ADX Achieves 99 Percent in Disclosure Compliance of Third Quarter 2017 Financial Statements

Press release

Published November 15th, 2017 - 12:48 GMT

Mr. Saif Sayah Al Mansoori, Senior Head of Listed Companies Affairs Department at ADX

Abu Dhabi Securities Exchange (ADX) announced that it has succeeded in achieving a compliance rate of 99% regarding the disclosure of the 3^rd quarter financial statements of its listed public joint stock companies within the deadline of 45 days from the end of the financial period.

64 listed companies out of 65, local and foreign, disclosed their 3^rd Quarter financial statements for 2017 within the 45 days period given.

It is worthy to note that the combined net profit of all listed companies as of 14 November 2017 has shown an increase of 20.91% in comparison to the same period in 2017. The highest recorded increase was in the Energy sector with an increase of 187.74%, followed by the Services sector with an increase of 163.95%

ADX wishes to thank the following companies for being the first to promptly disclose their financial results for Q3 2017: Union National Bank, Sharjah Islamic Bank, United Arab Bank, National Bank of Umm Al Qaiwain, and Eshraq Properties.

Mr. Saif Sayah Al Mansoori, Senior Head of Listed Companies Affairs Department at ADX commented: "The collaboration between ADX and its listed companies has always proved to be a productive one. We can clearly see the positive impact of this cooperation through the companies' fulfillment of their obligations on the disclosure of the 1st quarter financial statements."

Background Information

Abu Dhabi Securities Exchange

Abu Dhabi Securities Exchange (ADX) was established on 15th of November 2000 by Local Law No. (3) of 2000, the provisions of which vests the Market with a legal entity of autonomous status, independent finance and management, and gives ADX the necessary supervisory and executive powers to exercise its functions.

Moreover, ADX has the authority to establish centers and branches outside the Emirate of Abu Dhabi, and so far it has done so in Al Ain, Zayed City, Fujairah, Ras Al Khaimah and Sharjah.

ADX's board of directors is comprised of seven members nominated by Amiri Decree. The members of the board hold office for a term of three years. The first board of directors was constituted by Amiri Decree No. (8) of 2000.