Emirates Integrated Telecommunications Company (du) concluded the company's Annual General Meeting yesterday. At the meeting, du Chairman Ahmad Bin Byat presented a review of activities in 2010. Commenting on the company's performance Bin Byat said: "The year 2010 was another year of robust growth and considerable achievements for our company. Our net profits before royalty increased by 132 per cent to Dh1.2 billion from Dh0.5 billion in 2009. In addition, we received the determination from the federal government on the royalty charge for 2010. The effect of the royalty decision was reflected in achieving a net profit after royalty of Dh1.3 billion compared to Dh264 million in 2009. In addition to the royalty decision, the success of the rights issues and the signing of the vendor financing agreements were not only fundamental for achieving an optimal capital structure but have also strengthened the options available to the company when considering its loan repayment of Dh3 billion due in June."

EIB

Emirates Investment Bank (EIB) posted its consolidated financial results on the Dubai Financial Market yesterday. The company earned revenues of Dh45.2 million compared to Dh28.3 million in 2009. EIB made a net profit of Dh20.3 million against 9.7 million the previous year. Earnings per share came in at Dh46.36 compared to Dh21.44 the previous year.

Essdar

Essdar Capital, an Abu Dhabi-backed firm, sold its bond investments in the troubled Blue City project to an Oman government-controlled fund, capping the completion of a rare distressed-debt deal in the Gulf. In a statement on Wednesday, Essdar, 35 per cent owned by Dubai Holding, said it sold 100 per cent of its holdings of Blue City's Class A notes to an undisclosed party. The company did not disclose the value of the deal. Separately, Onyx Investments Ltd, fully-owned unit of state-owned Oman Investment Fund, said it bought Class A senior notes issued by Blue City without disclosing the value. Essdar bought Blue City's $655.5 million Class A debt via a tender offer in June last year as part of investment in its Gulf-focused distressed debt fund. The investment was the firm's largest to date and was made at a price of 62-63 cents to the dollar. Essdar will now focus on launching its second fund, said Suketu Sanghvi, head of structuring and investments at the firm.

GGICO

Gulf General Investments Company (GGICO) also posted its consolidated financial results on the Dubai Financial Market yesterday. The company earned revenues of Dh2.8 billion compared to Dh4.6 billion in 2009. It made a net loss of Dh973.7 million against a profit of Dh197 million the previous year. More than Dh943.1 million was attributable to equity holders of the parent company and more than Dh30 million was attributable to non-controlling interests. Earnings per share came in at a loss of Dh0.53 per share against a gain of Dh0.13 per share in 2009.

Saudi Cable

Saudi Cable Co's quarterly profit marks a turnaround six months ahead of schedule, and the positive momentum appears to be continuing into 2011, Nomura said, upgrading the stock a notch to "outperform". "Despite (or perhaps because of) regional instability, demand for oil, gas and utility projects are increasing and margins seem to be normalising," the brokerage said. Nomura had previously assumed it would be at least mid-2011 before the "cable-scenario" improved, despite its long-term positive stance on Saudi Arabia's macro outlook. "There are still challenges, but Saudi Arabia's industrialisation programme, sustained by higher oil prices, appears to be accelerating," Nomura said. Weak pricing discipline in the third quarter reversed in the next quarter, Nomura said, adding there appears to be a general market recognition that pricing levels seen in 2010 were unsustainable. The brokerage, which raised its price target on the stock to 15.40 riyals from 12.5 riyals, sees share price prospects improving and additional upside to levels to about 20 riyals, if the situation normalises. In January, Saudi Cable reported 2010 fourth-quarter net profit of 10.81 million riyals, compared to a loss of 9.10 million riyals the previous year.

— Compiled fromstaff reports