By: Mahmoud Gamal

Abu Dhabi – Mubasher: Net profits of 61 Abu Dhabi-listed companies grew 5.5% in the first quarter of 2018, registering AED 10.49 billion versus AED 9.94 billion in the year-ago period, according to a survey conducted by Mubasher.

Banks have recorded positive results, which prove their operative competence, through the reduction of allocations and expenses, MindCraft Consultants’ CEO Fadi Al Ghattis commented.

These 61 companies are expected to achieve good results in 2018, given the expected growth of the national economy and the improvement in liquidity and loans, Al Ghattis added.

Banks listed on the Abu Dhabi Securities Exchange (ADX) reported a 5% year-on-year increase in net profits in Q1-18, reaching AED 6.08 billion.

From January to March, the ADX-listed telecommunication companies' net profit registered AED 2.11 billion, while the energy firms’ net profit soared 17% to AED 703 million in the same period.

Furthermore, the Abu Dhabi-listed developers achieved a 4% growth in net profit in the first three months of 2018, recording AED 703.1 million, compared to AED 669.5 million in Q1-17.

Translated by: Muhammad Khalid