BOS 2008 Q1 profit AED88m +38%

[sharewadi]

BOS Q1 2008 results released 26 Apr 2008

BOS 2008 Q1 report - limited information provided in BOS press release. Summary needs to be updated when full financial statements released.

Bank Of Sharjah (BOS) profit figures for first quarter 2008 are (EPS annualised in brackets):

2008 Q1 profit = AED 88m +37.5% from 2007 Q1, EPS = 0.07 dhs (0.28 )
2007 Q1 profit = AED 64m, EPS = 0.05 dhs

EPS figures calculated from Net Profit / 1,250,000,000 shares outstanding.

BOS share price at close on 26 Apr 2008 was 3.09 dhs, so 2008 estimated PE is about 3.09 / 0.26 = 11.7, based on Q1 earnings, which is somewhat lower than the average market PE of about 16 and roughly inline with average PE for the bank sector.

Shareholders' Equity has jumped by almost AED 1.5 billion (50%) due to issuance of convertible bonds. Press release isn't entirely clear to me but it may be there's an additional 500 million shares issued, which would dilute EPS and increase PE to about 17.

Other result and related topics

BOS 2007 FY profit +26% to Dh404 m PR 28 Jan 08
BOS 2007 Q3 results
BOS 2007 Q2 results
BOS 2007 Q1 results
BOS 2006 FY profit AED 320m -47% on 2005, 20% cash div, AGM 10 Feb 2007
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