Emirates 24|7 research shows that despite the fact that the Abu Dhabi Exchange (ADX) benchmark index is down 8.76 per cent since the beginning of 2010 and the Dubai Financial Market (DFM) index down 18.64 per cent, seven stocks listed on these UAE exchanges have managed to record reasonable appreciation in their share prices.
Emirates 24|7 profiles the top seven stocks that have managed the feat of a 5 per cent or more appreciation since the beginning of the year.
At the top of the list is National Industries Group Holding (Kuwaiti firm dual listed on the DFM), which has appreciated by almost 25 per cent since the beginning of the year.
The firm, which is yet to announce its second quarter results, posted net profits of $16.25 million for the quarter ended March 31, 2010, compares with a net loss of $125.38 million in the corresponding period of 2009.
DFM-listed Aramex is second on the list of best stock performers this year, with its share price appreciating by 22.61 per cent year-to-date.
The Dubai-based logistics and transport firm saw a 14.65 per cent jump in its first half revenues this year to $296.03 million compared with $258.21 million in H1 2009. Its net profits increased by 10 per cent during the same period to $27.88 million.
Third on the list of best performers is Qatar Telecom (dual listed on the ADX), whose share price has appreciated by 14.42 per cent in 2010 so far. Q1 net profits for the Qatari company, which will announce its Q2 results on August 15, more than doubled to $333 million compared with $163 million in Q1 2009. Its revenues went up by a little over 14 per cent in the same period.
Shares in the ADX-listed food and beverage company Agthia Group are the next best performers this year, appreciating by 10.87 per cent in 2010. Although the group’s revenues are up 4.64 per cent for the first half of this year compared with H1 2009, the group’s net profits have declined by almost 29 per cent to $14.7 million in H1 2010 from $20.66 million in H1 2009.
Abu Dhabi Commercial Bank, which has seen a 6.4 per cent increase in its stock price in 2010, is No. 5 on the list.
The bank posted a net loss of $84 million in the first half of 2010 compared with net profits of $176.58 million in the corresponding period of 2009, primarily on higher provisions of $459 million this year compared with just $146 million in H1 2009.
Another Abu Dhabi bank, Abu Dhabi Islamic Bank, is next in line with a 6.3 per cent escalation in its stock price.
Perhaps because of its Shariah credentials, the bank seems less exposed to defaults and therefore managed to increase its net profits by almost 29 per cent to $162 million in the first six months of 2010, compared with $125.76 million in the corresponding period of 2009.
Rounding up the list of shares that have increased more than 5 per cent this year is Abu Dhabi National Energy Company (Taqa), which has seen its stock go up by 5.04 per cent in 2010.
The Abu Dhabi-based company, which will announce its Q2 results today (August 9), managed a more than seven times jump in its Q1 2010 net profits to $78.14 million compared with $10.89 million in Q1 2009.