Picture used for illustrative purpose only.
Despite a downturn in the financial position of other countries, the UAE has shown that where its economy is concerned, it is on sound, stable ground. As a manifestation of this, it is showing full-frontal zeal to host later this year Expo 2020, which seeks to attract global investors to its shores.
Now, consolidated net profits of 67 companies listed on the UAE’s financial markets have 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 reached Dhs75 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 Abu Dhabi 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).