Drake & Scull, Gulf Bank, Gulf Cable, FGB: Gulf Equity Preview
The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
Drake & Scull International PJSC (DSI UH): The Dubai-based construction engineering company said its board approved plans to target projects in Djibouti and Vietnam. The shares surged 6.1 percent to 1.05 dirhams.
First Gulf Bank PJSC (FGB UH): The United Arab Emirates lender controlled by Abu Dhabi’s ruling family said fourth- quarter profit rose to 865 million dirhams ($236 million) from 855 dirhams in the year-earlier period, beating estimates.
Separately, the bank’s board approved the early conversion of 3.6 billion dirhams of three-year bonds issued in July 2008 into ordinary shares. The stock retreated 0.3 percent to 16.5 dirhams when they last traded on Feb. 1.
Gulf Bank KSC (GBK KK): Kuwait’s second-biggest lender by market value said net income was 19.1 million dinars ($68.4 million) last year after a loss of 28.1 million dinars in 2009. The shares lost 1.8 percent to 540 fils.
Gulf Cable & Electrical Industries Co. (CABLE KK): The Kuwaiti maker of electrical equipment said full-year profit rose to 26.4 million dinars from 10.5 million dinars a year ago. The shares gained 2.1 percent to 1,940 fils.
National Marine Dredging Co. (NMDC UH): The U.A.E.-based company that deepens waterways said full-year profit rose 9 percent to 452 million dirhams ($123 million) as contract revenue increased. The shares advanced 2.2 percent to 11.85 dirhams.
To contact the editor responsible for this story Shaji Mathew at email@example.com