Overcoming the repercussions of COVID-19 pandemic, the profits of 112 companies both public and private, listed on the UAE stock markets registered a stupendous growth of 88.21% in 2021. In terms of value, these companies earned $27.44 billion in 2021 as against $14.57 billion in 2020.
While 41 companies listed on the Dubai Financial Market (DFM) achieved profits of about $7.98 billion, registering a growth of 78.4%, in 2021 compared with $4.48 billion in 2020, and 71 companies listed on the Abu Dhabi Securities Exchange (ADX) market achieved about $19.47 billion, a growth of 92.5%, in 2021 compared with $10.10 billion in 2020.
While most of the corporates across the world incurred losses, there are many factors that helped the UAE companies to increase their profits during the past year. The government has re-opened the economy by continuing easing of restrictions and also stepped up the pace of vaccination programme in the country.
The construction and financial services sectors were among the top gainers in the country during the past year.
The success of these 112 companies, taking advantage of the stimulus packages announced by the government, is an indication that the Emirates has crossed all hurdles posed by the pandemic and marching towards the next phase of the nation’s resilient economic growth. Even Expo 2020 also helped these companies consolidate their position in the regional markets.
Among these 112 firms, First Abu Dhabi Bank topped the list as the most profitable company by earning $3.41 billion in 2021, a growth of 19%, compared with $2.86 billion the previous year.
The International Holding was placed second with profits exceeding $3.08 billion, a growth of 275%, followed by Emirates Telecommunication Group Company ‘Etisalat’ whose profits were around $2.54 billion, a growth of 3%.
Emirates NBD Bank was ranked fourth in the list with profits, including the profits of ‘Emirates Islamic Bank’ to $2.53 billion, a growth of 34%, followed by international energy and water company ‘ TAQA’ whose profits were around $1.63 billion.
Abu Dhabi Commercial Bank was in sixth place with profits of $1.43 billion, an increase of 38%, followed by the fast-growing investments holding companies in the Middle East Alpha Abu Dhabi Holding in seventh place with a record growth of 2,270% to reach$1.4 billion.
Dubai Islamic Bank earned profits to the the of $1,2 billion, Emaar Properties achieved profits of $1.03 billion, Al-Seer Supplies and Equipment with profits of $680 million among others.
Growth To Continue
These companies are expected to continue their strong performance in 2020 also as the UAE economy is poised for a strong growth in view of the high oil prices increasing the profits of these companies and the continuation of many sectors to achieve sustainable growth.