What you need to know as UAE markets open on August 13

Here are some things you need to know as markets open today in the United Arab Emirates.

1) Abu Dhabi National Energy Co. (TAQA) swung to net profit of AED 112 million in first half of 2017, compared to a loss of AED 1.2 billion in H1 2016, due to higher commodity prices and lower costs.      

2) Dubai-listed Shuaa Capital swung to net profit of AED 12.1 million in Q2 2017, compared to a loss of AED 50.8 million in the same period last year.

3) Gulf Navigation Holding, listed in Dubai, reported a net profit of AED 19 million for H1 2017, an increase by 33 percent year-on-year.

4) Dubai-listed Al Ramz Corporation Investment and Development posted a net profit of AED 6.4 million for Q2 2017, halving from same period last year.

5) Abu Dhabi-listed National Takaful Co. made a net profit of AED 2.7 million in H1 2017 as compared to a loss of AED 1.6 million in the same period last year.

6) Union Insurance Co., listed in Abu Dhabi, reported a net profit of AED 283,000 in H1 2017, versus a net loss of AED 7.1 million in the same period last year.

7) Abu Dubai-listed Fujairah Cement Industries reported a net profit of AED 20.8 million for H1 2017, down from AED 33.3 million from the same period last year.

8) Crude oil production from Organization of Petroleum Exporting Countries (OPEC) increased by 173,000 barrels per day (bpd) in July compared to the previous month, driven by higher output from Saudi Arabia, Libya and Nigeria.

9) Oil prices closed with gains on Friday. Brent crude rose 0.4 percent to $52.1/bbl and WTI crude added 0.5 percent to $48.82/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com