By Dylan Bowman and Reuters
Dubai Investments posts its second-biggest profit on record in Q2; Sorouh Real Estate sees revenue surge six-fold.
Dubai Investments, the UAE's largest diversified holdings firm by market value, posted its second-biggest profit on record in the second quarter as building material and property units boosted sales.
Profit in the three months to June 30 rose 25.7% to AED367.68 million ($100.1 million), or AED0.17 per share, compared with AED292.55 million, or AED0.14 per share, in the year-earlier period, it said in a statement on the Dubai bourse Web site.
Second-quarter revenue almost doubled to AED1.03 billion, revenue from contracting and sales soared 143.7% to AED479.85 million, Dubai Investments said.
Property sales surged 10-fold to AED201.96 million in the three-month period, Dubai Investments said.
Abu Dhabi-based Sorouh Real Estate, the UAE's third-largest property developer by market value, turned a profit in the second quarter after revenue surged more than six-fold.
Net income in the three months to June 30 was AED442.9 million ($120.6 million), or AED0.18 per share, compared with a loss of AED40.1 million a year earlier, Sorouh said in a statement on the Abu Dhabi bourse website.
Revenue surged to AED801.1 million, compared with AED131.6 million, it said, without giving a breakdown. The cost of revenue more than tripled to AED343.5 million dirhams, it said.
The company, which started in July 2005, posted a first-half profit of AED557 million, a company official told Reuters on Sunday.
Jordan Telecom Group, the country's sole fixed-line operator, reported a 10.6% gain in half-year net profits to JD46.6 million ($65.7 million) on expanded mobile and Internet services.
Raslan Deiranieh, the group's chief financial officer, told Reuters revenue rose 14.2% to JD195.7 million in the first half of 2007 compared with the same period last year.
Revenues were driven largely by strong growth in the subscriber base of mobile subsidiary Mobile Com and its revenue increase of 32.8%.
Operational profits before taxes rose 5.8% to JD84.5 million in the first six months from JD79.9 million in the same period last year.
Kuwait Financial Centre reported net profit of KD18.51 million ($65.53 million) and 44 fils per share compared to a net loss of KD1.46 million and a loss of 3 fils per share for the first half of 2006.
This represents an increase of 1368% in net profit and 1567% in the EPS. Assets under management totalled KD1.40 billion as of the end of Q2 2007, the company said in a statement.
Ras Al Khaimah real estate developer RAK Properties recorded an increase of 190% in sales in the first half of 2007 over the first six months of 2006, the company said, without revealing any further details.
It attributed the growth to the strong and sustained investor interest from the UAE, UK, Far East, US, Canada and Russia.
Bahrain's International Investment Bank (IIB) announced Net Income of $9.6 million for the first six months of 2007 compares with $5.4 million for the same period last year.
Total Income increased by 120.4% to $18.7 million in the first half of 2007, mainly from investment banking fees that increased by $8.5 million or 114.5% to US$ 15.9 million, generated from the structuring, underwriting and placement of new investments, the company said.
Total expenses increased by $5.9 million as IIB continued to build up its staff and operating infrastructure to support its growing business activities.
Total Assets reduced by 7.2% from the 2006 year end to $87.7 million.
Kuwait Insurance Company's second-quarter net profit more than tripled to KD6.9 million dinars ($24.43 million).
It made KD2.1 million profit in the same period last year, the firm said in a statement on the bourse Web site, without giving a reason for the profit rise.
Earnings per share rose to 35.45 fils from 10.82 fils.
The insurer's half-year profit rose 75% to KD12.8 million from KD7.3 million in the year-ago period.
Kuwait Insurance said the first-half earnings include unrealised profit of KD9.6 million representing the value of portfolio gains.
Egypt's South Valley Cement increased net profit by 168% in the first half of 2007 year-on-year, the stock exchange said.
Net profit rose to EP217.8 million ($38.5 million) in January-June from EP81.3 million in the first half of 2006, it said in a statement.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.