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The second board meeting of 2024 for the Abu Dhabi National Company for Building Materials - BILDCO (PJSC) will be held on Tuesday, 14/05/2024 at 14:00 PM. The agenda for the meeting includes the approval of the minutes of the first board meeting of 2024, the approval of the financial statements for the first quarter of 2024, and discussion of any other matters.

The Board of Directors of Fujairah Building Industries P.J.S.C. and its subsidiaries released their reviewed condensed consolidated interim financial statements for the period ending 31 March 2024. The company's main activities, including manufacturing and marketing of various industrial products, remained unchanged. The company's revenue increased to AED 51,015,061 from AED 45,510,098 in the previous year, and the net profit for the period was AED 6,281,313. The company's general assembly approved a cash dividend distribution of AED 40.7 million. The board expects the group to continue its operations in the foreseeable future. No significant events occurred after the period end that could affect the company's operations. KPMG Lower Gulf Limited, Dubai, UAE, was approved as the company's independent auditors for the financial year 2024.

Abu Dhabi National Insurance Company (ADNIC) reported a strong start to 2024 with a 12.1% year-over-year increase in pre-tax net profit, reaching AED 111.8 million. The company also adopted corporate income tax, resulting in a net profit after tax of AED 100.9 million. The profitability was driven by robust underwriting performance and strong investment results. ADNIC also completed a strategic acquisition of a majority stake in Allianz Saudi Arabia Cooperative Insurance Company, strengthening its position as a leading regional insurer. Total insurance revenue for the first quarter of 2024 was AED 1.56 billion, compared to AED 1.00 billion in 2023. Net insurance service result stood at AED 103.2 million, and net income from investment increased by 17.4% to AED 54.4 million. Other operating expenses were AED 49.7 million.

The Abu Dhabi National Insurance Company (ADNIC) has reported strong financial results for Q1 2024, with a combined ratio of 90% and net insurance service results of AED 103.2 million. The company also achieved a record Gross Written Premium of AED 3,031 million, marking a 49.9% growth compared to the same period in the previous year. Strategic asset allocation adjustments led to a 17.4% increase in net income from investments, amounting to AED 54.4 million. Despite ongoing investments and controlling general expenses, the company reported a net profit before tax of AED 111.8 million, a 12.1% increase from the previous year. After adopting the corporate income tax, the net profit after tax was AED 100.9 million. The company also successfully acquired Allianz Saudi Fransi Cooperative Insurance Company, boosting its regional presence.