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International Holding Company PJSC (IHC) has issued a notice to warn the public about scams involving the misuse of the company's name, employee names, and logo to promote fraudulent investment opportunities and tenders. These scams ask for personal, business, and financial information, as well as credit card or bank details. IHC emphasizes that it never requests such information or payments via email, mail, or any other means. The company advises caution and suggests verifying the legitimacy of communications by checking that emails come from the "@ihcuae.com" domain. For protection against scams, IHC encourages individuals to stay informed through their official website or the Abu Dhabi Securities Exchange (ADX) for official news and disclosures.
EMSTEEL, a major steel and building materials manufacturer in the UAE, reported AED 5.9 billion in revenues for the first nine months of 2024, a 9% decrease from the same period in 2023. The decline is attributed to global market fluctuations, increased competition, and economic uncertainties. The company's EBITDA was AED 645 million, with a margin of 11.0%, down from 13.6% in 2023. The Emirates Steel division generated AED 5.34 billion in revenue but faced challenges due to market conditions and a legal provision, resulting in a profit before tax of AED 20 million. Meanwhile, the Emirates Cement division reported AED 537 million in revenue and a profit before tax of AED 81 million, with an improved net profit margin of 15%. EMSTEEL maintained a strong liquidity position with AED 623 million in cash as of Q3 2024. The company received recognition for digital transformation efforts and was appointed co-chair of the Alliance for Industry Decarbonisation.
Alpha Dhabi Holding reported strong financial results for the third quarter of 2024, with a net profit of AED 11.1 billion for the nine months ending September 30, 2024. This represents a 4% decrease from the same period last year due to a one-time adjustment related to PureHealth. The operating net profit reached AED 7.5 billion, marking an 83% year-on-year increase, while revenue increased by 36% year-on-year to AED 44.2 billion. The growth was attributed to strategic acquisitions and investments made since 2022, as well as increased operations. Key revenue contributions came from the Industrial, Real Estate, Construction, and Services & Others segments. The company emphasized its ongoing strategic investments in high-growth, future-centric industries to further enhance its portfolio.
The Management Discussion & Analysis for the period ended 30 September 2024 provides an overview of the financial performance and strategic initiatives of the company. It includes insights into revenue trends, cost management, and market conditions affecting the business. The report also highlights key operational achievements and challenges faced during the period. Additionally, it outlines future plans and expectations to enhance shareholder value. The document serves as a resource for investors to understand the company's current position and future outlook.
On 31st October 2024, the Board of Directors of EMSTEEL Building Materials PJSC held their fifth meeting of the year. During this meeting, they approved the financial results for the first nine months of 2024 and discussed other business matters. The notification of these resolutions was sent to the Disclosure & Compliance Section and the Market Operation Surveillance Department of the Abu Dhabi Securities Exchange, with a copy also sent to the Securities and Commodities Authority. The communication was signed by Eng. Saeed Ghumran Al Remeithi, the Group Chief Executive Officer of EMSTEEL.
The document is a review report and condensed interim consolidated financial statements for TECOM Group PJSC and its subsidiaries, covering the nine-month period ending on September 30, 2024. The classification of the document is confidential.