UAE market news & discussions for 30 July 2008Both local markets finished the week, and the month, on a positive note, gaining about 1% each although trading levels were still muted. Gulf General Investments soared on busy trading in Dubai today, while Dana Gas and Etisalat stood out in Abu Dhabi with reasonable gains on solid volumes. - On the DIFX, DP World rose 2.6% to $0.78, Damas fell 2% to $1.00, Depa was untraded, and a couple of rare trades for Goldfields as their price fell 5.9% to $11.50.
- There were a couple of large insider sales on the ADX today by board members - 5.6m shares of Aabar, and 5.2m shares of Abu Dhabi National Hotels.
- All three UAE markets are closed tomorrow for the Israa Wa Al Miraj holiday.
2008 second quarter results released or updated today - Aabar Investments (AABAR) - Q2 profit Dh550m +2,286%, H1 590m +2,259%. Massive apparent gains because of the sale of Pearl Energy to Mubadala in Q2. Aabar now have lots of money but what are they going to do with it? The BOD report that came with the statements said Aabar "look forward to another successful year ahead". How they'll do that now that they've sold all their assets, was not explained.
- Al Ain Ahlia Insurance (AAAIC) - Q2 profit Dh41m +69%, H1 73m +15%.
- Abu Dhabi National Takaful (TKFL) - Q2 profit Dh8.8m +278%, H1 11m +18%. Big growth in Q2 profits but Takaful seems to be making a loss from their insurance operations, and shareholder loans to policyholders are turning that into profit.
- Agthia Holding (AGTHIA) - Q2 profit Dh19m +86%, H1 38m +94%. Results released only one day later than they said they would. A solid overall performance with good growth in Revenue and Net Profit. Share price still higher than market average based on earnings but much more reasonable than last year.
- Asmak International Fish Farm (ASMAK) - Q2 profit Dh1.6m +1,139%, H1 2.4m +114%. Flying profit growth from the flying fish stock but only because this time last year, they were losing money. Still hard to see what justifies the share price at triple digit PE levels.
- Dubai Development Company (DDC) - Q2 loss Dh-0.016m -128%, H1 0.1m -49%. No operational revenue, income only from interest on deposits.
- Dubai Investments (DIC) Q2 profit Dh550m +50%, H1 1bn +29%. Revenue from property sales and core operations almost doubled, so the question is why not all of that growth filtered down to growth in Net Profit? Perhaps that's why shares trade at low PEs of around 6 instead while the market average is more than double that.
- Dubai Insurance Company (DIN) - Q2 profit Dh63m +583%, H1 74m +254%. Soaring profits on the back of significant gains from property and other investments. Nevertheless, there was solid growth in the insurance part of their business too. No shares traded since June 2008. Take out the extraordinary income, and their shares still look cheap enough compared to many other insurance companies.
- Emirates Driving Company (DRIVE) - 2008 Q2 profit Dh16m +2%, H1 35m +33%.
- Fujairah National Insurance (AFNIC) - Q2 profit Dh27m +97%, H1 40m +99%. Solid growth and if shares really did trade at the last quoted price, they look like they'd be a bargain.
- Fujariah Trade Center (FTC) - Q2 profit Dh0.24m -38%, H1 0.62m -14%. Not a great set of results for a company with shares that never trade on the ADX.
- Gulf Cement Company (GCEM) - Q2 profit Dh90m -45%, H1 200m -21%.
- Gulf Petroleum Investments (GPI) - Q2 profit Dh35m +67%, H1 72m +136%
- Ras Al Khaimah Ceramics (RAKCEC) - Q2 profit Dh62m +10%, H1 110m +23%. Unspectacular, but steady growth. Shares don't look like a bargain but are cheaper than they have been for a while based on earnings, and increasing ROE makes them worth considering.
- Sharjah Insurance Company (SICO) - SICO 2008 Q2 profit Dh22m -57%, H1 63m -5%.
- Sudan Telecom (SUDATEL) - Q2 profit Dh210m -14%, H1 420m -4%. Shares look cheap based on earnings but a fall in profits makes them look less attractive than the other telecom companies listed in the UAE.
ShareWadi calendar this week and next week Wednesday, 30 July 2008 - AAAIC 08Q2 financial statements and BOD report (ADX, pm)
- AABAR 08Q2 financial statements (ADX, am)
- ADX DFM last day of trading this week (holiday tomorrow)
- AFNIC 08Q2 financial statements and BOD report (ADX, during trading)
- AGTHIA 08Q2 financial statements and BOD report (ADX, am)
- ALDAR 08Q2 financial statements and BOD report (ADX, am). Press release yesterday pm.
- AOIC 08Q2 financial statements (DFM, am)
- ASMAK 08Q2 financial statements and BOD report (ADX, am)
- ASNIC rights issue shares in shareholder accounts (DFM notice)
- BAYAN 08Q2 financial statements (DFM, am)
- BOS 08Q2 financial statements (ADX, pm)
- DDC 08Q2 financial statements (DFM, pm)
- DIC 08Q2 financial statements (DFM, pm)
- DIC 08Q2 results due after trading today
- DIN 08Q2 financial statements (DFM, am)
- DRIVE 08Q2 financial statements (ADX, pm)
- FTC 08Q2 financial statements and BOD report (ADX, am)
- GCEM 08Q2 financial statements and BOD report (ADX, pm)
- GPI 08Q2 preliminary financial results (DFM, am) but disclosure not clear.
- NBF 08Q2 financial results press release (ADX, pm)
- RAKCEC 08Q2 financial statements and BOD reports (ADX, am)
- SICO 08Q2 financial statements and BOD report (ADX, pm)
- SUDATEL 08Q2 financial statements (ADX, am)
- TKFL 08Q2 financial statements and BOD report. On ADX site am, then removed, then added during trading.
Thursday, 31 July 2008 - ADX closed for Al Israa Wa Al Miraj holiday
- DFM closed for Al Israa Wa Al Miraj holiday
- DIFX closed for trading due to Isra Wal Meraj holiday
- DrakeScull DSI share allotment notices and refunds start
- UAE public sector holiday Al Israa Al Miraj.
Friday, 01 August 2008 Saturday, 02 August 2008 Sunday, 03 August 2008 - AABAR EGM to vote on convertible bond proposal - changed to 18 Aug 2008
- ETISALAT 2008 25% interim dividend distribution date
- KFIC (Kuwait) secondary listing on DFM, trading starts
Monday, 04 August 2008 - DAR-TAKAFUL listing on DFM, trading starts
- TKFL BOD meeting at 10:00am, agenda not supplied
Tuesday, 05 August 2008 - SHOP BOD meeting 08Q2 results? Unclear disclosure
Wednesday, 06 August 2008 Thursday, 07 August 2008 - TAQA 08Q2 results to be released before market open (Taqa disclosure 29 July 2008)
- TAQA 08Q2 results conference call at 4:00pm
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