December 9, 2022

Dubai Week

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50.6 billion dirhams, the net profit of 41 listed national companies in the first half

50.6 billion dirhams, the net profit of 41 listed national companies in the first half

The net profit of 41 companies listed on the local capital markets rose to around 50.6 billion dirhams in the first half of this year, reflecting the strength of their financial solvency and strong earnings as a result of the recovery of the national economy.

Based on the disclosures of listed companies reported on the websites of the financial markets till yesterday, the net profit of the companies increased by about 57.1% or equal to 18.4 billion dirhams in the period from January to June 2022. 32.2 billion dirhams during the same period last year 2021.

The profit of 29 companies listed on the Abu Dhabi Stock Exchange in the first half of this year was 38.7 billion dirhams, an increase of 65.2% or 15.3 billion dirhams from 23.4 billion dirhams in the same period last year.

The profit of 12 companies listed on the Dubai Financial Market in the first half of 2022 was about 11.89 billion dirhams, an increase of 35.5% or 3.11 billion dirhams, compared to 8.78 billion dirhams in the corresponding period of 2021.

In the first half of this year, the 14 listed banks posted a net profit of around 24.27 billion dirhams, a growth of 40.6%, or more than seven percent of the total profit, with the banking sector accounting for a higher share of 48%. billion dirhams, compared to 17.26 billion dirhams in the first half of the year. First half of last year.

First Abu Dhabi Bank won the largest share of total profits after posting a net profit of around eight billion dirhams in the first half of the year, a 50% increase compared to the same period in 2021. Double digit growth in investment banking services, corporate and commercial banking services.

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Alpha Abu Dhabi Holding Company ranked second in terms of gross profit after reaching 7.9 billion dirhams in the first half of the year, a growth of 357.6 percent compared to 1.7 billion dirhams last year.

Emirates NBD ranked third with a net profit of Dh5.3 billion in the first half of the year, its highest half-year profit since 2019.

“&e” Group (formerly Etisalat Group) reported a net profit of around 4.9 billion dirhams in the first half of this year, a growth of 2.5% compared to the same period last year and its consolidated revenue was worth 26.3 billion. Dirhams continues to make significant progress through thoughtful acquisition activities, while strengthening local, regional and international partnerships and developing innovative solutions for all customer segments.

Borouge’s adjusted earnings before interest, taxes, depreciation and amortization rose 1.7% to $1.512 billion in the first half of the year, while net income rose 2.5 percent to $853 million, and revenue rose 16.4% to $3.46 billion. dollars in the first half of 2022, thanks to an 8.6% growth in sales volumes.

The net profit of “Abu Dhabi Commercial Bank” increased to 3.059 billion dirhams in the first half of this year, which is a growth of 21% compared to the first half of 2021 and the net interest income increased by 6% to reach 4.718 billion dirhams. And net non-interest income increased by 4% to 1.713 billion dirhams.

Dubai Islamic Bank posted a strong growth of 45% in net profit on a year-on-year basis, reaching 2.7 billion dirhams, compared to 1.86 billion dirhams in the same period last year, thanks to a significant increase in core revenues. Decrease in allocations.

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