Dubai Financial Market PJSC (DFM), the only publicly traded Gulf Arab stock market, said second-quarter profit declined 31 percent as revenue dropped.
Net income was 10.2 million dirhams ($2.7 million), Dubai Financial Market said in an e-mailed statement today. Revenue dropped 23 percent to 49.6 million dirhams, while expenses fell 21 percent to 39.4 million dirhams, it said.
The company didn’t give reasons for the profit decline. The complete earnings statement is yet to be released.
Saturday 4 August 2012
Traders to weigh impact of DFM result - The National
Investors this week will be digesting second-quarter results from Dubai Financial Market Company, the only publicly traded stock market in the Arabian Gulf.
The company posted a fall in profits of 31 per cent as trading volumes sank to summer lows. Net income reached Dh10.2 million in the quarter ending on June 30 compared with the same period last year.
Analysts polled by Reuters expected the bourse to post a quarterly profit of Dh4m, a 72 per cent decline from Dh14.71m last year.
The company posted a fall in profits of 31 per cent as trading volumes sank to summer lows. Net income reached Dh10.2 million in the quarter ending on June 30 compared with the same period last year.
Analysts polled by Reuters expected the bourse to post a quarterly profit of Dh4m, a 72 per cent decline from Dh14.71m last year.
Optimism of Arab Spring fades for workers in Egypt - The National
Out in Egypt's desert, the end of a long shift at the stiflingly hot Cleopatra Ceramics factory comes as a welcome relief for the labourers fasting for Ramadan.
The employees have reluctantly returned to work after weeks of strikes demanding overdue wages and compensation promised months earlier.
Instead, the workers' face-off with the owner of the factory has come to epitomise the struggle that defined the beginning of the revolution in January last year when thousands broke away from the regime's stranglehold to call for better social justice and welfare.
The employees have reluctantly returned to work after weeks of strikes demanding overdue wages and compensation promised months earlier.
Instead, the workers' face-off with the owner of the factory has come to epitomise the struggle that defined the beginning of the revolution in January last year when thousands broke away from the regime's stranglehold to call for better social justice and welfare.
Lack of confidence takes toll on DFM - The National
Dubai Financial Market Company, the only publicly listed bourse in the region, posted a 31 per cent drop in second-quarter profit as investor interest and trading volumes continued their prolonged decline in the UAE.
Net income reached Dh10.2 million (US$2.7m) in the quarter that ended on June 30, the bourse said, compared with Dh14.7m in the same period last year.
The company's profits have been sinking ever since access to credit became more difficult and asset values diminished in the face of the global financial crisis that began in 2008.
Net income reached Dh10.2 million (US$2.7m) in the quarter that ended on June 30, the bourse said, compared with Dh14.7m in the same period last year.
The company's profits have been sinking ever since access to credit became more difficult and asset values diminished in the face of the global financial crisis that began in 2008.
Perils of a guest labour force | GulfNews.com
Whenever an incident concerning an unskilled expatriate worker involved in a crime is reported in the press, it is usually followed by calls warning against the threat of these people among our society. After reading enough of these generalised warnings against the unskilled and semi-skilled expatriate workforce in Saudi Arabia, I have to ask this question: Can we really get by without their presence?
Before I answer that question myself, let me list some of the activities these workers are engaged in. To begin with, our municipal workers are exclusively comprised of large numbers of expatriates industriously engaged in keeping our roads and cities clean, and our trash carted away. As our cities strain from a growing population, so does the amount of litter and rubbish that has to be catered to, and it is being judiciously done by the guest worker.
Before I answer that question myself, let me list some of the activities these workers are engaged in. To begin with, our municipal workers are exclusively comprised of large numbers of expatriates industriously engaged in keeping our roads and cities clean, and our trash carted away. As our cities strain from a growing population, so does the amount of litter and rubbish that has to be catered to, and it is being judiciously done by the guest worker.
Banks can have the cake and eat it | GulfNews.com
The latest UAE Central Bank circular revising the general terms and conditions governing personal banking practices virtually reads like an overzealous charter of demands on behalf of the banks. The provisions are heavily skewed in favour of the banks.
The circular itself acknowledges the fact that the text of the entire content has been drafted and approved by the Emirates Banks Association, giving the impression that it may have been meant to serve as a discussion paper. But the notice addressed to the chief executive officers, general managers and managing directors of banks, and signed by the Central Bank Governor, asks the banks to comply with the new regulations.
This raises a very valid question about the relationship between the Central Bank and the Emirates Banks Association. The association itself describes it as a society of banks for public interest, established under registration by the Ministry of Welfare and Social Affairs. And its stated objectives include protection of the interests of the member banks and defence of their rights. There is not a word about customers in the charter, but no one can blame the banks for that.
The circular itself acknowledges the fact that the text of the entire content has been drafted and approved by the Emirates Banks Association, giving the impression that it may have been meant to serve as a discussion paper. But the notice addressed to the chief executive officers, general managers and managing directors of banks, and signed by the Central Bank Governor, asks the banks to comply with the new regulations.
