UAE firms buoyant on first quarter results

(SATISH KUMAR)   

 

Investors are eagerly waiting for the performance reports of UAE companies. The following is a list of first-quarter earnings estimates for major local firms.

 

Emaar Properties


Emaar Properties’s first-quarter profit for 2008 is expected to rise 15.1 per cent over a year earlier to Dh1.98 billion, said an analyst. “We see the Burj Dubai as the main driver for revenue,” said Mohammed Kamal, a real estate analyst for Deutsche Bank.

 

Emirates NBD


Emirates NBD, the UAE’s largest lender by market value, is expected to post a 24 per cent growth in its first quarter net profit, said Hanzada Nessin, banking analyst at EFG-Hermes. The bank’s net profit for the full year grew to Dh2.7bn.

 

Union Properties


Dubai-based Union Properties’ first-quarter profit for 2008 is expected to rise 35.7 per cent to Dh190 million from a year earlier, says an analyst.

“Union Properties will likely see revenue growth from its electromechanical contracting subsidiary, Thermo, along with rising rental contributions from a strengthening in yields,” said Mohammed Kamal, a real estate analyst for Deutsche Bank.


Dubai Islamic Bank


Dubai Islamic Bank is expected to post 23 per cent growth in the first quarter, said Raj Madha, head of research at EFG Hermes. The bank’s first quarter net profit may grow to Dh522m, up from Dh424.5m in same period last year.

 

Arabtec Holding


Arabtec Holding’s 2008 profit is expected at Dh680m and its 2008 revenue at Dh5.96bn, Prime Securities said. This would be a 27 per cent rise in profit year-on-year and a 39.6 per cent rise in revenue.

 

Etisalat


Etisalat is expected to post a 10 per cent year-on-year increase, said Jessica Estefane, a telecom analyst at the Shuaa Capital. The company is expected to post Dh2.02bn in the first quarter.

 

Aldar Properties


Abu Dhabi-based Aldar Properties first-quarter profit for 2008 is expected to more than double to Dh1.11bn from a year earlier, said an analyst. “Aldar’s revenue is driven by revaluation gains and property,” said Mohammed Kamal, a real estate analyst for Deutsche Bank.

 

National Bank of Abu Dhabi


National Bank of Abu Dhabi’s net profit for the first quarter may grow by 10 per cent to Dh661.3m, said Hanzada Nessin, banking analyst at EFG-Hermes.

 

First Gulf Bank


Abu Dhabi’s First Gulf Bank may report a 19 per cent increase in its first quarter net profit to Dh483m, said a banking analyst. The bank had reported DhD405.9m in net profit last year.

 

Abu Dhabi Commercial Bank


Abu Dhabi Commercial Bank’s first half net profit for 2008 is expected to rise 16 per cent to Dh1.099bn, said Raja Ghoussoub, the chief financial analyst at NBK Capital.
 
“ADCB’s net profit is expected to grow based on their growing net interest income, increasing fees from joint ventures and their expansion into real estate.”

 

Abu Dhabi Islamic Bank


Abu Dhabi Islamic Bank’s first quarter profit may grow by 14 per cent to Dh189m, said an analyst at EFG-Hermes. It had reported Dh165.77m in net profit last year. (Zawya Dow Jones)


 

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