Latest Threads on News from companies

GFH Financial Group B.S.C. and Ithmaar Holding B.S.C. have announced that they are still in the process of negotiating GFH's acquisition of Ithmaar's financing and investment portfolios, which is subject to regulatory approvals. Shareholders will be regularly updated on any developments. The expected financial impact will be disclosed in due course. Previous announcements regarding these discussions were made on 6th March, 7th April, 6th May, 6th June, and 19th September 2024. The announcement was made by Mariam Jowhary, Head of Compliance and AML.

United Arab Bank (UAB) reported a 12% increase in pre-tax net profit for the first nine months of 2024, reaching AED 233 million compared to the same period last year. The bank's total assets grew by 13% to AED 20 billion, driven by a 15% increase in loans, advances, and Islamic financing. Net interest income rose by 20% year-on-year to AED 354 million. UAB maintained a strong capital position with a CET1 ratio of 13.8% and a total capital adequacy ratio of 18.8%. Asset quality improved with a reduction in the non-performing loan ratio to 4.1% and an increase in the coverage ratio to 125%. The bank's liquidity profile remained robust, with an advances to stable resources ratio of 74% and an eligible liquid asset ratio of 15%. Moody's upgraded UAB's credit rating to Baa3/P-3 with a 'Positive' outlook.

United Arab Bank P.J.S.C. has released a review report and condensed interim financial statements for the nine-month period ending on September 30, 2024.

United Arab Bank (UAB) reported financial results for the first nine months of 2024, showing a 12% year-on-year increase in net profit before taxes, reaching AED 233 million compared to AED 209 million in the same period in 2023. Profit after taxes rose by 2% year-on-year to AED 212 million. For the third quarter of 2024, net profit before taxes was AED 81 million, a 5% sequential increase. Net interest income grew by 20% year-on-year to AED 354 million, contributing to a total income of AED 452 million, up 1% year-on-year. The bank reported a net reversal in impairment charges of AED 5 million, contrasting with net impairment charges of AED 27 million in the previous year. The annualized return on shareholders' equity was 15.1% for the period.

The Emirates Telecommunications Group Company (Etisalat Group) has issued a letter dated 19th October 2024 to the Chief Executive Officer of the Abu Dhabi Securities Exchange. The letter informs that the company's Board of Directors has approved a resolution to call for a General Assembly meeting to discuss amending the borrowing cap of "e&". The date of the General Assembly and details of the proposed amendments will be shared after receiving approval from the Securities and Commodities Authority. The letter is signed by Hasan Mohamed Al Hosani, the Group Corporate Secretary.

The Dubai Financial Market (DFM) provided a weekly summary of regulated short sell transactions for the period from October 14 to October 18, 2024. During this period, Emaar Properties PJSC had a short sell trade volume of 2 and a trade value of AED 17.16. Additional information on regulated short selling can be found in the DFM Market Rules and related documents available on their website. The announcement is also accessible online. The disclaimer notes that the information is subject to change and DFM is not liable for any losses from the use of this data.

A meeting for Amlak Finance PJSC is scheduled for Wednesday, 23 October 2024, starting at 3:00 PM. The agenda includes discussions on the company's normal business activities and updates. The meeting will be authorized by Lama Takieddin, who holds the position of Head of Corporate Governance & Company Secretary.

Multiply Group PJSC has issued a notice to warn about scammers misusing the company's name, employee names, and logo to promote fraudulent investment opportunities and solicit sensitive information online. Multiply emphasizes that it never requests personal, business, or financial information, nor does it solicit payments or investments through email, mail, or any other means. The company advises exercising caution and refraining from sharing sensitive information or making payments if such requests are received. Official communications from Multiply will only come from the "@multiply.ae" domain. To protect against scams, the company encourages checking updates on its official website and the ADX website.

The Abu Dhabi National Company for Building Materials (BILDCO) will hold its ninth Board meeting of 2024 on Friday, October 23, 2024, at 2:00 PM. The agenda includes approving the minutes from the eighth Board meeting of 2024, considering the resignation of a Board member, reviewing the operational plans of the company's factories, and discussing any other matters. The meeting will not address any financial issues.