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23 February 2024

54 firms fail to meet SCA results deadline

By Abdel Hai Mohamad

Dozens of companies have failed to reveal their provisional financial results for 2008 within the time limit set by the Securities and Commodities Authority (SCA).

The 45-day period established by the authority for companies listed on the UAE stock markets to announce their initial figures expired yesterday.

But at the end of trading yesterday a total of 54 out of 130 local and foreign firms listed on the Dubai and Abu Dhabi exchanges had not disclosed their results. Thirty-five of the companies are listed in Dubai.

The firms as per the SCA rule should have issued their provisional results by mid-February – a target that the firms met in previous years. Final results approved by auditors must be disclosed within 90 days of the end of the fiscal year.

Many of the Dubai firms that did not file their results in time suffered large losses in 2008 Q1, said Maha Kanz, an analyst at Abu Dhabi-based Al Fajr Securities.

"A lot of Dubai banks suffered from the repercussions of the global financial crisis, especially a shortage of liquidity and imbalance between loans and deposits," she said.

"Banks based in the UAE capital which received a Dh16 billion equity injection from the Abu Dhabi Government announced their financial results last week."