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The document is an unaudited quarterly condensed consolidated interim financial report for the period ending on September 30, 2024.
Al Seer Marine and Damen International have announced the expansion of their joint venture, Dune, which will now extend beyond naval shipbuilding into the commercial maritime sector. This move aims to strengthen their position as a global leader in the industry. Established in 2022, Dune offers services such as vessel management, project management, and international maritime business facilitation. The joint venture plans to produce over 26 vessels in 2025 using advanced technologies to enhance efficiency and sustainability. The partnership leverages Al Seer Marine's facilities in Abu Dhabi and Damen's shipyards in the UAE to drive innovation and growth.
Al Ain Ahlia Insurance Company, incorporated in Abu Dhabi in 1975 and registered in 1984, operates under Federal Decree-Law No. 48 of 2023 regulating insurance activities, with a paid capital of AED 150,000,000. A board meeting is scheduled for Thursday, November 14, 2024, at 11:00 AM to discuss the financial statements for Q3 2024, the ordinary business of the company, and any other items. The meeting is authorized by Yaser Ibrahim Hmedan, the Board Secretary.
Fertiglobe reported Q3 2024 revenues of $496 million and an adjusted EBITDA of $176 million, with an adjusted net profit of $31 million for the quarter. For the first nine months of 2024, revenues were $1.5 billion, adjusted EBITDA was $496 million, and adjusted net profit was $135 million. Fertiglobe's own-produced volumes were 1.4 million tons for Q3 and 4.2 million tons for the first nine months of 2024. After ADNOC's acquisition, Fertiglobe will focus on low-carbon ammonia growth within ADNOC's ecosystem, consolidating existing and future projects. This includes projects in the UAE and Texas, potentially increasing Fertiglobe’s ammonia capacity significantly. The company is progressing on cost optimization and its Manufacturing Improvement Plan, aiming for $150 million in additional EBITDA by the end of 2025. Fitch upgraded Fertiglobe’s credit rating to 'BBB', reflecting its strategic importance to ADNOC. Since its IPO in 2021, Fertiglobe has paid $2.42 billion in dividends, supported by a strong balance sheet and cash generation capacity. The short-term outlook for nitrogen fertilizers is favorable due to tight markets and low Chinese exports, with a positive long-term demand outlook. Fertiglobe's Q3 and 9M 2024 net profits were affected by a $37 million and $48 million provision related to potential changes in Sorfert’s gas pricing, though costs in Algeria remain competitive.
The text refers to the unaudited quarterly condensed consolidated interim financial information for the period ending on September 30, 2024.
Fertiglobe reported its Q3 2024 financial results, noting a 6% year-over-year decline in revenues to $496 million, a 12% decrease in adjusted EBITDA to $176 million, and a 25% reduction in adjusted net profit attributable to shareholders to $31 million. For the first nine months of 2024, revenues fell by 13% to $1,543 million, adjusted EBITDA dropped by 31% to $496 million, and adjusted net profit decreased by 48% to $135 million. The reported net profit was affected by provisions related to potential changes in Sorfert's gas pricing. Sales volumes of own-produced products fell 7% year-over-year in Q3 due to shutdowns, though they were down only 2% for the nine months, with potential increases if adjusted for external events. Following ADNOC's acquisition, Fertiglobe will focus on low-carbon ammonia projects, aiming to double its ammonia capacity. The company is on track with cost optimization and expects to achieve an additional $150 million in EBITDA by 2025. Fitch upgraded Fertiglobe’s credit rating to ‘BBB’, and the company has paid $2.42 billion in dividends since its IPO. The market outlook for nitrogen fertilizers remains favorable due to tight markets and low Chinese exports.
The Board of Directors of Fertiglobe plc held a meeting on Friday, 8 November 2024, at 4 p.m. via video conference. During this meeting, they approved the company's financial statements for the third quarter of the 2024 financial year. The Board also reviewed recent developments related to the company's activities and projects. This information was communicated by Ms. Rita Guindy, Director of Investor Relations, with a copy sent to the Securities and Commodities Authority.
RAK Properties, a leading property developer in Ras Al Khaimah, UAE, reported strong financial results for the third quarter of 2024. The company saw a 30% increase in revenue, reaching AED 891 million, and a 46% rise in gross profit to AED 342 million compared to the same period last year. Profit before tax increased by 27% to AED 133 million. These gains are attributed to strategic project developments and operational efficiencies. RAK Properties also secured a AED 2 billion financing facility through a partnership with the Commercial Bank of Dubai to support growth plans, including the development of green buildings in Mina Al Arab. The company successfully launched and sold out the final phase of its QDM project in 2024. The leadership team expressed confidence in maintaining growth and enhancing community offerings, emphasizing their commitment to shareholders, partners, and customers.