EKTITAB 08Q3 profit Dh33m -50%

[sharewadi]

EKTTITAB 2008 Q3 profit Dh33m -50%, M9 220m +160% 04 Nov 2008

Ektitab 2008 Q3 report
Ektitab 2008 M9 report

DFM 04 November 2008 (during trading):

(EKTTITAB) Ektetab Holding: Discloses its reviewed condensed Interim financial statements for the period ended 30/09/2008

DFM 04 November 2008:

DFM: Resumption trading on EKTTITAB HOLDING shares after disclosing the incoming news. DFM: Suspend trading on EKTTITAB HOLDING shares for incoming disclosure from the company.

Ekttetab results announced but no disclosures available. Summary figures translated from Arabic so don't assume they are correct (and if you spot an error, please reply here and tell me so I can fix it ). Ektitab Holding (EKTTITAB) profit figures for third quarter 2008 are (EPS annualised in brackets):

2008 Q3 profit = AED 33.1m -50.5% from 2007 Q3, EPS = 0.06 dhs (0.00 )
2007 Q3 profit = AED 66.8m, EPS = 0.14 dhs
2008 M9 profit = AED 218m +160.2% from 2007 M9, EPS = 0.42 dhs (0.04 )
2007 M9 profit = AED 83.9m, EPS = 0.16 dhs

EPS figures as stated in EKTTITAB disclosure.

EKTTITAB share price as of 04 Nov 2008 was 1.53 dhs, so 2008 estimated PE is about 1.53 / 0.26 = 5.9, based on Q3 earnings, which is around half the market average PE of about 10 but roughly inline with PEs for Kuwait investment companies that have secondary listings on the DFM. 2008 PE estimate based on M9 earnings is 1.53 / 0.56 = 2.7, which looks even cheaper. Ektitab shares were cheap in Q2 also, even before the recent crash. Probably for good reason. If a company is cheap on their investor relations then one would hope their share price reflects that. Ektitab shares have fallen 2% to 1.50 on the DFM so far today - from one small trade worth only AED 378.

Other result and related topics

2008Q3 UAE result list

EKTTITAB 2008Q2 profit AED 97.2m 28 Jul 2008
EKTTITAB 2008 Q1 results not reviewed - see 08Q1 DFM results for updates
EKTTITAB 2007 FY results not reviewed - see 07FY DFM results for updates
EKTTITAB 2007 Q3 results not reviewed - see 07Q3 DFM results for updates
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