Latest results for the UAE's leading companies show typical diversity. For some a certain normality persists, for instance the battle for market share in the telecoms sector. Others are showing the benefits of geographical spread, while those affected by international financial markets are buffeted by storms in Europe.

Abu Dhabi-based etisalat reported net profit down 8 per cent at Dh5.1 billion for the nine-month period, reflecting both rising costs and tough competition in the domestic market. Revenue was up slightly at Dh24.0 billion. The company reported international earnings growth. Du, on the other hand, reported net profit up 65 per cent at Dh657 million, achieved on revenue of Dh6.4 billion, up 28 per cent over the corresponding period. The company said it continues to attract new customers, and existing customers are increasing their use of data services.

The property sector looked to new markets and innovation in financing methods to compensate for a still sluggish domestic scene. Emaar's three-quarters net profit was down by 50 per cent to Dh1.1 billion, reflecting the ongoing fall-out from the property slump. Revenues from malls and hospitality business is said still to be growing, accounting for nearly 41 per cent of total revenue of Dh5.9 billion in the first nine months of the year. The handover of prime real estate assets in international markets, including Turkey, Jordan and Syria, also contributed.

Sorouh Real Estate's company statement described its results as solid despite the challenging market. Net profit in the third quarter increased to Dh84 million from Dh63 million year-on-year, boosted by more handovers and higher rental income. Revenue more than doubled to Dh890 million. Net profit for the nine-month period amounted to Dh285 million, an increase of 33 per cent on the same period last year. The company says its future earnings are underpinned by innovative lease-to-own and rent-to-own products, and projects awarded by the government.

A turnaround was reported at Aldar Properties, Abu Dhabi's largest real estate developer, with the company reporting a three-quarters net profit of Dh460 million as against of loss of Dh1.5 billion for the same period in 2010. The company has been restructuring with the assistance of the Abu Dhabi Government. During the period the company recognised Dh2.7 billion in its accounts from the sale of land.

The Islamic mortgage provider Tamweel saw net profit jump to Dh71 million from Dh18 million in the corresponding period. The results benefited from a drop in impairment provisions from Dh137 million to Dh43 million. The company commented in its statement on the increasing stability in the domestic property market.

Dubai Investments, the largest investment company listed on the Dubai Financial Market, reported net profit of Dh239 million for the nine months, down 67 per cent, achieved on revenue of Dh1.95 billion, a reduction of 22 per cent. The company pointed to the impact of political crisis in the Mena region and the European debt crisis, as well as the slow pace of real estate activity in the UAE.

 

The writer is a freelance journalist