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104075
Tue, 02/02/2010 - 15:05
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https://oananews.org//node/104075
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Aabar posts Dh1.68b net profit for 2009
Aabar Investments said Monday its net profit more than doubled to Dh1.68 billion last year, compared with Dh721.59 million the year earlier.
In a filing to the Abu Dhabi Securities Exchange (ADX), where its shares are listed, Aabar said: "The support granted by parent shareholders International Petroleum Investment Company (IPIC) has played a significant role in this success with IPIC's contribution of Dh6.68 billion in capital and access to its pipeline of high quality investment opportunities."
The company said it had diversified its investments in real estate and financial services sectors.
Aabar however, said its earnings per share in 2009 fell to 63 fils per share, compared with 80 fils a share a year earlier. During the year, it made a net operating profit of Dh156.41 million compared with a Dh127.17 million loss in 2008. The company didn't provide any figures for the fiscal fourth quarter ended December 2009.
Aabar's shares jumped 4.05 per cent yesterday after the company results were announced, closing at Dh2.29.
Shares
"Aabar delivered good results but it was lower than expectations. Aabar is a good buy, fundamentally, the share looks good and the company is rich in cash. Aabar's shares may touch Dh2.50, near-term," Musa Haddad, head trader with the National Bank of Abu Dhabi Asset Management, told Gulf News yesterday.
On March 22 last year, Aabar acquired 9.1 per cent of the share capital of Daimler, a German automotive manufacturer and the maker of Mercedes Benz cars, making it Daimler's largest shareholders. It also purchased 40 per cent of Daimler's equity in electric carmaker Tesla Motors, marking the start of their first joint strategic project with Daimler.
In July, Aabar said it will pay around US$280 million to acquire a 32 per cent equity stake in the US-based Virgin Galactic, the world's first commercial spaceline owned by Sir Richard Branson's Virgin Group that plans to send non-astronauts into space beginning in 2011.
In a filing to the Abu Dhabi Securities Exchange (ADX), where its shares are listed, Aabar said: "The support granted by parent shareholders International Petroleum Investment Company (IPIC) has played a significant role in this success with IPIC's contribution of Dh6.68 billion in capital and access to its pipeline of high quality investment opportunities."
The company said it had diversified its investments in real estate and financial services sectors.
Aabar however, said its earnings per share in 2009 fell to 63 fils per share, compared with 80 fils a share a year earlier. During the year, it made a net operating profit of Dh156.41 million compared with a Dh127.17 million loss in 2008. The company didn't provide any figures for the fiscal fourth quarter ended December 2009.
Aabar's shares jumped 4.05 per cent yesterday after the company results were announced, closing at Dh2.29.
Shares
"Aabar delivered good results but it was lower than expectations. Aabar is a good buy, fundamentally, the share looks good and the company is rich in cash. Aabar's shares may touch Dh2.50, near-term," Musa Haddad, head trader with the National Bank of Abu Dhabi Asset Management, told Gulf News yesterday.
On March 22 last year, Aabar acquired 9.1 per cent of the share capital of Daimler, a German automotive manufacturer and the maker of Mercedes Benz cars, making it Daimler's largest shareholders. It also purchased 40 per cent of Daimler's equity in electric carmaker Tesla Motors, marking the start of their first joint strategic project with Daimler.
In July, Aabar said it will pay around US$280 million to acquire a 32 per cent equity stake in the US-based Virgin Galactic, the world's first commercial spaceline owned by Sir Richard Branson's Virgin Group that plans to send non-astronauts into space beginning in 2011.
