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Umm Al Qaiwain General posts lower profits in Q2

Umm Al Qaiwain General posts lower profits in Q2
The profit decline is mainly due to a decrease in investment profits and the company’s stock
QIC
QIC
6.00% 1.06 0.06

Abu Dhabi – Mubasher: Umm Al Qaiwain General Investment Co (QCEM) reported a 10.7% year-on-year decline in its profits during the second quarter of 2017, according to a bourse statement.

Profits reached AED 2.68 million ($729,000) in Q2-17, compared to AED 3 million ($816,000) in Q2-16.

In the first half of 2017, profits fell 33.6% to AED 16.9 million from AED 25.45 million in the prior-year period.

The profit decline is mainly due to a decrease in investment profits and the company’s stock.