AHI 08Q4 profit Dh17m +10%

[sharewadi]

AHI 2008 Q4 profit Dh17m +10%, FY 91m +72% 20 Jan 2009

AHI 2008 Q4 report
AHI 2008 annual report

Arab Heavy Industries (AHI) profit figures for 2008 Q4 are (EPS annualised in brackets):

2008 Q4 profit = AED 17.5m +9.6% from 2007 Q4, EPS = 26.02 dhs (104.08 )
2007 Q4 profit = AED 16m, EPS = 23.75 dhs
2008 FY profit = AED 91m +71.6% from 2007 FY, EPS = 135.31 dhs
2007 FY profit = AED 53m, EPS = 78.86 dhs

EPS figures calculated from Net Profit / 672,259 shares outstanding.

AHI share price as of 20 Jan 2009 according to SCA information was 193.00 dhs but as AHI shares are untraded, that price may not represent anything relevant. Anyway, using that for further calculations, 2008 estimated PE is about 193.00 / 104.08 = 1.9, based on Q4 earnings and PE based on FY earnings is 193.00 / 135.31 = 1.4, which is a little lower. Read into that what you want.

There was a discrepancy between the stated Shareholders Equity figure for 31 December 2008 in the preliminary final accounts, and the figure in previous financial accounts. Not a significant one but curious all the same, and no reason given for the new figure.

DFM 20 January 2009 (am):

(AHI) Arab Heavy Industries: Announces its BOD meeting results held on 19/01/2009, along with its preliminary financial results for the year 2008 and its AGM to be held on 25/03/2009 with recommended distributions

Disclosure says "The Board approved the proposal to pay dividend and appropriation for the year 2008 of 110% (Dhs. 73,948,490)". Which results in an extraordinary dividend yield of 57% if the ESCA share price is used. 110% of share capital of AED 67,225,900 = AED 73,948,490

Other result and related topics

2008Q4 UAE result list

AHI 2008Q3 profit AED 24.9m 16 Oct 2008
AHI 2008Q2 profit AED 27.0m 20 Jul 2008
AHI 2008Q1 profit AED 21.6m 20 Apr 2008
AHI 2007FY profit AED 53.0m 24 Jan 2008

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