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    EMAAR   AEE000301011

EMAAR PROPERTIES PJSC

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Emaar Properties : Dubai's investment arm ICD records full year loss of 15.50 billion dirhams

06/22/2021 | 02:53am EDT

DUBAI (Reuters) - Investment Corp. of Dubai, the Dubai government's main investment arm, on Tuesday reported a loss for last year as the coronavirus pandemic impacted its portfolio companies.

The firm reported a loss of 15.50 billion dirhams ($4.22 billion) for 2020 after a profit of 25 billion dirhams a year earlier, according to a regulatory filing.

ICD said the pandemic crisis significantly affected its operations and said its losses came from transportation and hospitality. It said it recorded some profits from banking and financial services.

"Despite the severe effect of the pandemic on the Group's revenue and profitability, ICD was able to secure a solid balance-Sheet, sustainable operations and financial stability in 2020 owing to proactive steps taken by the Group," Mohammed Ibrahim Al Shaibani, Managing Director, at ICD said in the statement.

ICD owns Emirates airline, which last week reported an annnual loss of 20.3 billion dirhams. Its also owns holdings in companies including Dubai lender Emirates NBD and property firms Emaar Properties and Emirates National Oil Company.

($1 = 3.6728 UAE dirham)

(Reporting by Hadeel Al Sayegh, editing by Louise Heavens)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EMAAR PROPERTIES PJSC 1.00% 4.05 End-of-day quote.14.73%
EMIRATES NBD BANK PJSC 0.72% 13.9 End-of-day quote.34.95%
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Financials
Sales 2021 24 114 M 6 566 M 6 566 M
Net income 2021 3 398 M 925 M 925 M
Net Debt 2021 14 011 M 3 815 M 3 815 M
P/E ratio 2021 8,51x
Yield 2021 3,05%
Capitalization 28 997 M 7 894 M 7 895 M
EV / Sales 2021 1,78x
EV / Sales 2022 1,67x
Nbr of Employees -
Free-Float 70,8%
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Number of Analysts 8
Last Close Price 4,05 AED
Average target price 5,26 AED
Spread / Average Target 29,9%
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Managers and Directors
Amit Jain Group Chief Executive Officer
Avinash Pangarkar Group Chief Financial Officer
Mohammed bin Ali Rashed Al-Abbar Chairman
Binoo Joseph Head-Technology
Ahmed bin Jamal bin Hassan Jawa Independent Non-Executive Director