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The Board of Directors of Abu Dhabi National Insurance Company (ADNIC) reported its financial results for the six-month period ending June 30, 2024. ADNIC completed the strategic acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, consolidating ASF's results from April 17, 2024. ADNIC showed strong underwriting performance with a combined ratio of 92% and net insurance service results of AED 204.3 million. The company achieved a record Gross Written Premium (GWP) of AED 4,406 million, a 47% increase from the same period last year. Group consolidated investment income rose by 8% to AED 119.1 million. Despite ongoing investments, ADNIC managed to control general expenses, maintaining an expense ratio of 12%. The company reported a net profit before tax of AED 224.3 million, a 10% increase from last year. The UAE experienced record rainfall in April, but effective emergency response mitigated the impact. ADNIC expressed gratitude to UAE leadership and highlighted its strong financial foundation and skilled team as key factors for future opportunities in the insurance sector. The company aims to deliver sustainable value to shareholders and contribute to the region's insurance sector development.

The Abu Dhabi National Insurance Company PJSC held a Board of Directors meeting on August 8, 2024. During this meeting, the board approved the company's financial statements for the second quarter of 2024 and approved requests for corporate social responsibility contributions. The meeting was conducted by circulation and started at 11:00 AM. The authorized signatory for the meeting was Omar Khedr, who serves as the Board Secretary.

The Abu Dhabi Securities Exchange's Market Operations Surveillance Department has been informed that the sixth board meeting of the year 2024 for Abu Dhabi National Company for Building Materials (BILDCO) will take place on Wednesday, August 14, 2024, at 14:00. The agenda includes approving the minutes of the fifth board meeting of 2024, approving the financial statements for the second quarter of the fiscal year 2024, and addressing any other matters.

Tabreed, a leading district cooling company in the UAE, reported strong financial results for the first half of 2024, driven by increased consumption volumes and strategic expansion. The company saw an 8% year-on-year increase in cooling demand, leading to a 4% rise in net profit before tax to AED 291 million. EBITDA grew to AED 603 million, and group revenue increased slightly to AED 1.08 billion. The EBITDA margin improved to 56%. Tabreed also generated free cash flows of AED 978 million over the past 12 months, reducing its debt by 12% through repurchasing USD 207 million of its outstanding sukuk. Including previous buybacks, the total repurchased sukuk amounts to USD 240 million. The company increased cash dividends by 15% year-on-year. Additionally, Dr. Bakheet Al Katheeri was appointed as Chairman, and Mansoor Mohamed Al Hamed joined the Board of Directors.

On August 8, 2024, a notification was sent to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, regarding a Circular Resolution passed by the Board of Directors of the National Central Cooling Company PJSC ("Tabreed"). This resolution, in accordance with Article 36 of the Disclosure and Transparency Regulations Number 3 for the Year 2000 (as amended), includes the following approvals: a) The resignation of Mr. Khaled Al Qubaisi as Chairman and Board member of the company. b) The appointment of Sheikh Mansoor Mohamed Al Hamed as a Board member, replacing Khaled Al Qubaisi. c) The appointment of Dr. Bakheet Al Katheeri as the Chairman of the Board of Directors.

Aramex reported double-digit net profit growth in the first half of 2024, despite seasonal challenges. The company saw significant year-over-year volume growth in both International Express (32%) and Domestic Express (5%), expanded its customer base, and maintained service levels. Freight Forwarding grew in volumes despite increased rates and competition, while Logistics onboarded new customers, replacing legacy accounts. Revenue grew by 8% year-over-year for both H1 and Q2 2024, driven by new customer wins and volume growth. The company managed costs effectively, maintaining a stable SG&A-to-revenue ratio of 20%, an improvement of 0.7 percentage points over H1 2023. Gross profit increased by 5% year-over-year with a gross profit margin of 24%, and net profit rose by 15% year-over-year, driven by a 20% growth in EBIT and an improved EBIT margin. For the full year 2024, Aramex expects to sustain growth across key product lines, with estimated group revenue growth of 8% to 9% and a gross profit margin of 24% to 25%. The company plans to continue strategic investments in infrastructure and talent. Aramex's balance sheet remains strong with a cash position of AED 457 million and a Net Debt-to-EBITDA ratio of 0.9x as of June 30, 2024. The company's return on invested capital improved by 40 basis points to 5.2% for H1 2024. Financial highlights for Q2 and H1 2024 include: - Q2 2024 revenues: AED 1,496,254 (up 8% YoY) - H1 2024 revenues: AED 3,036,955 (up 8% YoY) - Q2 2024 gross profit: AED 345,131 (no change YoY) - H1 2024 gross profit: AED 740,532 (up 5% YoY) - Q2 2024 EBIT: AED 46,962 (down 11% YoY) - H1 2024 EBIT: AED 139,369 (up 20% YoY) - Q2 2024 EBITDA: AED 134,930 (down 6% YoY) - H1 2024 EBITDA: AED 316,104 (up 7% YoY) - Q2 2024 net profit: AED 2,893 (down 85% YoY) - H1 2024 net profit: AED 49,458 (up 15% YoY)