This raises a very valid question about the relationship between the Central Bank and the Emirates Banks Association. The association itself describes it as a society of banks for public interest, established under registration by the Ministry of Welfare and Social Affairs. And its stated objectives include protection of the interests of the member banks and defence of their rights. There is not a word about customers in the charter, but no one can blame the banks for that.
Happy, holy spending in Saudi Arabia | GulfNews.com
The spending associated with the fasting month of Ramadan contributes handsomely to expansion of the Saudi economy. The month of fasting, this time spanning from July 20 to August 19, is noted for enticing a large of visitors to the Grand Mosque in Makkah for Ramadan Umrah. In fact, a significant amount of money is projected to be infused into the Saudi economy during the last 10 days of Ramadan, the most common period for pilgrims to visit the holy shrines other than the annual Haj. The period coincides with revelation of the holy Quran.
If any, visitors are complaining of costs relating to the prices of hotels and transportation. On average, prices tend to increase up to 30 per cent in Ramadan compared to Umrah performed at other times of the year. Prices for a 10-day visit range between $9,300 (Dh34,150) to $24,000 largely depending on choice of residence for those insisting on staying at hotels and residences near the Grand Mosque.
Arguably, Haj and Umrah authorities in Saudi Arabia are against the idea of intervening or fixing prices. They rightly contend that the period is high time for business, with investors in Makkah looking forward it to reap maximum profits.
If any, visitors are complaining of costs relating to the prices of hotels and transportation. On average, prices tend to increase up to 30 per cent in Ramadan compared to Umrah performed at other times of the year. Prices for a 10-day visit range between $9,300 (Dh34,150) to $24,000 largely depending on choice of residence for those insisting on staying at hotels and residences near the Grand Mosque.
Arguably, Haj and Umrah authorities in Saudi Arabia are against the idea of intervening or fixing prices. They rightly contend that the period is high time for business, with investors in Makkah looking forward it to reap maximum profits.
Markets can still gain on Q2 earnings | GulfNews.com
The region’s stock markets are likely to gain this week, say experts on the back of some strong second quarter corporate earnings - several of which exceeded analysts’ expectations, global oil prices gaining traction and euphoria generated by latest the US employment data, which showed the world’s largest economy added 163,000 jobs in July.
“The markets should open on a positive note on Sunday. We saw significant foreign inflows in Dubai in July predominantly focussing on Emaar, which spilled over to other core companies in the UAE such as Aldar, Sorouh, Drake & Scull, First Gulf Bank and Abu Dhabi Commercial Bank,” Anastasios Dalgiannakis, Head of Trading at Dubai-based Mubasher Financial Services told Gulf News by telephone.
“We expect retail activity to pick up post-Ramadan...the market should continue to remain supported, assuming a benign international environment,” Dalgiannakis added.
“The markets should open on a positive note on Sunday. We saw significant foreign inflows in Dubai in July predominantly focussing on Emaar, which spilled over to other core companies in the UAE such as Aldar, Sorouh, Drake & Scull, First Gulf Bank and Abu Dhabi Commercial Bank,” Anastasios Dalgiannakis, Head of Trading at Dubai-based Mubasher Financial Services told Gulf News by telephone.
“We expect retail activity to pick up post-Ramadan...the market should continue to remain supported, assuming a benign international environment,” Dalgiannakis added.
WAM | DFM Company Net Profit surges 140 per cent to AED 40.6 million during the first half of 2012
Dubai Financial Market Company (PJSC) today announced its financial results for the first half of the year ending June 30th 2012, recording a net profit of AED 40.6 million, a 140 per cent increase compared to the corresponding period of 2011.
The net profit of the second quarter 2012 reached 10.2 million a 31 per cent decrease compared to Q2- 2011.
The Company recorded total revenue of AED 118.7 million in H1-2012 compared to AED 113.3 million during H1- 2011. The revenue comprised of AED 94.3 million of operating income and AED 24.4 million of investment returns. The Company expenses reached AED 78.1 million compared to AED 96.4 million recorded during H1-2011. During the second quarter of 2012, the Company's revenue reached AED 49.6 million compared to AED 64.6 million in the second quarter of 2011, whilst expenses amounted to AED 39.4 million in the same period compared to AED 49.9 million during Q2- 2011.
The net profit of the second quarter 2012 reached 10.2 million a 31 per cent decrease compared to Q2- 2011.
The Company recorded total revenue of AED 118.7 million in H1-2012 compared to AED 113.3 million during H1- 2011. The revenue comprised of AED 94.3 million of operating income and AED 24.4 million of investment returns. The Company expenses reached AED 78.1 million compared to AED 96.4 million recorded during H1-2011. During the second quarter of 2012, the Company's revenue reached AED 49.6 million compared to AED 64.6 million in the second quarter of 2011, whilst expenses amounted to AED 39.4 million in the same period compared to AED 49.9 million during Q2- 2011.
