ID :
57923
Tue, 04/28/2009 - 15:12
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https://oananews.org//node/57923
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Aabar Investments quarter one net profits up 121%
Abu Dhabi, April 28, 2009 (WAM) - Aabar Investment said yesterday its net profits jumped 121 per cent in the first quarter of 2009 as the Abu Dhabi-based company is pushing ahead with an aggressive investment drive in the UAE and other markets according to a report in "Emirates Business".
Net profits shot up to Dh177.2 million in the first quarter of 2009 from Dh80.9m in the same period of 2008, the company said in a statement. The company's assets also more than tripled at the end of March, while the company's chief saw another good year ahead.
A breakdown showed a large part of the income was earned through foreign exchange, which yielded around Dh140m in the first quarter of 2009 compared with only Dh3.3m in the same period of 2008. Change in fair value of derivative financial instruments yielded around Dh62.4m compared to zero in Q1 last year.
Earnings per share surged to 0.14 per cent in the first quarter of 2009 from 0.04 per cent in the same period of 2008.
Total assets rocketed to Dh14.49bn from Dh3.38bn and shareholders equity to Dh9.2bn from Dh2.3bn.
In a statement early this month, Aabar Investment said it had more than doubled its paid-up capital following its deal to acquire 9.1 per cent of Daimler and become the largest foreign shareholder of the Germany auto giant.
The capital was hiked from Dh900m to Dh3.128bn through the conversion of shares the company issued last year to the government-owned International Petroleum Investment Company.
In 2008, Aabar more than doubled its net profits to a record Dh798.1m from Dh372.7m in 2007.
The earnings surged despite a sharp drop in net profits in the last quarter of 2008, at around Dh115.2m compared with Dh214m in the last quarter of 2007.
Net profits shot up to Dh177.2 million in the first quarter of 2009 from Dh80.9m in the same period of 2008, the company said in a statement. The company's assets also more than tripled at the end of March, while the company's chief saw another good year ahead.
A breakdown showed a large part of the income was earned through foreign exchange, which yielded around Dh140m in the first quarter of 2009 compared with only Dh3.3m in the same period of 2008. Change in fair value of derivative financial instruments yielded around Dh62.4m compared to zero in Q1 last year.
Earnings per share surged to 0.14 per cent in the first quarter of 2009 from 0.04 per cent in the same period of 2008.
Total assets rocketed to Dh14.49bn from Dh3.38bn and shareholders equity to Dh9.2bn from Dh2.3bn.
In a statement early this month, Aabar Investment said it had more than doubled its paid-up capital following its deal to acquire 9.1 per cent of Daimler and become the largest foreign shareholder of the Germany auto giant.
The capital was hiked from Dh900m to Dh3.128bn through the conversion of shares the company issued last year to the government-owned International Petroleum Investment Company.
In 2008, Aabar more than doubled its net profits to a record Dh798.1m from Dh372.7m in 2007.
The earnings surged despite a sharp drop in net profits in the last quarter of 2008, at around Dh115.2m compared with Dh214m in the last quarter of 2007.
