Latest Threads on News from companies

Response Plus Holding PJSC reported a 30% increase in revenue, reaching AED 323.03 million in the third quarter of 2024, compared to AED 247.82 million in the same period in 2023. The company's net profit before tax rose by 15% to AED 43.49 million. Earnings per share increased to 20 Fils, and EBITDA grew by 26% to AED 55.90 million. Total assets rose to AED 351.22 million, and total equity reached AED 233.1 million as of September 30, 2024. CEO Dr. Rohil Raghavan highlighted the company's growth across business verticals and the acquisition of Prometheus Medical International, positioning RPM for continued growth. The company plans to pursue projects in collaboration with governments and private sectors globally.

ADNOC Logistics and Services, in partnership with Wanhua Chemical Group through AW Shipping, has awarded $250 million in contracts to Jiangnan Shipyard for the construction of two Very Large Ammonia Carriers (VLACs). These vessels, set to be delivered by 2028, will be among the largest in the world, with a carrying capacity of 93,000 cubic meters each. The ships will feature energy-efficient dual-fuel engines capable of using liquefied petroleum gas or conventional fuels, aligning with the rising demand for lower-carbon energy sources. The contracts were signed in Abu Dhabi, coinciding with the opening of Jiangnan Shipyard's first Middle East office, enhancing the industrial ties between the UAE and China.

Response Plus Holding PJSC reported a 30% increase in revenue, reaching AED 323.03 million in the third quarter of 2024. The company's net profit before tax rose by 15% to AED 43.49 million. Earnings per share for the first nine months of 2024 increased to 20 Fils, and EBITDA for the third quarter rose by 26% to AED 55.90 million. Total assets grew to AED 351.22 million, and total equity reached AED 233.1 million as of September 30, 2024. CEO Dr. Rohil Raghavan highlighted the company's strong growth across all business verticals and its latest acquisition, Prometheus Medical International, which enhanced its capabilities. He emphasized RPM's strong project pipeline and commitment to targeting sectors with long-term growth potential.

Fitch Ratings has assigned Union Insurance Company in the UAE a first-time Insurer Financial Strength (IFS) Rating of 'BBB' with a Positive Outlook. This outlook indicates potential improvements in financial performance due to management actions aimed at enhancing the profitability of the company's underwriting. The rating reflects Union's strong capitalization, good company profile, and strong reinsurance protection. Union's CEO, Ramez Abou Zaid, expressed satisfaction with the rating, highlighting it as a recognition of the company's business resilience and growth strategy. He emphasized the company's commitment to improving financial performance and insurance offerings to achieve a higher rating in the future.

Aldar and Expo City Dubai have formed a joint venture to develop a mixed-use project comprising six buildings, valued at over AED 1.75 billion. This development will include residential, office, and retail spaces, enhancing Expo City Dubai's appeal as a desirable location for living, working, and leisure. The project aligns with Expo City's master plan to boost investment and business in Dubai South and adheres to both partners' Net Zero commitments, promoting sustainable urban living. Located near Al Maktoum International Airport and the Dubai Exhibition Centre, the development is well-connected by major highways and a metro station. It is part of a larger plan to expand the Dubai Exhibition Centre, increasing its exhibition space significantly by 2031.

The Abu Dhabi Securities Exchange has been informed that Fertiglobe PLC will hold its General Assembly Meeting on Thursday, 24 October 2024, at 3:00 PM UAE time. The invitation and meeting agenda will be published in both English and Arabic newspapers on 10 October 2024. The communication includes an invitation to the meeting and a disclosure regarding proxy attendance. The notice is signed by Rita Guindy, Director of Investor Relations, and a copy has been sent to the Securities & Commodities Authority.

Burjeel Holdings has expanded its PhysioTherabia network to 28 centers in Saudi Arabia by launching 11 new locations. This expansion makes PhysioTherabia the largest and fastest-growing physiotherapy and wellness network in the country, with centers in cities like Riyadh, Jeddah, Madina, and Dammam. The initiative aligns with Burjeel's strategy to open 60 centers by 2025 and supports Saudi Vision 2030's goals of enhancing healthcare access. PhysioTherabia offers various services, including sports injury rehabilitation and chronic pain management, and has partnered with major insurance providers to increase service accessibility. The expansion is part of a joint venture with Leejam Sports Company and aims to integrate sports and health to promote active lifestyles in Saudi Arabia.

Investcorp Capital plc held its annual general meeting on October 9, 2024, at the Rosewood Hotel in Abu Dhabi, with both physical and virtual attendance options. During the meeting, the shareholders adopted the company's Directors’ report for the fiscal year ending June 30, 2024.

The Ordinary General Meeting of GFH Financial Group B.S.C. was held on October 9, 2024, via visual communication, chaired by Mr. Hisham Alrayes. The meeting achieved a quorum of 39.14% attendance. During the meeting, the following agenda items were approved: 1. The minutes of the previous meeting held on March 24, 2024. 2. The Board of Directors' recommendation to establish a Sukuk Programme valued at up to USD 500 million through a Special Purpose Vehicle, contingent on obtaining necessary regulatory approvals. Shareholders also approved issuing Sukuk worth USD 500 million in one or more tranches through the SPV. 3. Modifications to the terms of the existing USD 500 million Sukuk due in 2025, issued in 2020, including an offer for early redemption of the certificates. 4. Delegation of authority to the Board of Directors or their delegates to execute the Sukuk Programme and Offer, including obtaining necessary approvals, concluding agreements, and taking essential actions as per the agreements related to the Sukuk Programme and Offer.