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The results of the UAE companies, which have been disclosed in recent days, have shown that the losses of many companies exceeded 100% by the end of the year 2018, revealing the dark landscape surrounding the various economic sectors of the country rich in oil.
Business losses have aggravated the economic stalemate, especially after international economic reports have revealed that banks in the UAE are collapsing as more and more people go out of business. companies block.
Damac Properties' financial results showed a 58.3% decline in earnings for the year ended December 31, 2018.
The company achieved a net profit of AED 1.151 billion, compared to a net profit of AED 2.792 billion in 2017. The company's revenues for the year 2018 dropped to AED 6.129 billion.
The company achieved a net profit of AED 1.1 billion in the first nine months of this year, compared to a net profit of AED 2.3 billion in the corresponding period of 2017.
Abu Dhabi Securities Company (ADX), listed on the Abu Dhabi Securities Exchange (ADX), has revealed that its loss in 2018 has jumped to 107% from 2017, reaching 52.6 million dirhams ( $ 14.3 million), compared to a loss of 25.4 million AED for the corresponding period.
The financial results of Gulfa 's mineral water and manufacturing industries, listed on the Dubai Stock Exchange, were up 156% over last year from 2017.
Net loss was $ 16.55 million, compared to a loss of $ 6.5 million in 2017. Net income was a decrease of 36.2% due the stagnation of the Sultanate of Oman due to competitive prices and a decline in sales in the local market.
Dana Gas, listed on the Abu Dhabi Stock Exchange (ADX), also lost 99%, compared to AED 831 million ($ 226.3 million), compared with a loss of AED 153 million in the same period in 2017.
In addition to losses, many other companies were unable to sustain profits recorded in 2017, becoming a loss at the end of 2018.
The financial results of the Abu Dhabi shipbuilding company showed that the company had recorded a loss of 135.8 million AED, against a profit of 104.8 million AED in 2017.
RAK Poultry, listed on the Abu Dhabi Financial Market (ADX), has lost AED 1.15 million, compared to AED 1.17 million, or AED 3.68 million, compared to AED 3.87 million in 2017. Financial Statements company annual returns for the year.
The results of corporate activities should have more negative consequences for the banking sector, clouded by uncertainty, while many banks have merged to save their existence.
In January, Bloomberg announced that the UAE's banks are increasingly attacking failures, falling real estate prices and the vulnerability of small and medium-sized businesses, while The economy of the country was in free fall.
Bloomberg predicted that non-performing loans will increase this year and banks will use mergers to maintain their competitiveness. The UAE is under financial pressure due to falling oil prices and political conflicts, which have damaged the country's investment climate and attractiveness in key sectors such as real estate. , tourism and banks.
She pointed out that hopes of recovery of the economy in Dubai have been absent over the last three years, which has increased pressure on lenders, falling property prices and rents, the Supply outstripping demand, which has left room for the exit of many investors, especially Two or three years ahead.
One of the country's smaller banks is currently being rescued, Bloomberg said. In December, the UAE's Central Bank announced that it would support the Investment Bank with all the liquidity facilities available to deal with the possibility of default, noting that it was working with the Bank. Bank and the Sharjah government in the development of a plan to strengthen and strengthen its own funds.
The fate of the merger also seems to be heading towards Abu Dhabi Islamic Bank, one of the largest banks in the United Arab Emirates, after Bloomberg revealed on Thursday that it was considering strategic options for its activities, including merger plans, prompting the bank to send a statement to Bursa Dubai on Sunday. In which he stressed that he "is always studying the opportunities in the market that will strengthen the base of its customers and its market share" without giving more details.
(New Arab)
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