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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United Arab Bank<br />
H1’24 Net Profit: AED 68M<br />
United Arab Bank PJSC (UAB) has<br />
reported a net profit after tax of AED<br />
68M for the first quarter of <strong>2024</strong>, marking<br />
a 25% increase from AED 55M in<br />
the same period in 2023. Total income<br />
rose by 33% year-on-year to AED 163M.<br />
Sheikh Mohammed bin Faisal bin Sultan<br />
Al Qassimi, Chairman of the Board,<br />
expressed satisfaction noting the total<br />
assets reached AED 17.9B. Net loans and<br />
customer deposits grew by 2% and 4%,<br />
respectively, while the non-performing<br />
loan ratio improved to 4.8%. Profit after<br />
taxes at AED 139M were higher by 15%<br />
yoy. Net profit before taxes for Q2 <strong>2024</strong><br />
were AED 77M, up by 17% yoy and 3%<br />
sequentially. EPS increased to AED 0.07<br />
per share for the half-year period in <strong>2024</strong><br />
as compared to AED 0.06 per share in<br />
H1 2023.<br />
EQUATE Group<br />
H1’<strong>2024</strong> Net Profit: $348M<br />
The EQUATE Group, a leading petrochemicals<br />
company based in Kuwait,<br />
reported a net income of $348M after<br />
tax for the first half of <strong>2024</strong>, marking<br />
a significant 291 per cent increase<br />
from $89M in the same period of 2023.<br />
Revenues for H1 <strong>2024</strong> reached $1.86B,<br />
compared to $1.52B in the previous year.<br />
Despite ongoing market challenges,<br />
including slow industry recovery, macroeconomic<br />
uncertainties, and global<br />
supply chain disruptions, EQUATE<br />
demonstrated resilience in its performance.<br />
Naser Aldousari, President<br />
& CEO, emphasised the company’s<br />
commitment to operational efficiency,<br />
sustainability, and market growth.<br />
Looking ahead, the group launched a<br />
$750M, 7-year Sukuk in August <strong>2024</strong>,<br />
as part of its strategic efforts for the<br />
second half of the year, reflecting its<br />
focus on financial optimisation and<br />
future growth.<br />
ADNOC Logistics and Services<br />
H1’24 Net Profit: AED 712M<br />
ADNOC Logistics and Services plc<br />
(ADNOC L&S) (ADX symbol ADNO-<br />
CLS / ISIN AEE01268A239), a global<br />
leader in energy maritime logistics,<br />
has reported its Q1 <strong>2024</strong> financial<br />
results. The Company achieved a net<br />
profit of $194M (AED 712M), a 34%<br />
rise from the $145M (AED 533M) in<br />
Q1 2023. Revenues grew 42% year-onyear<br />
to $840M (AED 3,085M), while<br />
EBITDA increased by 44% to $286M<br />
(AED 1,050M). The strong performance<br />
across all segments led the Company<br />
to revise its guidance upwards. In<br />
Q2 <strong>2024</strong>, AW Shipping, a strategic<br />
joint venture between ADNOC L&S<br />
and Wanhua Chemical Group, signed<br />
shipbuilding contracts with Jiangnan<br />
Shipyard in China priced at approximately<br />
$1.9 billion (AED7 billion) in<br />
aggregate, for the construction of nine<br />
Very Large Ethane Carriers (VLECs),<br />
priced at approximately $1.4 billion<br />
(AED5.1 billion).<br />
RAKBANK<br />
H1’24 Net Profit: $156.2M<br />
The National Bank of Ras Al Khaimah<br />
(RAKBANK) has reported a remarkable<br />
surge in net profits, reaching AED<br />
574.19M during the first quarter (Q1) of<br />
<strong>2024</strong>, a substantial increase from AED<br />
450.32M recorded in the same period<br />
the previous year. As per the consolidated<br />
financial results, the ADX-listed<br />
lender achieved an operating income<br />
of AED 1.17B, reflecting a year-onyear<br />
growth from AED 1.05B. Basic<br />
and diluted earnings per share (EPS)<br />
also improved, rising to AED 0.29 in<br />
Q1 <strong>2024</strong>, up from AED 0.22 in Q1 2023.<br />
In the first three months of <strong>2024</strong>, total<br />
assets grew to AED 78.58B, an increase<br />
from AED 73.95B a year earlier, while<br />
customer deposits climbed to AED<br />
55.39B, compared to AED 50.39 B.<br />
In the second quarter (Q2) of <strong>2024</strong>,<br />
the company’s profits jumped to AED<br />
47.60M from AED 43.59M, while the<br />
revenues hiked to AED 320.56M from<br />
AED 253.05M. The EPS reached AED<br />
0.022 in Q2-24, compared to AED 0.021<br />
a year earlier.<br />
Pure Health Holding<br />
H1’24 Net Profit: AED 1B<br />
Pure Health Holding announced an 8%<br />
year-on-year (YoY) increase in net profit,<br />
reaching AED 1B for the first half (H1)<br />
of <strong>2024</strong>. Revenue surged by 53% YoY<br />
to AED 12.50B, driven primarily by an<br />
83% rise in hospital revenues to AED<br />
9.60B. Insurance revenues also saw a<br />
significant increase of 15% YoY, totalling<br />
AED 3.30B. Hamad Al Hammadi,<br />
Chairman of Pure Health, emphasised<br />
the company’s commitment to becoming<br />
a leading UAE-based healthcare<br />
provider with global ambitions. Group<br />
CEO Shaista Asif remarked that the<br />
solid foundation established in H1-24<br />
positions the company well to leverage<br />
emerging opportunities and enhance<br />
shareholder value. Additionally, net<br />
profit for Q1-24 rose dramatically to<br />
AED 490.64M, up from AED 219.11M<br />
in Q1-23.<br />
AD Ports Group<br />
H2’24 Net Profit: AED 439M<br />
AD Ports Group reported a robust net<br />
profit of AED 439M for Q2 <strong>2024</strong>, reflecting<br />
a 42% year-on-year increase. The<br />
net profit was AED 333M, up 16% from<br />
the previous year. Revenue more than<br />
doubled to AED 4.18B, driven by organic<br />
growth across its Ports, Logistics, and<br />
Digital Clusters, alongside the acquisitions<br />
of Noatum and GFS. EBITDA<br />
surged 56% year-on-year to AED 1.07B,<br />
with an 8% increase on a like-for-like<br />
basis, resulting in an EBITDA margin<br />
of 25.6%. AD Ports Group announced<br />
that its total net profit reached AED<br />
439M in Q2 <strong>2024</strong>, an increase of 42%<br />
Year-on-Year (YoY), while the net profit<br />
after minorities reached AED 333M in<br />
Q2 <strong>2024</strong>, an increase of 16% YoY. Captain<br />
Mohamed Juma Al Shamisi, Managing<br />
Director and Group CEO, emphasised<br />
the positive impact of both strategic<br />
acquisitions and organic growth.<br />
Oct <strong>2024</strong> www.thefinanceworld.com 65