- UAE 1Q2011 YoY net profit marginally declined by 0.25 percent
- UAE sectors’ performance widely varied in 1Q2011
- Political unrest in MENA region negatively impacted major UAE companies
The Emirates Securities and Commodities Authority (SCA) announced that the disclosure rate of local public UAE companies for 1Q2011 has reached 98.1 percent. Dubai Financial Market showed 100 percent compliance.
Total UAE listed companies witnessed almost unchanged performance in 1Q2011 compared to 1Q2010, in terms of percentage change. However, higher oil prices and the tsunami of political unrest that swept across the Middle East, causing the stepping down of both the Tunisian and Egyptian presidents had its ripple effect of some major UAE companies. Many UAE companies had direct exposure to Egypt either in terms of financial investments, which were hit by panic selling and shutting down the stock market for more than 39 sessions or scheduled projects that were delayed due to political and economic instability.
The combined aggregate performance of UAE stock markets for 1Q2011 stood at AED10.18bn compared to AED10.15bn recorded in the corresponding period of previous year, representing a 0.25 percent decline. It is worth mentioning that all listed non-UAE companies have been excluded when taking into account total profitability.
The full report by Global Investment House of Kuwait is published on the firm’s website.
