DFM’s Q4 net may rise to Dh385m

The Dubai Financial Market (DFM) is forecast to lead the way for the services sector in the fourth quarter of 2007, with average net earnings expected at Dh385.30 million.

The main index of Dubai’s bourse recorded a Dh117m profit in the third quarter of last year.

Islamic mortgage lender Amlak Finance is likely to take the second position with its average earnings forecast by EFG-Hermes and Prime Group to be up about 508 per cent, touching Dh90.82m. Mortgage lender Tamweel is forecast to post a Dh168.99m profit in Q4, an increase of 214.1 per cent over the same period in 2006.

Dubai Investments and district cooling company Tabreed are forecast to form the laggard list for Q4 of 2007. EFG-Hermes projects Dubai Investments to clock average earnings of Dh140m, down 43.1 per cent from the same quarter in 2006.

Tabreed is forecast to clock an average profit of Dh21.29m in Q4, down 63.3 per cent from the same period previous year. The company reported net profit attributable to shareholders of Dh57.94m in the fourth quarter of 2006.

The Middle East’s first listed airline, Air Arabia, is likely to record a profit of Dh69.84m in Q4.

Arabtec Holding’s fourth quarter average earnings are expected to go up 136.7 per cent, to Dh136.95m. Dubai-listed Aramex’s earnings are predicted at Dh33m, up 23.4 per cent, according to EFG-Hermes forecast.