Abu Dhabi – Mubasher: Umm Al Qaiwain General Investments Company on Sunday posted a decline in profits in the first nine months of 2017 compared to the same period the year before.
The investments company achieved AED 16.814 million ($4.58 million) in net profit in the period starting January until the end of September, down from AED 23.474 million ($6.39 million) in the year-ago period, according to a bourse filing.
Umm Al Qaiwain General Investments, which is listed on the Abu Dhabi Securities Exchange (ADX) and Boursa Kuwait, further revealed that its gross profits from investments retreated to AED 19.706 million in the nine-month period, from AED 26.624 million last year.
The company attributed this decline in investment gross profits to the low percentage of dividends received from major investments.
Loss from discontinued operations fell to AED 190,765 during the period compared to AED 693,545 in the similar period of 2016.
Umm Al Qaiwain General Investments highlighted that its portfolio of investments in securities “at a fair value through profit and loss” amounted to AED 72.692 million by the end of the first three quarters, whereas its portfolio of securities at fair value through comprehensive income reached AED 383.786 million.
The above items have generated significant income enabling the company to achieve a gross profit of AED 19.706 million in the first nine months of 2017.
