MSCI EM May-2024 Index Review
MSCI UAE constituents are expected to see an overall slight outflows of USD1mn as a result of the change in the weight of MSCI UAE Standard Index
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Fertiglobe: 1Q24 Core Profit Down 51% YoY (-28% QoQ) To USD77mn, in Line with Estimates
Fertiglobe posted 1Q24 core profit of USD77mn, down 51% YoY (-28% QoQ). The core profit removes the impact of exchange gains/losses as well as tax...
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Tabreed - 1Q24 Core Attributable Profit Down 5% YoY (-31% QoQ) To AED112mn
We maintain our Hold recommendation on Tabreed with a Fair Value of AED3.97/sh. The stock trades at FY24 P/E of 16.5x and offers 4.7% dividend yield
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Air Arabia - 1Q24 Earnings Down 29% YoY (+7% QoQ) To AED241mn, Below Estimates
Air Arabia posted 1Q24 profit after tax if AED241mn, down 29% YoY (+7% QoQ), below our estimates. While the revenue increased 8% YoY to AED1
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Fertiglobe - 1Q24 Core Profit Down 51% YoY (-28% QoQ) To USD77mn, in Line with Estimates
Despite stable volume, revenue was lower by 20% YoY (-15% QoQ) led by 9% and 45% YoY decline in Urea and Ammonia benchmark prices, respectively
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