Abu Dhabi: Abu Dhabi-based investment company Aabar Investments yesterday reported a Dh1.58 billion first quarter net profit in a regulatory filing with the Abu Dhabi Securities Exchange (ADX), erasing an Dh1.045 billion net loss for the same period in 2009.
Total shareholders' equity at Dh11.69 billion represents a net worth of Dh3.74 per share at the end of first quarter of 2010.
"This comes after paying a 10 per cent stock dividend in bonus shares to its shareholders for 2009," Aabar said in a statement.
Shares of Aabar yesterday rose marginally to Dh2.08 in a declining market.
Khadem Al Qubaisi, chairman of the board of directors of Aabar, said in a statement the company's strong performance is on the back of an "increase in the value of Aabar's existing investments and it's seeking out other new investments in the global market".
"Aabar continues to focus on creating value for its stakeholders by considering economically attractive opportunities," Al Qubaisi added.
Investment strategy
Aabar's achievements in 2010 include the establishment of its real estate subsidiary, Aabar Properties LLC, which will drive the development of the real estate investments made by Aabar. The company also announced several investments, many of which reflect its strategy to bring technological know-how to Abu Dhabi through its investments and partnerships with international companies. In the aviation sector, Aabar announced its partnership with US company Xojet to establish an Abu Dhabi-based joint venture, Xojet Aviation Services LLC, which will provide first class aviation services to the Middle East. Aabar also announced its joint venture agreement with German tunnel-boring and drilling company, Herrenknecht AG, to set up Herrenknecht Tunnel-Boring International LLC.
