Q4 to bolster 2009 results

Q4 to bolster 2009 results. (REUTERS)

The fourth quarter performance of UAE corporates is likely to indicate recovery in late 2009 and improved earnings for the first quarter of 2010 as telecom, banking and realty companies are projected to announce encouraging results with minor exceptions to some select companies.

Telecom companies will emerge as top performers, while Abu Dhabi-based banks, with an exception to ADCB, are expected to post positive results for the fourth quarter, according to data collected by Emirates Business based on earnings estimates by investment analysis firms.

Market bellwether Emaar is expected to announce better results, while the forecasts indicate a drop in the net profit of Arabtec, in which Aabar Investment has offered to acquire 70 per cent stake.

Leading investment firms EFG-Hermes, Shuaa Capital, HC Brokerage, Sico Investment Bank, Prime Group, Nomura Securities and Al Mal Capital have announced their forecasts for the fourth-quarter earnings of the UAE industry.

Property major Emaar's average estimated net profit for Q4 stands at Dh761.06 million. Emaar will post better results in 2010 following the launch of Burj Khalifa as the world's largest man-made structure would add more revenues to the company.

The largest bank by assets in the region, Emirates NBD, is expected to post encouraging results for Q4 with an estimated net profit of Dh524.33m.

 

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