EPS figures calculated from Net Profit / 1,000,000,000 shares outstanding.
ADNH share price as of 29 Jul 2008 was 8.29 dhs, so 2008 estimated PE is about 8.29 / 0.56 = 14.8, based on Q2 earnings, which is close to the average market PE of about 14 and much the same at 15.0 based on H1 earnings.
So ADNH shares don't look expensive, or cheap, especially given there was little profit growth depite the solid growth in Revenue. Nothing like the spectacular results from the other Abu Dhabi tourism related company (NCTH) yesterday. BOD report didn't really say why.
ADNH shares fell 3.8% to AED 8.31 in thin trading today, quite a change from the busy day they had yesterday.
Abu Dhabi National Hotels (ADNH) press release thanks various bodies for their "... relentless support ..."? Who comes up with these expressions ?
I'm not sure I'd call 6%-10% annual profit growth is indicative of " ... the company’s ongoing success ..."
Abu Dhabi National Hotels should have a look at NCTH 2008 profit growth to see a better example of successful results .
Press Release 30 July 2008:
ADNH net profit in Q2 touches AED 276 million
Abu Dhabi: Abu Dhabi National Hotels (ADNH), the UAE's leading diversified hotel, tourism, transport and catering company, today announced a net profit of AED 276.7 million for the second quarter of 2008 marking a 5.6 percent increase over AED 262 million in profit recorded by the company during the corresponding period in 2007.
ADNH’s operational profit increased 27 per cent with profits from other activities down due to the impact of the global economic situation that affected the securities portfolio both locally and internationally, the company said, in a filing to the Abu Dhabi Securities Exchange (ADX).
ADNH also stated that the coming months would see continued growth in profits due to the expected growth in the economy and tourism as well as the large number of exhibitions planned in Abu Dhabi as well as other emirates.
The growth strategy followed by ADNH’s Board, the commitment of the company’s management and employees, and the relentless support received from government bodies, particularly the Abu Dhabi Tourism Authority (ADTA), have been instrumental in the company’s ongoing success, the company said.
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