Aabar Investments PJSC (AABAR) 2008 FY annual report

Comments about Aabar Investments PJSC FY 2008 results

18 February 2009 (am): Aabar financial statements released. Total Revenue from core operations difficult to calculate from information in Note 3 to the accounts since information is inconsistent (Aabar gives Revenue net of royalty payments from Pearl but just Revenue from Dalma operations). Anyway, Aabar has changed from an energy operations related firm to an investment company. So all income has been calculated as Other Income for 2008. Accordingly, 2007 Revenue has been shifted to Other Income in our summary (as it is from Discontinued Operations, and to provide fairer comparisons). Obviously Gross Profit wasn't really zero but we have used that to enable calculation of Total Expenses. Previously, figures were:

2007 FY Revenue AED 2,152,937,000
2007 FY Gross Profit AED 1,214,910,000
2007 FY Other Income AED 338,879,000
2007 and 2008 FY Net Profit figures unchanged.

No dividend information or AGM date supplied.

29 January 2009 (am): Figures from preliminary results for 2007 FY don't match figures supplied in Aabar audited financial statements for 2007 FY. Revenues (Turnover) restated as AED 1,600,378,000 from 2,152,937,000. Reason for restatement is not obvious so have left original audited figure for the time being. It was the same for 2007 FY statements. The 2006 FY figures were changed for the preliminary results, and then changed again for the final results (as were the 2007 FY figures). Net Operating Profit (Loss) figure for 2008 FY is supplied as AED (127,165,000) but it's not obvious how it corresponds to Gross Profit. The 2007 FY figures is given as AED 569,771,000. No AGM or dividend information supplied.

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