EPS figures calculated from Net Profit / 637,560,000 shares outstanding.
UCC share price as of 19 Jan 2009 was 2.50 dhs, so 2008 estimated PE is about 2.50 / 0.40 = 6.3, based on Q4 earnings. 2008 PE based on FY earnings is 2.50 / 0.24 = 10.3, which makes shares look more expensive, and probably very expensive compared to many other UAE stocks after the dismal performance in Q4 2008. Not that UCC shares have been unscathed but at least they've only halved in price from a peak of AED 5.29 in June 2008.
Limited information from the preliminary results statements, but surprisingly, UCC turned in a solid performance for Q4, and the best in 2 years apart from UCC 2007 Q2 profit of AED 96m. Q4 figures were not supplied though so I've calcuated them from M9 and FY data. Given the speed with which the financial world collapsed around us, I would think investors will be particularly interested in the Q4 results rather than the full year. It may be that UCC profits increased due to selling off investments. Total Assets decreased during the fourth quarter by about AED 44 million to AED 1.535 billion, compared to UCC 08Q3 assets of AED 1.579 billion. So there's two thirds of the profit, possibly. However, I don't know the break down so take my comments with a pinch of salt.
The accompanying comments aren't particularly helpful except for a couple of items. UCC say all their share investments are invested in the UAE, they have no fixed deposits in foreign banks outside the UAE, and the mortgage crisis has not affected them.
UCC dividend proposal is 10% cash dividend and 5% share dividend. No AGM date evident in disclosure. [edit] See UCC AGM - new disclosure [/edit]
Results were released during trading hours, which surely must annoy the few investors to are interested in UCC shares. UCC share price fell 2.3% to AED 2.50 in relatively light trading today.
ADX 19 January 2009 (during trading):
(UCC) discloses preliminary annual financial results for 2008
[edit] Added UCC results and ratio summary [/edit]
(UCC) Union Cement Company: Amendment dividend record date to April 5, 2009
ADX 02 March 2009 (pm):
(UCC) Union Cement Company's: Invitation to attend AGM on March 25, 2009
Disclosure not supplied. Previous information was 10% cash and 5% share dividend.
AGM date 25 March 2009
ADX 02 March 2009 (during trading):
(UCC) Union Cement Company discloses financial results for the year ended 2008 02/03/2009
(UCC) Union Cement Company discloses baord report on annual 2008 financial results
Union Cement preliminary results were released on 19 January 2009 (during trading also - seems to be a UCC habit). Board of Directors report is better looking than most other companies supply - with production and sales tables, and comments on activities during the year. Looks like a proper Annual Report, something we don't see very often in the UAE. _________________ UAE IPO list | posting guidelines
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