Dubai's Tamweel surges on results, dividend news

Positive news as Islamic home loans company sees near four-fold rise in full-year profit

Shares in Dubai's Tamweel surged 6.3 percent after the sharia-compliant mortgage lender posted a near four-fold rise in full-year profit.

"It was a positive surprise on the numbers and while there is not a great deal to compare it against, the fourth-quarter profit was way ahead of our expectations," said Julian Bruce, director of institutional equity sales at EFG-Hermes.

"So that was good news in itself but the cherry on top was the 5 fils dividend. They have not paid a dividend for four years so it was bid strong in the pre-market, is now up and I expect this strength to hold."

Other real estate-linked stocks on the Dubai bourse were mixed. Deyaar gained 3.2 percent and National Central Cooling Co (Tabreed) rose 4.3 percent, but Arabtec slipped 1.1 percent.

Dubai's index fell 0.4 percent to 1,396 points. Emirates NBD, Dubai's largest bank by market value, is the main drag, fell 0.7 percent.

Abu Dhabi's benchmark also fell, dropping 0.5 percent to 2,422 points.

Dana Gas accounted for more than two-thirds of all shares changing hands. Dana was up 2.7 percent after posting its full-year earnings before the start of trading.

In Qatar, investors' reaction to full-year numbers from another sharia-compliant financial institution was less positive as Masraf Al Rayan dropped 2.2 percent.

The Islamic bank reported a 16 percent rise in full-year profit on Sunday.

Qatar's bourse slipped 0.3 percent to 8,416 points.

In Kuwait, the main share index was 0.1 percent higher at 5,863 points.

Kuwait Finance House slipped for a second day, down 1.1 percent.

Kuwait investors continued to target small-cap companies. Abyaar Real Estate Development Co was the most traded stock on the exchange, up 3.1 percent.

Oman's index traded in marginally positive territory, up 0.1 percent at 5,600 points.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Features & Analysis
Does the Saudi IPO signal the end of the age of oil?

Does the Saudi IPO signal the end of the age of oil?

Saudis may want to capitalise on an asset that’s only going to...

China paves way for market-based IPO system

China paves way for market-based IPO system

A new law would let companies, not regulators, determine when...

Danger zone: what would the wider impact of a slowdown in China have on the Gulf?

Danger zone: what would the wider impact of a slowdown in China have on the Gulf?

Last week’s stock market crash in China sent shockwaves through...

Most Discussed