Abu Dhabi: The net profits booked by 38 UAE companies listed at Abu Dhabi Securities Exchange, ADX, and Dubai Financial Market, DFM, amounted to Dh12.7 billion during the first quarter of 2017, a growth of 6.7 per cent from Dh11.9 billion for the same period last year.
The gains were termed as “fair” by market analysts who have viewed them as indicative that the total gains of all companies listed at the two UAE equity markets will be better than their 2016 equivalents.
In more detail, the gains of DFM-listed companies increased to Dh4.5 billion by the end of the first quarter, growing by 7.3 per cent from Dh4.2 billion in 2016. At ADX, 23 companies posted net profits of Dh8.1 billion over the first three months of the year, a six per cent increase over the past year.
The banking sector accounts for 77 per cent of the total gains reaped by the companies which released their Q1 financial statements, with the net profits of 18 banks amounting to Dh9.64 billion, a 7.1 per cent growth from Dh9 billion for the same period in 2016. The profits of 12 ADX-listed banks amounted to Dh5.82 billion, a 5.8 per cent increase from the same period last year. AT DFM, net profits of six banks were up to Dh3.82 billion, an increase of 9 per cent over 2016.
Emirates Islamic Bank was the best performer in terms of growth, augmenting its profits from Dh45 million to Dh221 million, while First Abu Dhabi Bank was a top performer in terms of profit value, booking gains of Dh2.92 billion by the end of the first quarter, a 12 per cent growth over the same period last year.
Telecommunication companies’ gains reached Dh2.45 billion, marking 19.6 per cent of total profits announced by the 38 companies.
The 15th of May is the deadline for companies to announce their first quarter financial statements as per the Securities and Commodities Authority’s directives.