6 stories mentioning DFM:EMAARDEVUpdated 23d ago
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AlphaMena on Friday reduced the price target for real estate developer Emaar Development (DFM:EMAARDEV) to 16.50 Emirati dirhams from 18.10 dirhams, while maintaining its buy rating.
AlphaMena on Friday increased the price target for real estate developer Emaar Development (DFM:EMAARDEV) to 18.10 Emirati dirhams from 17.80 dirhams, while maintaining its buy rating.
Markets in the United Arab Emirates ended the trading week diverging as investors digested fresh corporate earnings while weighing uncertainty over US-Iran negotiations.The country's two benchmark indices closed mixed on Friday as Abu Dhabi's FTSE ADX General Index lost 0.256% and Dubai's DFM General Index gained 0.448%.As another busy earnings week came to a close, Dana Gas (ADX:DANA) reported a 47% year-over-year growth in its net profit for the first six months, driven by higher revenue, and closed the session 2.80% higher. Insurance House (ADX:IH) stocks, on the other hand, plunged 4.86% despite a surge in its net profit for the period.Emaar Properties (DFM:EMAAR) and its subsidiary Emaar Development (DFM:EMAARDEV) logged 22% and 48% year-over-year jumps in their first-half attributable profits, respectively. Emaar Properties closed 0.86% lower and was the Dubai bourse's most traded stock by value, while Emaar Development shed 1.62% at closing.On the geopolitical front, markets weighed the initial details of the Iran-Oman agreement to reopen the Hormuz waterway, which comprises a potential ban on US and Israeli vessels, transit fees of 5% to 7% and a penalty of up to 20% of cargo value on hostile countries, and other compensation for damage."Despite clear signs of progress in recent days, the tenor of the rhetoric and growing distrust between the US and Iran mean things could go from bad to worse once again," ING said. "For now, we hold onto our view that flows will start to normalise through the third quarter, which leaves us expecting Brent to average $80/bbl this quarter. However, there's plenty of risk and uncertainty to this view."On the economic calendar next week is the release of July's consumer price index print by the US Bureau of Labor Statistics, providing investors with an overview of inflation and the US Federal Reserve's next monetary policy move.
Emaar Properties (DFM:EMAAR) said Friday it delivered "resilient" results in the first half, with double-digit growth in revenue and profit, despite the geopolitical conditions in the Middle East.The Dubai-listed real estate developer's revenue for the six months ended June 30 rose 21% year over year to 23.91 billion Emirati dirhams. Attributable net profit was 8.67 billion dirhams, up from 7.08 billion dirhams a year ago.Property sales reached 26.6 billion dirhams, while the company's revenue backlog from property sales increased 13% annually to 164.9 billion dirhams as of June 30, providing strong visibility for future revenue. Emaar attributed its first-half performance to its business model and presales pipeline, which allowed the company to manage market variability and capture opportunities as conditions normalize."Our first half results reflect the discipline, consistency, and long-term approach that define Emaar. Dubai never stands still, and neither do we," the company's founder, Mohamed Alabbar, said.Emaar Development (DFM:EMAARDEV), which leads Emaar's build-to-sell property development business in the United Arab Emirates, also reported a 34% annual revenue growth for the period to 13.34 billion dirhams. Its attributable net profit grew to 5.56 billion dirhams from 3.76 billion dirhams. Revenue backlog edged up 8% to 127.7 billion dirhams as of June 30.Shares of Emaar Properties were down nearly 1% in Dubai, while those of Emaar Development were almost 2% in the red.
Markets in the United Arab Emirates closed lower on Monday as the FTSE ADX General Index fell 0.526%, while the DFM General Index declined 1.39%.Oil prices climbed after US President Donald Trump said in a social media post that he did not like Iran's response to the US peace proposal and deemed it "totally unacceptable." According to reports, Iran's counterproposal included compensation for war damages, full sovereignty over the Strait of Hormuz, and lifting of all sanctions, among others."While optimism for an imminent deal is fading, there remains a glimmer of hope that talks between Trump and Chinese President Xi later this week could yield positive results on Iran. The hope is that China can use its influence over Iran to push it closer towards a peace deal. Clearly, this is easier said than done," ING said.As of 3:43 pm UAE time, the Brent crude oil futures stood at nearly $103.92 per barrel, up 2.60% from the previous day.On the economic front, the US Bureau of Labor Statistics will release the consumer price index report for April on Tuesday, with analysts expecting a 0.5% monthly and a 3.6% annual increase in headline inflation. Core CPI is expected to increase to 0.3% monthly and 2.6% on an annual basis.Back home and on the corporate front, Adnoc Drilling (ADX:ADNOCDRILL) recorded a 5% year-over-year growth in revenue for the first quarter, supported by increased oilfield services and offshore segment activities. Shares of the offshore drilling company closed the session 0.32% in the red.Emaar Development (DFM:EMAARDEV) and Emaar Properties (DFM:EMAAR) shed 2.11% and 1.78%, respectively, despite recording higher attributable profits. Salik (DFM:SALIK), on the other hand, lost 1.71% after its attributable profit and revenue for the period declined year over year.
Kepler Cheuvreux on Tuesday reduced the price target for real estate developer Emaar Development (DFM:EMAARDEV) to 19.00 Emirati dirhams from 25.00 dirhams and affirmed its buy rating.
