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International Holding Company (IHC) reported a 46% increase in revenue to AED 41.7 billion and an 18% rise in net profit to AED 12.3 billion for the first half of 2024. The company's growth was driven by strong performance in sectors such as real estate & construction, marine & dredging, hospitality & leisure, and technology. IHC also announced a share buyback program worth up to AED 5 billion. CEO Syed Basar Shueb attributed the success to the company's strategic objectives, innovation, and operational excellence. The company's total assets grew by 37% to AED 362.9 billion compared to December 2023.
Al Wathba National Insurance Company (PJSC) has scheduled its Board of Directors Meeting No. 05/2024 for Tuesday, 13/08/2024, starting at 12:00 PM. The agenda includes reviewing and approving the previous meeting minutes, the company’s financial statements as of 30/06/2024, and the minutes of the Board of Directors subcommittees. Additionally, the meeting will review recent regulations issued by the Central Bank and discuss other general matters related to the company's activities. The disclosure is signed by Muralikrishnan R, Chief Financial Officer, and is dated 07/08/2024. Copies have been sent to the Central Bank of the UAE and the Securities and Commodities Authority.
Abu Dhabi National Energy Company PJSC (TAQA), through its wholly owned subsidiary TAQA International BV, has completed the sale of its 47.4% interest in the Atrush oil field located in the Kurdistan Region of Iraq to General Exploration Partners. This information was disclosed to the Market Operations Surveillance Department of the Abu Dhabi Securities Exchange. The announcement was made by Mohammad Adnan Sharafi, the Board Secretary.
The document is a review report and interim condensed consolidated financial information for ADNOC Logistics & Services plc, dated 30 June 2024. The information provided is unaudited.
ADNOC Logistics and Services plc (ADNOC L&S) announced significant financial results for the second quarter and first half of 2024. The company reported a 42% increase in revenue and EBITDA, and a 31% rise in net profit year-on-year for H1 2024. The net profit for H1 2024 was $401 million, with revenues totaling $1,740 million and an EBITDA of $591 million, maintaining a 34% EBITDA margin. ADNOC L&S is advancing its growth strategy with strategic investments exceeding $5 billion by 2028. The acquisition of Navig8, which operates in 15 cities across five continents, will add 32 tankers to its fleet and includes new construction contracts for LNG Carriers, VLECs, and VLACs.
On 6 August 2024, the Board of Directors of ADNOC Logistics & Services PLC held a meeting via video conference at 3:00 PM. During this meeting, the Board approved the company's financial results for the second quarter of the 2024 financial year. Additionally, the Board reviewed recent developments related to the company's activities and projects. The notification was signed by Abdulkareem Mubarak Almessabi, the Chief Executive Officer, and a copy was sent to the Securities and Commodities Authority.
On August 6, 2024, a notice was issued regarding the availability of new Single Stock Futures (SSFs) contract series for equity future products starting from August 8, 2024. The November 2024 SSFs contract series includes various futures contracts, each with specific contract IDs, series codes, and names. These contracts will be listed on August 8, 2024, and will be de-listed on November 21, 2024. The announcement can be accessed on the Dubai Financial Market (DFM) website. It is noted that the information is subject to change and the Dubai Financial Market Regulated Derivative Contract Trading Regulation will take precedence in case of any inconsistencies.
Amlak Finance PJSC announced its H1 2024 financial results, reporting a net profit of AED 30 million, down from AED 138 million in H1 2023. Total assets stand at AED 3.15 billion. Revenue from financing and investing increased by 10% to AED 66 million. Excluding a one-off gain, total revenue slightly rose to AED 144 million from AED 126 million in H1 2023. Operating costs increased by 4% to AED 48 million due to ongoing restructuring. The company repaid AED 46 million to financiers and has settled 84% of its Islamic deposit liabilities since 2014. Negotiations to exit the Common Terms Agreement are at an advanced stage. Amortization costs decreased to AED 16 million from AED 22 million. The devaluation of the Egyptian Pound impacted the group's financial position.