The UAE’s aggregate earnings (based on 23 companies) are expected to grow by 8% YoY (+3% QoQ to AED12.05 billion, driven by Financials and Industrials, Energy & Utilities.
On the corporate level, Emaar Properties (EMAAR.DFM) and Dubai Islamic Bank (DIB.DFM) are expected to report 39% and 52% higher earnings in Q2-14, respectively. However, aggregate earnings growth is expected to be muted by Real Estate (-14% YoY), specifically a 46% expected drop in Aldar Properties’ (ALDAR.ADX) earnings due to one-time gain on business combination related to its acquisition of Sorouh’s assets a year ago. Adjusting for Aldar’s one-off item, UAE’s aggregate earnings would be expected to ring up a 20% YoY growth.
Historically, UAE companies’ revenues and earnings beat rates have jumped to 41% and 53% in 2013, up from 33% and 49% in 2012, respectively. For the past four quarters on average, Real Estate and Financials topped earnings’ estimates by (+67% and +12%), respectively, with Telecom Services & IT the only sector missing (-3%).
On the corporate level, Emaar Properties (EMAAR.DFM) and Dubai Islamic Bank (DIB.DFM) are expected to report 39% and 52% higher earnings in Q2-14, respectively. However, aggregate earnings growth is expected to be muted by Real Estate (-14% YoY), specifically a 46% expected drop in Aldar Properties’ (ALDAR.ADX) earnings due to one-time gain on business combination related to its acquisition of Sorouh’s assets a year ago. Adjusting for Aldar’s one-off item, UAE’s aggregate earnings would be expected to ring up a 20% YoY growth.
Historically, UAE companies’ revenues and earnings beat rates have jumped to 41% and 53% in 2013, up from 33% and 49% in 2012, respectively. For the past four quarters on average, Real Estate and Financials topped earnings’ estimates by (+67% and +12%), respectively, with Telecom Services & IT the only sector missing (-3%).
Source:
Mubasher Exclusive
