Note that ALMADINA / DFM have only provided statements in Arabic so assume these numbers are wild guesses only (my transalation skills are very poor at best), until you confirm them independently. Or maybe someone can double check my figures?
DFM 27 November 2007:
Nov 27, 2007 (ALMADINA): Discloses its interim un-audited condensed consolidated financial statements for the period ended 30/9/2007
There appears to be a significant increase in shareholders' equity, perhaps there was a rights issue in the past 12 months?
EPS figures calculated from Net Profit / 174,225,000 shares outstanding.
ALMADINA share price at close on 27 Nov 2007 was 9.97 dhs, so 2007 estimated PE is about 9.97 / 3.90 = 2.6, based on Q3 earnings, which is less than half the market average PE of about 16. 2007 PE estimate based on M9 earnings is 9.97 / 1.79 = 5.6, which is about twice as much.
Based on this report, which is the only news I can find about Al Madina profits, the Net Profit figures in the previous post appear to be correct.
Note that the way this report is written could be confusing. When they say "the third quarter ending Sept 30, 2007", they're talking about the 9 month period ending 30 Sep 2007, not the 3 month period. The 3 month figures are in the next paragraph.
Check out the dates too. Results in the press 14 November 2007 but DFM didn't release them until today (27 November 2007). Is that ALMADINA or DFM being slow ?
Arab Times 14 November 2007:
Al Madina posts KD 17mln profit
KUWAIT : The Kuwait Stock Exchange (KSE) announces that Al Madina Finance and Investment Company had met Nov 13, 2007 and posted a profit of KD 17,461,597 with earning per share valued at 100.22 fils for the third quarter ending Sept 30, 2007, while during the corresponding period last year the company earned a profit of KD 4,452,911 with the company’s earning per share valued at 30.35 fils. The net profit posted includes unrealized revenue worth KD 188,481 and unrealized profit of KD 1,219,268.
For the three months ending Sept 30, 2007 the company achieved a profit of KD 12,701,041 with its EPS at 72.90 fils and KD 2,349,438 with EPS of 15.84 fils within the same period 2006.
The Company recently announced that one of its subsidiaries Al Madina Real Estate (owned by 49.6 percent) had sign a contract with the Ras Al-Khaimah, UAE to buy a plot of land with an area of 40 thousand square valued at KD 15 million.
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