opens today - expensive shares at $1? 04 Nov 2007
- DPW - DP World IPO subscription comments
- EMAAR benefits from investor relations commitment - 12 Nov 2007
- IAIC 2007 Q3 profit AED 36m -12%, M9 100m -29% 11 Nov 2007
- IFA 2007 Q3 profit AED 70m +112%, M9 650m +526% 13 Nov 2007
- QTEL 2007 Q3 profit AED 420m -6%, M9 1.3bn +1% 12 Nov 2007
- 12 November 2007 UAE Dubai, Abu Dhabi business news
More UAE stock market news and discussions...
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Dubai Financial Market
A massive day of trading on the DFM today with AED 8.3 billion worth of turnover, but an unpleasant fall of 2.2% to 5490 points. The DFMGI had an encouraging start, rising 200 points by lunchtime, but then slipped away to finish the day more than 250 points down from the intra-day high of 5743.
Trading activity was huge for DEYAAR yet again with AED 2.6 billion of turnover and a 2.4% fall to 2.89. DFM shares also very heavily traded, with turnover of AED 2.1 billion and a small rise as mentioned already. AIRARABIA took third spot with just over AED 1 billion worth of trading and a 2.6% fall to 1.91.
Apart from DFM, there were no other rises on active trading. The three stocks rising more than 10% saw less than half a million dhs worth of trading between them - GRAND, SALAM, and MAZAYA.
The worst of the losers on active trading were Dubai Investments (DIC) down 4.5% to 5.52, Aramex (ARMX) down 4.2% to 2.99, Tamweel (TAMWEEL) down 3.9%, Amlak Finance (AMLAK) down 3.8%, Shuaa Capital (SHUAA) down 3.6%, Tabreed (TABREED) and Islamic Arab Insurance (IAIC) down 3.4%, and the remainder falling less than 3% or on low turnover.
Abu Dhabi Securities Market
The ADSM index moved fractionally upwards today with a 0.03% rise, or just over 1 point, to 4247. Turnover was a moderate 1.4 billion dhs with ARKAN at the top of the busy list from AED 340m of trading and a 7.9% dive to 3.08.
Top rises for Dana Gas (DANA), up 3.2% to 2.20 and a solid 211m dhs of trading activity, RAK Properties (RAKPROP) up 1.4% to 2.09, Union National Bank (UNB) up 1.1% to 9.14, and not much else really. The remaining increases on low volumes or less than 1%. Etisalat (ETISALAT) was up 0.7% to 20.75.
Oasis Leasing (OILC) continued to crash, down another 4.9% to 2.43. Abu Dhabi Islamic Bank (ADIB) lost 3.1% to close at 61.20, AGTHIA was down 2.2% to 2.08 and Gulf Cement (GCEM) fell 1.6% to 6.12. Other falls on less than 1m dhs of trading or less than 1%.
- Comment on this report and view previous reports on the Share Wadi blog.
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