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On 29th July 2024, Aldar Properties PJSC held a Board of Directors meeting from 9:00 am to 9:35 am with six board members present, achieving a quorum of 85.7%. The meeting resulted in the approval of the financial statements for Q2 2024 and the consideration of general business, operational, and strategic items. The authorized signatory for the meeting was Mohammad Hatim Abedalrahman, the Company Secretary.
Aldar's net profit for the first half of 2024 increased by 57% year-over-year, driven by significant backlog realization and strong performance in its investment portfolio. Key highlights from H1 2024 include a 21% YoY increase in development sales to AED 14.0 billion, with 79% of UAE sales coming from overseas and resident expat buyers. The company reported a record development backlog of AED 39.0 billion, with AED 33.2 billion in the UAE, supporting future revenue over the next 2-3 years. Aldar also made a strategic entry into Dubai's commercial segment with a total commitment of AED 1.8 billion and formed a strategic partnership with DP World to develop a logistics park in Dubai. The company's investment properties platform aims to diversify and grow earnings through strategic capital deployment and asset optimization. Aldar issued a second USD 500 million green sukuk and conducted a tender buyback of 2025 sukuk, optimizing its debt structure. The company maintains ample liquidity with AED 3.6 billion in free cash, AED 7.6 billion in undrawn committed credit facilities, and AED 6.2 billion in unrestricted escrow accounts. Financial results for H1 2024 include: - Revenue: AED 10.9 billion (+73% YoY) - Gross Profit: AED 3.9 billion (+43% YoY) - EBITDA: AED 3.9 billion (+61% YoY) - Net Profit (after tax): AED 3.3 billion (+57% YoY) For Q2 2024: - Revenue: AED 5.3 billion (+64% YoY) - Gross Profit: AED 1.8 billion (+27% YoY) - EBITDA: AED 2.0 billion (+42% YoY) - Net Profit (after tax): AED 1.8 billion (+37% YoY) Aldar’s effective tax rate for H1 2024 was 4.1%, following the introduction of UAE corporate income tax on January 1, 2024. Pre-tax net profit increased by 63% to AED 3.5 billion in H1 2024 and by 42% to AED 1.8 billion in Q2 2024.
Aldar Properties PJSC has released a review report and interim financial information for the six-month period ending on June 30, 2024.
The National Marine Dredging Company PJSC has released its interim condensed consolidated financial statements for the six-month period ending on June 30, 2024. These statements are unaudited.
The National Marine Dredging Company PJSC (NMDC) reported revenues of AED 12.1 billion and a net profit of AED 1.46 billion for the six-month period ending 30 June 2024. This reflects the group's consistent strong performance and ongoing growth, contributing to increased shareholder value. The Management Discussion and Analysis (MD&A) should be reviewed alongside the unaudited interim condensed consolidated financial statements for the same period.
Boulevard Plaza 2, 14th floor, P.O. Box: 35000, Dubai, UAE. Landline: +971 4 3739826, Fax: +971 4 3328432, email: info@alfirdousholdings.info Date: 2024.07.26 To: Mr. Hamed Ahmed Ali, CEO, Dubai Financial Market, Dubai, UAE. Subject: Rise in Al Firdous Holdings Share Al Firdous Holdings extends its best regards. In response to your inquiry dated 2024.07.26 regarding the rise in Al Firdous Holdings' share over sessions from 24/07/2024 to 25/07/2024, we confirm that the company has no undisclosed financial, operational, or technical information that could explain the increase in the share price. Best regards, Sheikh Khaled Bin Zayed Saqr Al Nahyan, Chairman of the Board.
Date: July 26, 2024 To: Mr. Hamed Ahmed Ali, Chief Executive Officer, Dubai Financial Market, Dubai, United Arab Emirates Subject: Notification of Board Meeting - Dubai Taxi Company P.J.S.C. The Board of Directors of Dubai Taxi Company P.J.S.C. will meet on Wednesday, July 31, 2024, at 3:00 pm via videoconferencing to discuss and make decisions on internal matters related to the company's business. Best Regards, Vicken Khochafian Board Secretary cc: Securities and Commodities Authority
BHM Capital Financial Services P.S.C, a private joint stock company regulated by the SCA, held a board of directors meeting on Friday, July 26, 2024, from 11:30 AM to 12:30 PM. All five board members were present, achieving a 100% quorum. The meeting resulted in the following decisions: approval of the H1 2024 consolidated financial statements, discussion of the acquisition details of a target company in various sectors including education and real estate, approval to call for a general assembly meeting to consider the acquisition proposal pending regulatory approvals, and other regular matters. The meeting was documented by Board Secretary Ma’an Albostami.