Egypt invites IMF to resume loan talks | Al Akhbar English
Egypt invited officials from the International Monetary Fund (IMF) to visit to resume talks on a $3.2 billion loan, the state's finance minister Mumtaz al-Saeed told reporters on Saturday.
"We have offered an invitation to the IMF delegation to visit Egypt in the coming period," Saeed said without specifying when exactly the visit will take place.
An IMF deal would help Egypt stave off a budget and balance of payments crisis and add credibility to economic reforms needed to restore the confidence of investors who fled the country after a popular uprising last year.
"We have offered an invitation to the IMF delegation to visit Egypt in the coming period," Saeed said without specifying when exactly the visit will take place.
An IMF deal would help Egypt stave off a budget and balance of payments crisis and add credibility to economic reforms needed to restore the confidence of investors who fled the country after a popular uprising last year.
[category]: STOCKS NEWS MIDEAST-Saudi stocks end higher on petchem,banking gains - Yahoo! News Maktoob
Saudi shares close higher on Saturday led by gains in the banking and petrochemical stocks.
The all-share ends 0.9 percent higher at 6,951 points and the petrochemical index ends 0.6 percent higher at 6,053 points.
Petrochemical giant Saudi Basic Industries Corp (SABIC) gains 1.4 percent.
The all-share ends 0.9 percent higher at 6,951 points and the petrochemical index ends 0.6 percent higher at 6,053 points.
Petrochemical giant Saudi Basic Industries Corp (SABIC) gains 1.4 percent.
IMF approves new loans to Morocco, Jordan | Reuters
The International Monetary Fund (IMF) on Friday approved loans to Morocco and Jordan after they were hit by costlier energy bills, economic restraints from regional instability and an escalating euro zone crisis.
The IMF approved a $6.2 billion precautionary line of credit for Morocco over two years, which it said the government would treat as "insurance" in case economic conditions deteriorate and it faced sudden financing needs.
The IMF board also approved a $2 billion loan to Jordan, announced last month. Jordan's finances were hurt by regional protests and supply disruptions from Egypt forced it to switch from gas to more expensive oil for power generation.
The IMF approved a $6.2 billion precautionary line of credit for Morocco over two years, which it said the government would treat as "insurance" in case economic conditions deteriorate and it faced sudden financing needs.
The IMF board also approved a $2 billion loan to Jordan, announced last month. Jordan's finances were hurt by regional protests and supply disruptions from Egypt forced it to switch from gas to more expensive oil for power generation.
UAE real estate 'close to stabilising', says RICS - Real Estate - ArabianBusiness.com
Sentiment in the UAE real estate investment market improved during the second quarter of 2012, boosted by the rising availability of funds, according to the Royal Institution of Chartered Surveyors (RICS).
Its latest Global Commercial Property Survey said purchaser enquiries rose for the second consecutive quarter and transactions are forecast to rise in the coming months.
It said expectations for capital values in the UAE for the third quarter show a modest increase for the first time since 2008.
Its latest Global Commercial Property Survey said purchaser enquiries rose for the second consecutive quarter and transactions are forecast to rise in the coming months.
It said expectations for capital values in the UAE for the third quarter show a modest increase for the first time since 2008.
Saudi Shares Rise to Two-Month High on Oil, U.S. Job Data - Businessweek
Shares in Saudi Arabia (SASEIDX), the Arab world’s biggest stock market, climbed to a two-month high after oil prices rose and U.S. employment climbed more than economists anticipated.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker known as Sabic, advanced to the highest level since July 3. Yanbu National Petrochemicals Co. (YANSAB), a Sabic unit, reached the highest value since May 23. Al-Rajhi Bank, the kingdom’s biggest by market value, rose the most in a month.
The Tadawul All Share Index gained 0.9 percent to 6,951.66, the highest since May 30, at the 3:30 p.m. close in Riyadh. The measure has risen 8.3 percent this year. U.S. stocks capped four weeks of gains yesterday, giving the Dow Jones Industrial Average the longest rally since October, after the Labor Department said employers added 163,000 workers in July, exceeding the 100,000 median estimate of economists surveyed by Bloomberg News. Oil surged 4.9 percent, the most since June 29.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker known as Sabic, advanced to the highest level since July 3. Yanbu National Petrochemicals Co. (YANSAB), a Sabic unit, reached the highest value since May 23. Al-Rajhi Bank, the kingdom’s biggest by market value, rose the most in a month.
The Tadawul All Share Index gained 0.9 percent to 6,951.66, the highest since May 30, at the 3:30 p.m. close in Riyadh. The measure has risen 8.3 percent this year. U.S. stocks capped four weeks of gains yesterday, giving the Dow Jones Industrial Average the longest rally since October, after the Labor Department said employers added 163,000 workers in July, exceeding the 100,000 median estimate of economists surveyed by Bloomberg News. Oil surged 4.9 percent, the most since June 29.
