UAE's National Investor reports increased earnings
The National Investor, one of the UAE’s leading investment and merchant banking firms, has announced net consolidated earnings of AED19.2million, a 93% increase over the corresponding period last year.
Revenues from the company’s investment banking and advisory activities climbed to AED5.2m from AED964,742 compared to the same period last year, representing an increase of 446%. The portfolio of listed equities, which comprises blue chip and highly liquid shares, reported a return of 52% for the six month period, ending September 30 versus a 34% increase of the NBAD Index, thereby outperforming the market by 18%.
Shareholders’ equity stood at AED210m as at 30 September 2004. Moreover, return on equity (ROE) for the six months period was 28% over shareholders’ equity position at March 31, 2004.
Commenting on the positive performance, Mr Abdullah Mohamed Al Mazrui, Chairman, The National Investor, said: “This is an extremely strong showing for The National Investor and is the result of the substantial growth in our investment banking activities and the strong performance of our portfolio of investments. The shareholders’ equity increased due to the ongoing capital increase, the jump in our net earnings and the revaluation reserve due to the appreciation in value of the company’s investment in IPO founders’ shares.” (menareport.com)