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Arkan Building Materials soar on strong quarterly earnings

: Wednesday, May 14 - 2014 @ 18:26

The Abu Dhabi equity market index (ADXGI) lost 0.38 per cent to hit 5,015.81 points on Wednesday, May 14. Arkan Building Materials was the top gainer, closing 4.36 per cent higher at AED2.45. Earlier in the day, the firm revealed that it generated, in the first three months of 2014, a net income of AED13.304 million ($3.62m), up from AED9.625m ($2.26m) in the year before. Etisalat lost 0.90 percent, closing at AED11.40. Earlier in the day, the most valuable firm in the UAE revealed that it bought a 53 per cent stake in Maroc Telecom by taking over the same share that France’s media group Vivendi had in the North African telecom operator. Vivendi revealed in July last year that it was considering selling its stake to Etisalat for €4.2 billion.  The final consideration amounted to €4.138bn ($5.69bn). Etisalat will start to consolidate Maroc Telecom from May 2014.

Gérard Al-Fil

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Wednesday, May 14- 2014 @ 18:26 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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