DNIR 08Q3 profit Dh12m +29%

[sharewadi]

DNIR 2008 Q3 profit Dh12m +29%, M9 33m +22% 13 Nov 2008

Dubai National Insurance 2008 Q3 report
Dubai National Insurance 2008 M9 report

DFM 13 November 2008 (pm):

(DNIR) Dubai National Insurance: Discloses its reviewed interim condensed financial statements for the period ended 30/09/2008

Dubai National Insurance & Reinsurance (DNIR) profit figures for third quarter 2008 are (EPS annualised in brackets):

2008 Q3 profit = AED 12.3m +29.0% from 2007 Q3, EPS = 0.12 dhs (0.48 )
2007 Q3 profit = AED 9.49m, EPS = 0.09 dhs
2008 M9 profit = AED 32.9m +21.8% from 2007 M9, EPS = 0.33 dhs (0.44 )
2007 M9 profit = AED 27m, EPS = 0.27 dhs

EPS figures calculated from Net Profit / 100,000,000 shares outstanding.

DNIR share price as of 13 Nov 2008 was 3.10 dhs, so 2008 estimated PE is about 3.10 / 0.48 = 6.5, based on Q3 earnings, which is somewhat lower than the average market PE of about 10. 2008 PE estimate based on M9 earnings is 3.10 / 0.44 = 7.1, which is a bit more but seems about inline with average price for non-Islamic insurance companies. DNIR profits have been growing a little over the past couple of years, but are still a long way from the massive AED300m they made in 2005. Q3 profits are the same as 2008 Q2, and if they do the same again in Q4 they should be on target for about a 25% increase on last year.

Other result and related topics

2008Q3 UAE result list

DNIR 2008Q2 profit AED 12.3m 13 Aug 2008
DNIR 2008Q1 report - profit AED 8.3m 12 May 2008 (SW summary)
DNIR 2007FY profit AED 36.1m 04 Feb 2008
DNIR 2007 Q3 results not reviewed - see 07Q3 DFM results for updates
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