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The National Bank of Fujairah PJSC (NBF) has announced its Q1 2024 results, showing a significant year-on-year growth of 80.8%. The net profit before tax reached AED 274.8 million, compared to AED 152.0 million in Q1 2023. After tax, the net profit was AED 251.1 million. The bank attributes these results to selective quality business growth, effective management of margins and liquidity, high interest rates, improving impairment provisions, and strong local market conditions. NBF also reported a reduction of 33.4% in net impairment provisions, from AED 245.8 million in Q1 2023 to AED 163.7 million in Q1 2024. The bank's provision coverage ratio improved to 128.4%, and the NPL ratio was maintained at 4.9%.

The National Bank of Fujairah PJSC (NBF) has released its Q1 2024 results, showing a significant year-on-year growth. The bank's net profit before tax rose by 80.8%, reaching AED 274.8 million compared to AED 152.0 million in Q1 2023. After tax, the net profit stood at AED 251.1 million. The bank attributes this strong performance to its selective quality business growth strategy, effective margin and liquidity management, high interest rate environment, improved impairment provisions, cost management, and favorable local market conditions. The bank's operating profit for the three-month period was AED 438.5 million, a 10.2% rise from Q1 2023. The operating income reached AED 614.0 million, up 10.8% from the same period in 2023.

The Board of Directors of the National Marine Dredging Company PJSC is set to meet on Thursday, 2 May 2024 at 1 p.m. at Royal Group’s offices. The meeting agenda includes the approval of the Company’s draft financial statements for the first quarter of the financial year 2024 and discussion of other general matters related to the Company's activities and projects. The Securities and Commodities Authority (SCA) is also informed about this meeting.

Aldar Properties reported a net profit surge of 88% YoY in Q1 2024, backed by strong backlog recognition. The company had strong development sales of AED 6.3 billion, up 39% YoY, with three project launches within the quarter. The development business hit a record run rate through the effective realization of backlog, which stands at AED 38.1 billion. The company saw continued growth in demand for UAE homes with overseas and resident expat buyers accounting for 75% of Aldar’s UAE sales. The company is focusing on growth in core markets through strategic land bank replenishment and new launches. The investment portfolio’s strong organic growth was complemented by prior-year acquisitions positively impacting the bottom line. The company has a robust liquidity position with AED 4.0 billion in free cash and AED 6.0 billion in undrawn committed credit facilities. Aldar continues to actively explore opportunities for disciplined capital deployment in core markets to drive diversification, scale and earnings growth.