108.4% jump in Dubai listed companies’ quarterly profits

108.4% jump in Dubai listed companies’ quarterly profits
108.4% jump in Dubai listed companies’ quarterly profits

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The profits of companies listed on the market more than doubled, as they rose from $1.1 billion in the third quarter of 2020 to $2.3 billion (8.45 billion dirhams) in the same period of this year, a growth of 108.4%, supported by an increase in total net profits for the banking, real estate and transportation sectors. , with the three sectors taking the largest share of the profits of the registered companies by 91.1%. The profits of Emirati companies listed in the local financial markets increased on an annual basis by 86.1% during the third quarter of this year, compared to the same period in 2020, in an indication of their recovery from the repercussions of the pandemic.

A recent report issued by “Kamco Invest” yesterday showed that the profits of companies listed in the Dubai and Abu Dhabi financial markets amounted to $6.7 billion (24.6 billion dirhams) in the third quarter of 2021, compared to about $3.6 billion (13.2 billion dirhams) in the same period. from last year.

The profits of companies listed on the Abu Dhabi market increased from 2.5 billion dollars to 4.4 billion dollars (16.2 billion dirhams) in the third quarter of this year, a growth of 75%, as the banking sector witnessed a growth in total profits to 1.4 billion dollars, compared to 1.2 billion dollars during the third quarter. From 2020, with an annual increase of $200 million or 16.4%, the telecom sector recorded the second largest net profit during the third quarter, as profits rose 3.5% year-on-year to $682.4 million. He pointed out that the profitability of Gulf companies during this quarter, especially the UAE ones, has increased, reflecting the acceleration in the pace of economic growth in the region, with the PMI readings in the UAE rising at a steady pace, exceeding the sign of growth in October 2021.

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