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International Holding Company P.J.S.C (IHC) has initiated a share buyback program valued at up to AED 5 billion, approved by its Board of Directors on May 6, 2024, and by the general assembly on June 20, 2024. The program will run from June 20, 2024, to June 19, 2025, with the possibility of extension subject to approval by the Abu Dhabi Securities Exchange (ADX). The buyback will be managed by International Securities LLC, the sole authorized broker, and will be executed in tranches based on market prices at the time of purchase. The shares bought back will be treated as treasury shares and may be sold back within two years or canceled, reducing the company's share capital. The program complies with Article 221 of the Federal Decree Law No. 32 of 2021 on Commercial Companies and ADX Operational Rules. Shareholders can sell their shares during the program through standard market procedures, and all transactions will be disclosed per regulatory requirements.
Response Plus Medical (RPM), a leading provider of pre-hospital care and emergency medical services in the region, participated as the official onsite Medical Support Partner for the 'WeWalk 2024' walkathon organized by TECOM Group. This event, held on November 16, 2024, at Dubai Science Park, is an annual charitable walkathon that supports the Dubai Charity Association in aiding people with diabetes. RPM provided an ambulance and a team of Emergency Medical Technicians (EMTs) along the 3.5km route to handle medical emergencies and offered First Aid CPR training to participants. Dr. Rohil Raghavan, CEO of Response Plus Holding PJSC, expressed pride in RPM's continued involvement with WeWalk and highlighted their commitment to community wellbeing. RPM has supported over 300 events annually, including concerts and sports events.
Foodco National Foodstuff Co PJSC held a board meeting via Microsoft Teams on November 15, 2024, from 10:00 AM to 11:00 AM. All five board members were present, achieving a 100% quorum. During the meeting, the board approved the previous meeting's minutes and discussed the unaudited financial statement for the period ending September 30, 2024. The company reported a net loss of AED 3.633 million, an improvement from the AED 14.987 million net loss for the same period in 2023. Other operational matters were also discussed, and appropriate decisions were made. The meeting was documented by Board Secretary Taysir Mokashfi.
On 15 November 2024, Tabreed held an earnings call at 3 PM to discuss its financial results for the period ending 30 September 2024. The documents related to the earnings call are available on the company's website under the Investor Relations section. The communication was addressed to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. The message was signed by Sean Magee, Company Secretary.
Gulf Navigation Holding PJSC (GULFNAV), a maritime and shipping company listed on the Dubai Financial Market, reported a 26% increase in revenues for the third quarter of 2024, reaching 26 million dirhams and returning to profitability with a net profit of 1.1 million dirhams. This performance was attributed to increased vessel chartering activity, strategic cost management, and improved operational efficiencies. Key financial highlights for Q3 2024 include revenue growth to AED 23.0 million, a shift to an operating profit of AED 2.85 million from a loss of AED 4.89 million in Q3 2023, reduced general and administrative expenses to AED 600 thousand, and slightly lower finance costs of AED 5.77 million. The company reported a strong cash position of AED 210.2 million and total assets of AED 995 million as of September 30, 2024. GULFNAV's growth was driven by strong performance in vessel chartering and higher operating efficiency, positioning it as a resilient entity in the maritime sector. Additionally, non-operating income of AED 1.56 million helped mitigate the impact of finance costs.
Salik Company PJSC, the exclusive toll gate operator in Dubai, has achieved the ISO 37301:2021 certification for Compliance Management Systems. This certification reflects Salik's commitment to adhering to laws and regulations set by the Securities and Commodities Authority, the Dubai Financial Market, and UAE's Federal Decree-law 32/2021. The achievement enhances Salik's reputation and boosts investor confidence, reinforcing its position as a leader in compliance management in the UAE. CEO Ibrahim Sultan Al Haddad emphasized the company's dedication to efficiency, transparency, and responsible business practices. Established as a public joint stock company in June 2022, Salik operates eight toll gates in Dubai, recording 593 million journeys in 2023. The company holds a 49-year concession agreement with the Roads and Transport Authority to manage toll gates in Dubai.