Emirati companies listed second-quarter profit of $ 5.7 billion

The profits of Emirati companies listed on the Dubai and Abu Dhabi Stock Exchanges rose to $ 5.7 billion in the second quarter of 2021, compared to a profit of $ 4.1 billion in the comparable quarter of 2020.

Net profit of companies listed on the Abu Dhabi Securities Exchange rose 49% to $ 3.8 billion in the second quarter of 2021, from $ 2.6 billion in the second quarter of 2020.

According to a report released by Comco Investments, the banking sector’s profit rose to $ 1.3 billion in the second quarter of 2020, from $ 153 million in the year-ago period, in line with other activities in the GCC markets. Dollars, or 13.4%.

The telecommunications sector ranked second in recording high net profits in the second quarter of 2021, although annual profit growth was 0.5%, reaching $ 658.2 million compared to $ 655.1 million in the second quarter of 2020.

The public utilities, real estate and capital goods sectors were among the other sectors that recorded an increase in their net profit for the quarter. On the other hand, the profits of the energy, transport and insurance sectors declined during the same period.

In the banking sector, the first Abu Dhabi Bank, the largest lender in the United Arab Emirates, achieved the largest absolute growth in net profit in the second quarter of 2021, reaching 20.6% at the bank level and reaching $ 766.7 million in net profit of $ 636.9 million in the second quarter of 2020.

First Abu Dhabi Bank increased profits on its investments and derivatives due to sharp gains and higher fee returns.

Abu Dhabi Commercial Bank recorded the second-largest net profit at the bank level in the second quarter of 2021, at $ 381.7 million in the first quarter of the year, an increase of 14.1% year-on-year.

ADCB attributed the growth of net profit in the second quarter of 2021 to diversified revenue flows, decent cost control and a prudent approach to risk management.

On the other hand, the Bank of Sharjah reported the largest loss in net profit for banks in the second quarter of 2021, with a net loss of $ 93.8 million compared to a net profit of $ 49.4 million in the second quarter of 2020.

The capital goods sector recorded the largest absolute increase in net profit in the second quarter of 2021 by 2021.

The newly listed Alpha Abu Dhabi Holding Company recorded a net profit of $ 7.6 million in the second quarter of 2021, compared to $ 442.7 million, the main driver supporting the increase in profits. A sharp rise in its profits to the impact of the radical change of the year.

The other two companies in the industry, RAK Ceramics and Abu Dhabi Shipbuilding, returned to profits of $ 23.9 million and $ 1.5 million, respectively, for the quarter.

Dubai

The net profit of companies listed on the Dubai Stock Exchange increased by 29.7 per cent year-on-year to $ 1.9 billion in the second quarter of 2021, up from $ 1.5 billion in the second quarter of 2020.

The increase in profits was mainly due to the easing of economic restrictions in the first half of 2020.

Profit growth for the quarter was mainly driven by the good performance of the banking and real estate sectors. Both sectors accounted for the largest share of corporate profits in the second quarter of 2021, with annualized growth of 34.5% and 65.7%, respectively.

Of the ten sectors on the Dubai Stock Exchange, only four sectors recorded annual profit in the second quarter of 2021, while the remaining six sectors, including the insurance and transport sectors, recorded. Decline in profits.

The banking sector’s net profit increased $ 287.7 million in the second quarter of 2021 to $ 1.1 billion, from $ 834.4 million in the second quarter of 2020.

This growth is primarily due to the profitability of Dubai Islamic Bank in 2021. The Islamic Bank of Dubai’s profit for the second quarter was $ 97.2 million, with a net loss of $ 39 million for the corresponding period of year 2020.

Emirates NBD further increased its annual profit by 23% and the bank’s profit reached $ 622 million in the second quarter of 2021, which contributed to the improvement in the sector’s overall profit for the quarter.

Total profit of the real estate sector increased by 65.7% in the second quarter of 2021, reaching $ 509.6 million compared to $ 307.5 million in the second quarter of 2020.

Emermalls Group, which suffered losses in the Union Quarters and second quarter of 2021, recorded a return to profit in the second quarter of 2021, with net profit of $ 7.3 million and $ 82.6 million, respectively, which contributed to the increase in overall profit. Department.