Profit of 65 companies listed on ADX reaches Dhs12b

29/05/2017 02:22 AST

Profits of 65 domestic and foreign companies listed on Abu Dhabi Securities Exchange, ADX, in Q1 2017 have reached Dhs12 billion, growing by %19, compared with Dhs10.4 billion in Q1 2016.

In the banking sector, 14 banks gained Dhs5.825 billion of profits, representing 48.5 per cent of total profits for companies listed on ADX, and growing by 6.6 per cent in profits compared with Dhs5.464 billion in Q1 2016.

In the telecommunications sector, 3 domestic and foreign companies gained Dhs3.1 billion of profits in the first quarter, whereas profits in the services sector reached Dhs1.61 billion, and Dhs207 million of profits in Insurance sector.

Meanwhile in the real Estate sector profits reached Dhs681 million, growing by 1.26 per cent compared with Dhs673 million in Q1 of 2016. Profits of the energy sector reached Dhs269 million.

Profits of the investment and financial services sector reached Dhs116 million, and reached Dhs143 million for the Industrial sector, and Dhs112 million for the consumer stables sector.

The services sector scored the highest percentile growth in profitability in the first quarter with 444.23 per cent, followed by the Energy sector at 159.38 per cent, insurance sector 16.24 per cent, banking sector, 6.62 per cent, and real estate sector at %1.26 per cent.

Meanwhile, the UAE’s total trade in primary and secondary batteries in 2015 totaled $1.42 billion, 68.6 per cent of which is claimed by direct trade, while the UAE free-zone market accounted for 31.4 per cent thereof, according to a recent study by the Ministry of the Economy.

The country’s foreign trade in batteries grew by 12.9 per cent in 2015 compared to 2014 as a result of a rise of 39.3 per cent in entrepot trade, 7.2 per cent in exports and 2.3 per cent in battery imports.

The battery imports during 2015 hit around $838 million, while the exports were valued at $95 million during the same year, with the free-zone battery export market put at $4 million. Batteries re-exported in 2015 amounted to $489 million while free zones’ re-exported batteries stood at $145.4 million, according to the study.

The Gulf Today