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Finance World Magazine| Edition: October 2024

This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East." Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE. In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.

This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East."

Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE.

In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.

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Corporate Results<br />

Abu Dhabi Commercial<br />

Bank<br />

H1’24 Net Profit: AED 2.139B<br />

Abu Dhabi Commercial Bank PJSC (AD-<br />

CB) reported strong financial results<br />

for Q1 and Q2 <strong>2024</strong>, maintaining robust<br />

growth. In Q1, the bank achieved a pretax<br />

net profit of AED 2.431 billion, a 26%<br />

year-on-year increase, with a post-tax<br />

profit of AED 2.139 billion and a return<br />

on average tangible equity of 14.1%.<br />

This growth was fueled by solid performance<br />

across Corporate, Investment,<br />

and Retail Banking, with net interest<br />

income rising to AED 3.301 billion and<br />

non-interest income increasing by 21%<br />

to AED 1.285 billion. In Q2, pre-tax net<br />

profit climbed 30% year-on-year to AED<br />

2.593 billion, contributing to a total of<br />

AED 5.023 billion for the first half of<br />

<strong>2024</strong>, a 28% increase.<br />

Rak Properties<br />

H1’24 Net Profit: AED 41.45M<br />

Rak Properties reported a lower net<br />

profit after tax of AED 41.45M for the<br />

first quarter (Q1) of <strong>2024</strong>, a decrease from<br />

AED 44.60M recorded in Q1-23. Despite<br />

this decline in net profit, the company<br />

experienced an increase in revenues,<br />

which rose to AED 289.81M in Q1-24,<br />

compared to AED 258.58M. Total assets<br />

also saw an upward trend, hitting AED<br />

6.68B as of 31 March <strong>2024</strong>, an increase<br />

from AED 6.45B at the end of December<br />

2023. Notably, over the 12 months ending<br />

31 December 2023, the ADX-listed firm<br />

recorded a substantial annual rise in net<br />

profit, reaching AED 201.81M compared<br />

to AED 30.78M the prior year. In the second<br />

quarter (Q2) of <strong>2024</strong>, the company’s<br />

profits jumped to AED 47.60M from AED<br />

43.59M, while the revenues hiked to AED<br />

320.56M from AED 253.05M. The EPS<br />

reached AED 0.022 in Q2-24, compared<br />

to AED 0.021 a year earlier.<br />

Air Arabia<br />

H1’24 Net Profit: AED 266M<br />

Air Arabia reported robust first-quarter<br />

results for <strong>2024</strong>, demonstrating its<br />

commitment to network expansion<br />

and market leadership. The airline<br />

recorded a net profit of AED 266M for<br />

the three months ending 31 March, a<br />

22 per cent decline from AED 342M<br />

in the same period of 2023. Revenue<br />

reached AED 1.54B, marking an 8 per<br />

cent increase year-on-year. The carrier<br />

served over 4.4 million passengers, a<br />

13 per cent rise from the 3.9 million<br />

transported in the first quarter of the<br />

previous year while achieving a notable<br />

average seat load factor of 85 per<br />

cent. In Q2, Air Arabia recorded a 7%<br />

decline in net profit. Net profit for the<br />

quarter ending June 30, <strong>2024</strong>, reached<br />

AED 427M ($116.3M), lower than the<br />

AED 459M posted a year earlier, the<br />

Dubai-listed airline reported.<br />

UAE: Al Ansari<br />

H1’24 Net Profit: AED 205M<br />

Al Ansari Financial Services PJSC reported<br />

its financial results for the first<br />

half of <strong>2024</strong>, recording a net profit of<br />

AED 205 million after tax. While the<br />

group’s EBITDA stood at AED 136<br />

million, reflecting an 8% year-on-year<br />

decline, its performance remained<br />

robust overall. The company’s money<br />

transfer service, <strong>World</strong>wide Cash<br />

Express, was a standout, with a remarkable<br />

118% increase in third-party<br />

customer transactions and an 81% rise<br />

in transaction value, reaching $110<br />

million. The group’s digital channels<br />

also performed exceptionally well, with<br />

a 24% year-on-year rise in transaction<br />

volumes. For Q2 <strong>2024</strong>, the group’s<br />

performance maintained this strong<br />

momentum. Despite a challenging<br />

market, its diversification and strategic<br />

fee increases in key segments<br />

supported growth. The digital channels<br />

and money transfer services continued<br />

to thrive, contributing significantly to<br />

the company’s overall financial health​.<br />

Abu Dhabi National<br />

Insurance Company<br />

H1’24 Net Profit: AED 205.2M<br />

Abu Dhabi National Insurance Company<br />

(ADNIC) has reported a 10%<br />

year-on-year growth in profit before<br />

tax, reaching AED 224.3M for the six<br />

months ending 30th June <strong>2024</strong>, with<br />

a net profit of AED 205.2M. Total assets<br />

grew by 41%, hitting AED10.9B,<br />

compared to AED 7.7B in December<br />

2023, while shareholders’ equity stood<br />

at AED 3.2B. For the second quarter,<br />

the company reported a net income<br />

was AED 103.78 million compared to<br />

AED 104.71 million a year ago. Sheikh<br />

Mohamed bin Saif Al-Nahyan, Chairman<br />

of ADNIC, praised the company’s<br />

operational excellence and strategic<br />

foresight. Insurance revenue surged<br />

54% year-on-year to an all-time high<br />

of AED 3.3B, compared to AED 2.1B<br />

in 2023. Additionally, net insurance<br />

service results increased by 15% to<br />

AED 204.3M. These figures underscore<br />

ADNIC’s continued strength and growth<br />

within the regional insurance sector.<br />

Emirates NBD<br />

H1’24 Net Profit: AED 6.7B<br />

Emirates NBD’s profit surged 67% to a<br />

record AED 6.7B in Q1 <strong>2024</strong>, compared<br />

to the previous quarter, and increased by<br />

12% year-on-year. Regional expansion,<br />

higher transaction volumes, low-cost<br />

funding, and significant impaired loan<br />

recoveries drove this growth. The<br />

Group’s assets surpassed AED 900B,<br />

with Retail lending having its strongest<br />

quarter and Corporate lending securing<br />

key regional deals. Branch numbers<br />

in Saudi Arabia doubled to 18, and a<br />

refreshed Egyptian franchise boosted<br />

growth. The Group’s net interest margin<br />

improved to 3.65% in the second quarter<br />

of <strong>2024</strong> as DenizBank NIMs increased<br />

on favourable loan pricing and stable<br />

funding costs. The market-leading<br />

deposit base grew by AED 26B, with a<br />

remarkable AED 21B increase in lowcost<br />

Current and Savings Accounts,<br />

aided by customer campaigns and<br />

digital banking.<br />

64 www.thefinanceworld.com Oct <strong>2024</strong>

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