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UAE corporates’ net profit rises 11.5% in Q1

According to a report by Global Investment House, net profit achieved by UAE corporates rose 11.5% in the first quarter to $3.01bn, as the total net income of GCC companies for the same period rose 12.9% to $14.5bn, Khaleej Times has reported. In Abu Dhabi Stock Exchange, a total of 59 companies reported an aggregate net profit of $2.25bn for the first quarter compared to $1.87bn in the same 2011 period, a growth of 20.5%. However, "a total of 34 companies listed on the DFM posted a decrease of 8.9% in their first quarter net profit to $754.8m from $828.6m in the same 2011 period," Faisal Hasan, head of research at Global Investment House said in the research note.