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The Board of Directors of Multiply Group PJSC is scheduled to meet on Tuesday, 29 October 2024, at 5:00 PM. The agenda includes the approval of the audited financial statements for the third quarter of 2024 and the discussion of other business matters. The notification is addressed to the Disclosures and Compliance Section of the Securities and Commodities Authority and the Market Operations Surveillance Department of the Abu Dhabi Securities Exchange.
Commercial Bank International (CBI) reported a net profit before tax of AED 254 million for the period ending September 30, 2024, marking an 81% increase year-on-year. The bank's net operating income for Q3 2024 was AED 278.5 million, up 90% from Q3 2023 and 115% from Q2 2024. For the nine-month period, net operating income grew by 27% year-on-year to AED 529 million. CBI's total assets increased by 12% to AED 21 billion, driven by an 8% rise in loans and advances. The loan-to-deposit ratio improved to 85%, and the capital adequacy ratio strengthened to 15.8%. CEO Ali Sultan Rakkad Al Amri attributed the results to strategic transformation, customer-centric innovation, and a disciplined approach to risk management. CBI plans to continue investing in digital transformation and enhancing product offerings.
The document is the Management Discussion and Analysis Report for Commercial Bank International's third quarter financial results in 2024.
The Board of Directors of EMSTEEL Building Materials PJSC is scheduled to meet on October 28, 2024, at 5:15 PM. The agenda includes the election of the Chairman and Vice-Chairman of the Board and the formation of the Board's committees. This notification is from Eng. Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL, and a copy has been sent to the Securities and Commodities Authority.
Emirates Telecommunications Group Company (e&) has successfully acquired a controlling stake in PPF Telecom's assets in Bulgaria, Hungary, Serbia, and Slovakia, forming a new entity called e& PPF Telecom. This acquisition aligns with e&'s strategy to expand into Central and Eastern Europe, a region with strong economic growth and a stable regulatory environment. The acquisition aims to enhance e&'s growth and ability to offer innovative telecom and digital services. e& PPF Telecom includes brands like Yettel Bulgaria, Yettel Hungary, Yettel Serbia, and O2 Slovakia, serving over 10 million customers with strong financial performance. The transaction, valued at €2.15 billion with additional adjustments, includes potential earn-out payments and options for future share transactions. The acquisition will be consolidated under e&'s international operations starting November 2024.