Aabar 2009Q3 profit AED1.5bn

[sharewadi]

Aabar press release and financial statements on the ADX website this morning.

• Aabar profit for 2009 Q3 was AED 1.478 billion
  
• Aabar profit for 2008 Q3 was AED 19.9m which makes a comparison rather meaningless.
  
• Aabar 2009 Q2 profit was a loss, or a profit, or something. So if the loss on the income statement was really a profit in 2Q, does that mean the profit given on the 3Q Income Statement of AED 1.5 billion is really a loss?

ADX 29 October 2009:

(AABAR) Aabar announces AED1.478billion profit for its third quarter

ADX 29 October 2009:

(AABAR) Aabar Investments discloses board report and financial statements for the 3rd quarter, 2009

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[sharewadi]

Press Release 29 October 2009:

Aabar Investments PJSC announces AED1.478 billion profit for its third quarter Abu Dhabi - Abu Dhabi’s Aabar Investments PJSC (AABAR) has made a profit of AED1.478 billion for its third quarter. Aabar’s book value per share increased from AED3.50 in the second quarter, to AED3.97 in the third quarter. Aabar’s shareholder equity has increased from AED10.93 billion in the second quarter to AED 12.41billion in the third quarter and the statements show a net profit of AED1.478 billion in the third quarter. His Excellency Khadem Al Qubaisi, Chairman of Aabar, said "I am delighted with the results that Aabar has achieved in yet another successful quarter for the company. The increase in Aabar’s profit for this quarter can be largely attributed to its very successful investment in Daimler which has shown significant growth as well as a profit in several of Aabar’s other investments. As reflected by the current results, Aabar’s profits continue to grow at a steady rate and the board of directors has full confidence that the company will continue to flourish as it expands and its investments grow. In our view, this will be facilitated and assisted by the growth and development of the city of Abu Dhabi and the local economy. We are excited about Aabar’s progress and we look forward to reporting its further successes.” Mohamed Badawy Al-Husseiny, Chief Executive Officer of Aabar, echoed the Aabar Chairman’s thoughts and added "I am exceptionally pleased with the company’s performance in this third quarter. After a very successful second quarter, the board and management set our sights upon building on and enhancing the profits and achievements of the company and I am happy to report that we have achieved just that in this quarter. Our team continues to review and consider new investments while working hard to increase the value of the company’s existing investments and I can confirm that potential future transactions include new and exciting opportunities around the world and in areas not previously explored by Aabar (such as Latin America (as already evidenced by our recent announcement of an acquisition of shares in Banco Santander (Brasil) which will be reported in our financials in the fourth quarter))”

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[joypsam1]

AABAR profit was mainly from DAI investments. Except DAI all other investments are not much profitable so far. May be tomorrow it may change.

Now the Scenario has been changed.

DAI is now $56 to $46 in one week. I don’t know the impact of this on AABAR price. But sentiments may change from positive to negative and already reflected in AABAR stock price.

AED 2.70 level to AED 2.55 level. And may further down and expect to touch near AED 2.00 before it bounce back later of the year.

[sam111sam]

[maq3012]

I agree with you Sam, Aabar is holding its position despite fall in DAI price. I have seen the breif presentation of Falcon Private Bank now 100% owned by Aabar which have started its operation in UAE. It seems Aabar has huge plans with IPIC backing. H.E. Khadem Al Quabasi is MD of IPIC and Chairman of Aabar as well which will be an added value to Aabar Investment. May be for short term Aabar price may struggle further i have decided to hold my position and i may buy on dips.

[maq3012]

Aabar has disclosed its Q3 Financials. I cant understand the hedging as Aabar has taken a further hit of AED 3.5 bn in Q3 which had dented the netprofit. For nine months loss from derivative financial instrument (hedging) is AED 5.7 billion and the netprofit for 9 months is AED 1.5 bn.

Investment in Dailmer is restated as Fair Value Through PNL from Available for Sale. Increase or decrease in DAI price will be accounted through income statement. Falcon Bank is doing good for Aabar, the only negative effect is from put option on DAI on certain prices (hedging) which will their till 2012. Well i will contiune to hold Aabar as the management is quite strong and i hope they may take the advantage to get some business deals from AbuDhabi's USD 1 trillion budget related to infrastructure and other activities.