Nakheel made a profit of 1.16bn dirhams ($315.8mn) in the three months to June 30, compared to 1.48bn dirhams a year ago, Reuters calculations showed, as the company did not provide a quarterly breakdown.
Net profit for the first six months of 2017 was 2.64bn dirhams, down from the 2.95bn dirhams recorded in the corresponding period of last year, the statement said.
The company did not state its revenue but said the developer handed over 870 land form and built form units to customers in the first half of the year.
Du
Du, the second largest telecoms operator in the UAE, halted an earnings slump when it reported flat quarterly net profit on Tuesday.
Du, which ended rival Etisalat’s domestic monopoly in 2007, made a net profit of 446.6mn dirhams ($121.6mn) in the three months to June 30, compared to 445.4mn dirhams in the year-earlier period, according to a stock exchange statement.
The telecommunications firm had reported declining year-on-year profits in the previous 10 quarters, according to Reuters data.
The company’s results have been squeezed since late 2014 as growth of the mobile market has been offset by a steady increase in the royalty — or tax — paid to the government.
SICO Bahrain and EFG Hermes forecast du would make a quarterly profit of 373.2mn dirhams and 409.3mn dirhams, respectively.
Second-quarter revenue was 3.26bn dirhams.
This compares with 3.07bn dirhams a year ago.
Du paid quarterly royalties — or tax — of 527.2mn dirhams, similar to what it paid in the prior-year period.
The company also said it would distribute a dividend of 13fils per share for the first half of 2017, the same as the previous year period.
Chief executive Osman Sultan said on February 16 the telecommunications firm would target 1bn dirhams ($272mn) in savings by 2019 as government taxes erode profit.
In January, the company announced it had acquired a licence to operate Virgin Mobile-branded services in the UAE.
Thousands of customers have been signed up to Virgin Mobile-branded services since a low-key launch in the first week of Ramadan, which began in late May, Sultan told reporters on a conference call.
Turk Telekom
Turk Telekom posted a net profit of 890mn lira ($249mn) in the second quarter, jumping from 248mn lira a year earlier, it said in a statement to the Istanbul stock exchange on Tuesday evening.
Sales in the second quarter climbed 14.2% to 4.5bn lira, it said.
SABB
Saudi British Bank (SABB), the kingdom’s sixth-largest bank by assets, posted a 1.9% drop in its second-quarter net profit on higher provisions for bad debt, broadly in line with analysts’ forecasts.
The bank, an affiliate of HSBC Holdings, said it made 1.13bn Saudi riyals ($301.35mn) in the three months ending June 30, compared with 1.15bn riyals in the same period a year earlier, according to a bourse filing.
Four analysts surveyed by Reuters had expected the bank to post an average net profit of 1.01bn riyals for the quarter.
The drop in net profit was primarily driven by higher operating expenses, which rose 10.4% mainly due to an increase in provision for credit losses, SABB said.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
Operating income for the quarter rose by 2.3% on the corresponding period of 2016 to 1.8bn riyals, while profits from special commissions increased 8.6% over the same time frame to 1.28bn riyals.
Lower government spending as a result of reduced oil prices has raised challenges for Saudi banks, leading to lower net interest income and, in some cases, a rise in provisioning for bad loans.
The bank is in merger talks with fellow Saudi Arabian lender Alawwal Bank, with sources telling Reuters on May 31 that SABB had appointed US investment bank Goldman Sachs to advise it on the proposed deal.
