income after minority jumped 81% YoY to AED433mn compared to AED239mn in
Q4 2012. On the full year basis, net income increased 68% YoY to
AED2.25bn in 2013, beating consensus net income after minority of
AED1.99bn by 13%. The company recommended a DPS of 7 fils, implying a
dividend yield of 2%.
"Although sales declined 53% YoY to
AED5.3mn in 2013, net income increased due to a gain on business
combination of AED2.6bn on the back of gains from the merger with
Sorouh", Mubasher Trade and Research reported.
the gross profit margin improved (+440bps to 33%) in 2013, on the back
of increased income from operating business, that includes the recurring
revenue, by 39% YoY to AED2bn in 2013 amid the merger with Sorouh. "This
has a positive effect on the total gross profit margin as mentioned
above for enhancing that margin of income from operating business
segment in 2013 to reach 35% vs. 31% for residential and development
segment", according to Mubasher Trade and Research.
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