With 41% year-on-year growth
AED 59.13 billion net profit of 43 companies listed on Dubai Financial in 9 months
The net profits of companies listed on the Dubai Financial Market rose supported by their financial strength and good revenues. Archival
The net profits of 43 companies listed on the Dubai Financial Market (DFM) rose to AED 59.13 billion in the first nine months of this year, compared to AED 41.8 billion during the same period last year, with a growth rate of 41%, supported by their financial strength and good revenues while the national economy continues to recover, based on the disclosures of listed companies announced on the financial markets websites.
Emirates NBD ranked first among the largest in terms of net profit, after recording a net profit of AED 17.49 billion during the first nine months of this year, an increase of 92%, compared to a profit of AED 9.09 billion in the same period of 2022, due to significant growth in loans, a stable low-cost financing base, increased transaction volume, and large collections.
Emaar Properties came in second place in terms of net profit, after achieving AED 8.24 billion in the first nine months of this year, a growth of 42% compared to AED 5.79 billion during the comparable period last year.
Dubai Electricity and Water Authority (DEWA) ranked third with a net profit of AED 6.13 billion in the first nine months of this year, a decrease of 5% compared to AED 6.47 billion during the comparison period.
Mashreq reported a net profit of AED 5.77 billion, a growth of 122% compared to a profit of AED 2.6 billion during the comparative period, benefiting from balance sheet growth and high interest rates, amid strong operating performance, cost management and prudent risk capabilities.
DIB's net profit increased to AED 4.82 billion, a growth of 18% compared to AED 4.1 billion during the comparative period, supported by a significant increase in revenue and a decrease in provisions.
Emaar Development recorded a 43% year-on-year growth in net profit to AED 4.06 billion, compared to AED 2.84 billion during the comparative period.
Commercial Bank of Dubai's net profit increased by 46.4% to AED 1.93 billion in the first nine months of the year, year-on-year, supported by increased revenues across net interest and other operating income, strong growth in loans and advances, and maintaining good liquidity and solvency financing ratios.
Emirates Islamic Bank posted its highest profit in nine months, with profit up 56 per cent to AED 1.65 billion, driven by higher funded and unfunded income, reflecting an improved business outlook, and Air Arabia's net profit rose 53 per cent to AED 1.32 billion in the first nine months of this year, driven by strong revenue growth and continued passenger numbers.
Dubai market regains 4000,<> points
Local stock markets consolidated gains at the end of trading yesterday, at the beginning of the week, as their market capitalization gained more than one billion dirhams, amid a focus on blue-chip stocks.
The market capitalization of listed shares increased from AED 3.552 trillion at the end of last Friday's session, to AED 3.553 trillion at the end of yesterday's session, distributed by AED 2.876 trillion for shares listed on the Abu Dhabi Securities Exchange and AED 676.662 billion for shares listed on the Dubai Financial Market. At the end of yesterday's trading, the Dubai Financial Market index regained the level of 4000 points after rising by 0.19% to close at 4002.4 points, while the Abu Dhabi market index settled at 9575.36 points. The most traded stock on the Dubai Financial Market was Emaar Properties, up 0.7% at AED 7.12, trading close to AED 76.65 million, followed by Emirates NBD, which fell 0.3% to AED 18.05, worth AED 32.94 million. The most traded stock on the Abu Dhabi Securities Exchange was Global Holding, up 0.3% at AED 399.6, with trades approaching AED 219.91 million, followed by Alpha Abu Dhabi, which fell by 1.6% to AED 18.7, with liquidity of AED 114.08 million.