ABU DHABI -- Profits of 65 domestic and foreign companies listed on Abu Dhabi Securities Exchange, ADX, in Q1 2017 have reached AED12 billion, growing by %19, compared with AED10.4 billion in Q1 2016.

In the banking sector, 14 banks gained AED5.825 billion of profits, representing 48.5 percent of total profits for companies listed on ADX, and growing by 6.6 percent in profits compared with AED5.464 billion in Q1 2016.

In the telecommunications sector, 3 domestic and foreign companies gained AED3.1 billion of profits in the first quarter, whereas profits in the services sector reached AED1.61 billion, and AED207 million of profits in Insurance sector.

Meanwhile in the real Estate sector profits reached AED681 million, growing by 1.26 percent compared with AED673 million in Q1 of 2016. Profits of the energy sector reached AED269 million.

Profits of the investment and financial services sector reached AED116 million, and reached AED143 million for the Industrial sector, and AED112 million for the consumer stables sector.

The services sector scored the highest percentile growth in profitability in the first quarter with 444.23 percent, followed by the Energy sector at 159.38 percent, insurance sector 16.24 percent, banking sector, 6.62 percent, and real estate sector at %1.26 percent.

Source: Emirates News Agency