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UAE, Qatar markets update: Aldar up on earnings beat

  • Net profit attributable to Aldar’s owners came in at AED747.8m
  • Emaar Properties, added 0.9 percent, helping lift Dubai’s main index up 0.4 per cent
  • Small and mid-sized shares were the chief gainers, with builder Arabtec advancing 2.3 percent

Abu Dhabi’s index rose by 0.6 percent as the largest listed developer Aldar Properties climbed 1.2 percent on its quarterly earnings beat.

The highlights

Net profit attributable to Aldar’s owners came in at AED747.8 million ($203.6m) for the three months to September 30, a 17.9 percent increase from year-ago period. Analysts at SICO Bahrain forecast Aldar would make quarterly profit of AED480.26m and EFG Hermes expected earnings of AED682.06m.

 

Click here to read more Aldar Properties’ Q3 earnings

 

Emaar rides high

The largest listed developer in neighbouring Dubai, Emaar Properties, added 0.9 percent, helping lift Dubai’s main index up 0.4 per cent.

But small and mid-sized shares were the chief gainers, with builder Arabtec, which has not yet reported quarterly earnings, advancing 2.3 per cent.

Qatar highlights

Telecommunication shares helped lift Qatar’s blue chip index 0.2 per cent.

Vodafone Qatar was up 0.9 percent after the affiliate of Vodafone Group, reported a narrowing loss to QAR63.9m ($17.6m) in the three months to September 30. That compares with a loss of QAR113.6m in the prior-year period and the forecast of a QAR94m loss from Arqaam Capital.

 

Click here to read: Vodafone Qatar cuts low-margin services

 

Competitor Ooredoo, which reported last month a 51 percent slide in quarterly profit, rose by 0.7 percent.

(With inputs from Reuters)