67 listed companies post Dhs75.56b profits in 2019

ABU DHABI: Consolidated net profits of 67 companies listed on the UAE’S financial markets reached Dhs75.56 billion in 2019, an increase of 16.9 per cent compared to 2018.

Following financial data and operational performance analysis, the net profits disclosed by the 67 companies in their financial statements have exceeded 2018 profits registered for the total number of listed companies (103), which r each eddhs 75 billion.

Fifteen national banks registered Dhs46.86 billion in 2019, an approximate growth of 13.3 per cent compared to Dhs41.36 billion in 2018. These reported profits compose 62 per cent of total profits registered by the 67 listed companies, reflecting a positive streak in the country’s banking sector, despite a backdrop in global markets.

Thirty-three of the companies, listed on the Dubai Financial Market, DFM, reported Dhs37.56 billion in profits for 2018, a 32 per cent increase compared to 2018 profits of Dhs28.45 billion.

The a bud ha bi securities exchange, adx, showed 34 of its listed companies reporting Dhs38 billion in profits in 2019, a five per cent increase compared to 2018 figures (Dhs36.2 billion).

Meanwhile, Abu Dhabi Islamic Bank (ADIB), announced a growth of 4 per cent in net profit to Dhs2,601.1 million in 2019.

According to ADIB’S financial results, operating profit increased 4.4 per cent to Dhs3,262.2 million, driven by a 3.1 per cent growth in customer financing to Dhs81.1 billion, a 30.7 per cent increase in investment income to Dhs687.0 million and a 23.6 per cent rise in foreign exchange income to Dhs317.5 million.

Group net revenues increased by 2.5 per cent in 2019 to Dhs5,915.2 million.

Total assets as of 31 december 2019 weredhs 125.9 billion, representing an increase of 0.6 per cent from Dhs125.2 billion at the end of 31 December 2018.

Net customer financing increased by 3.1 per cent to Dhs81.1 billion from Dhs78.7 billion at the end of 31 December 2018.

Credit provisions and impairments for 2019 increased by 6.1 per cent to Dhs658.1 million vs. Dhs620.1 million in 2018, with net cost of risk increasing to an annualised 78 bps.

The bank’s common equity tier 1 ratio of 13.11 per cent and capital adequacy ratio of 18.88 percent remains well above minimum requirements.

Mazin Manna, ADIB Group CEO, said: “Our 2019 earnings of Dhs2.6 billion with a 4 percent growth marked a steady finish to 2019 in which we increased revenue across our core businesses while maintaining strong expense discipline throughout the organization.