ABU DHABI, The combined profit of 126 listed Emirati and foreign firms amounted to AED78.52 bn in 2019, a year-over-year (YOY) growth of 7.7 pct from AED72.24 bn, according to the financial statements revealed by these companies which account for 95.5 pct of 132 corporations trading in the Abu Dhabi Securities Exchange and Dubai Financial Market.
Most of the companies which failed to disclose their financial statements are foreign, given that the Securities and Commodities Authority mandates listed companies to file earnings reports within 45 days following the end of each fiscal quarter.
According to these results, the banking sector continues its lead over other business platforms, securing net profit of AED46.47 bn, a YOY growth of 11.6 pct from AED41.63 bn.
The realty sector came second with AED12.7 bn followed by the telecommunication companies which reported AED 10.43 bn in profit.
The three sectors’ combined profit of AED69.6 bn account for 88.6 pct of total earnings booked by all companies listed in the country’s two main bourses.
In more detail, 61 DFM-listed firms reported AED38.855 bn, a growth of 14.4 pct over last year, while 65 ADX-listed companies announced AED39.67 bn, up 2.8 pct on 2018.
The Emirates NBD was the best performer with AED14.502 bn, followed by FAB, AED12.52 bn. Dubai Islamic Bank achieved AED5.013 bn in profit, while ADCB reported AED4.79 bn.
Source: Emirates News Agency