Hike by 9 percent seen in UAE's Aabar Investments Q4 net profit
Aabar Investments, the largest shareholder in Germany's Daimler, declared a net profit of 132.4 million UAE dirhams ($36.1 million) in the fourth quarter, an increase of 15% against AED115.2 million during the same period, last year.
For the full year, 2009, the profit peaked to AED1.7 billion, against AED721.6 million in the previous year, where as the earnings per share were AED0.63, against AED0.80 for 2008.
Aabar Investments, most of which is owned by the Abu Dhabi government's International Petroleum Investment Co., became the Daimler's biggest shareholder after its purchase of 9.1% stake, worth 1.95 billion euros ($2.80 billion).
Its net operating profit rose from AED127.16 million, as in the previous year, to AED156.4 million, a 23% jump. However no reasons for this jump have been mentioned by the company.
Aabar, IPIC and other investors from oil-rich Abu Dhabi are also planning to acquire foreign assets. Aabar along with Daimler, in January, attempted to acquire large chunk of stakes in the Brawn GP Formula One auto racing team.
Last month Aabar offered to buy a 70% stake in Arabtec Holding amounting to AED6.4 billion.
Shares of Aabar Investments were up 0.5% and closed at AED2.23 on Sunday.
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