Missing forecasts
The lender s fourth-quarter profits saw an even steeper decline, by 84 per cent year-on-year to Dh168 million and came well below analyst estimates of Dh952 million, said Shabbir Malik, Research Analyst, MENA Financials, EFG-Hermes.
The earnings miss was due to higher provisioning, which in part could be linked to the top-up of provisions on the bank s exposure to NMC Healthcare, Malik added. He, however, said its Dh0.20 per share dividend topped EFG forecast for Dh0.15.
Saudi Arabia s benchmark index ticked up 0.2 per cent to 9,102 points extending its gains for a ninth day in a row. Saudi Ceramics surged 4.2 per cent after full-year profit shot up to SR77.7 million from SR7.2 million as revenues rose 23 per cent to SR1.52 billion. The robust performance was attributable to improved sales and profit margins coupled with reduction in selling and administrative expenses.
The National there “are many things that are wrong” in the company’s statement.
The case has been brought as a consequence of requests to extradite the former executive last year, which was dismissed in local courts, he said.
Under a treaty to which the UAE and Jordan are signatories, if an extradition request is turned down by either country, an entity seeking charges in one jurisdiction can bring them in another.
The three charges have a total monetary value of Dh14 million ($3.8m) and are part of the 15 claims the company brought to the UAE s federal prosecutor in 2018, Mr Tabari confirmed.
UAE operators Etisalat, du raise foreign ownership to 49%
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Etisalat first opened up to foreign ownership in 2015
by Zainab Mansoor
January 21, 2021
UAE telecom operators Etisalat and du have raised the ownership limit of foreign nationals to 49 per cent.
“Non-UAE nationals (whether individual or legal entities) are entitled to own shares in the company up to 49 per cent of the company’s capital. Local and international telecommunication companies are not permitted to own shares in the company,” du said, in a bourse filing to