“12 Companies with Profits Exceeding One Billion: Abu Dhabi and Dubai Markets See 25.4% Increase in Q1 2023”

• 12 companies with profits exceeding one billion, accounting for 78.8%

Abu Dhabi: Muhannad Dagher

86 companies listed on the Abu Dhabi and Dubai financial markets announced net profits of 49.27 billion dirhams in the first quarter of this year, compared to net profits of 39.28 billion dirhams in the same period in 2022, an increase of 25.4%.

The profits of 16 listed national banks jumped by 72% to reach 18.26 billion dirhams in the first quarter, compared to profits of 10.6 billion dirhams in the same period last year, so that the profits of banks accounted for 37% of the total profits of companies that announced their results, while 12 companies with profits exceeding one billion dirhams accounted for 78.8% of the total profits achieved, equivalent to 38.82 billion dirhams.

Alpha Abu Dhabi topped the list of the most profitable companies with a value of 7.3 billion dirhams, compared to profits recorded by the company amounting to 2.8 billion dirhams, an increase of 157.5% compared to the first quarter of last year.

Emirates NBD came in second place, recording a net profit of 6 billion dirhams for the first quarter, which represents an increase of 119.35% over the corresponding quarter of 2022, and ADNOC Gas came in third place in terms of profits, with a net profit of 4.68 billion dirhams. Compared to 4.3 billion dirhams during the comparison period of 2022, an increase of 8.79%.

Fourthly, the “International Holding Company” came with an increase in net profits by 20.51%, to reach 4.27 billion dirhams in the first quarter of 2023, compared to a net profit of 3.5 billion dirhams in the first quarter of 2022.

Fifthly, “First Abu Dhabi”, with a net profit of 3.9 billion dirhams, compared to a net profit of 5.12 billion dirhams in the first quarter of 2022, i.e. a decline of 23.27%, and the decrease in the bank’s profits is due to exceptional profits it had achieved in the first quarter of last year. From the sale of a subsidiary for AED 2.8 billion.

Accordingly, “Emaar Properties” came with a net profit of 3.2 billion dirhams, compared to 2.24 billion dirhams in the first quarter of last year, an increase of 43.18%. “E &” company also recorded a profit of 2.3 billion dirhams in the first quarter, compared to a net profit 2.75 billion dirhams in the first quarter of last year, a decrease of 16.32%.

Next came “Abu Dhabi Commercial”, whose profits increased by 26.66% to reach 1.87 billion dirhams in the first quarter of this year, compared to 1.48 billion dirhams in the same period of 2022, and “Mashreq Bank” also recorded strong profits of 1.6 billion during the period, Compared to 612.18 million dirhams in the first quarter of 2022, an increase of 163%.

It was followed by Dubai Islamic Bank, with a net profit of 1.5 billion dirhams during the first quarter, compared to 1.34 billion dirhams in the same period last year, an increase of 11.94%. Profits of Abu Dhabi Islamic Bank increased by 48.09% to 1.058 billion dirhams during the quarter. The current first, compared to a profit of 714.95 million dirhams in the same period of 2022, and Emaar Development Company recorded profits of 1.058 billion dirhams in the first quarter of 2023, compared to 1.05 billion dirhams in the corresponding period of 2022, an increase of 0.73%.

The markets said that this comes out of the Securities, Commodities and Markets Authority’s keenness to provide the necessary support to all listed companies and all investors and dealers in the market, and in light of the challenges facing the insurance sector, which includes (companies, auditors and actuaries) in applying the new international financial reporting standard related to contracts. Insurance, and given the operational and organizational difficulties that companies face, they need more time to start applying and testing them in accordance with the requirements of the new international standard.

Trading in the shares of listed insurance companies that are not committed to disclosure will also be suspended during the aforementioned additional period. Starting from the trading session of June 16th.