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United International Holding (UIHC) — owner and operator of the Tas’heel brand name — tapped Vice Chairman Mohammed Galal Ali Fahmy (LinkedIn) as its acting CEO, following the passing of former CEO Sakhr Abdulrahman Mohammed Al Mulhem earlier this month, according to a filing to Tadawul. Fahmy assumes the role effective immediately and will serve in the interim until a permanent CEO is named.
Fahmy brings 30 years of experience in strategic planning and finance, and is currently serving as CEO and managing director of UIHC’s parent company United Electronics (eXtra). He’s also the managing director of Nawah Holding, and chairman of UIHC subsidiary Procco Financial Services. Fahmy is also a board member at Tas’heel, and Halwani Brothers Egypt.
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ICYMI- UIHC debuted a 30% stake on Tadawul earlier this month at SAR 132 apiece. The institutional tranche of the offering sold out within minutes of opening and was 132x oversubscribed, reflecting overwhelming demand. The offering raised some SAR 990 mn in proceeds, valuing the company at SAR 3.3 bn at listing, and firmly establishing UIHC as one of Tadawul’s standout listings of the year.
UIHC’s share price was up 0.9% to SAR 155 at the close of trading yesterday — that is a 17.5% increase from its debut price, according to EnterpriseAM calculations.
The company also recently reported robust financials, with its 3Q results showing strong momentum. UIHC logged 11.1% y-o-y growth in net income at SAR 59 mn in 3Q primarily driven by a 22.3% bump in revenues at SAR 161.7 mn as Tas’heel’s consumer finance portfolio grew 25%. On a 9M basis, UIHC’s bottom line saw a 0.8% y-o-y uptick at SAR 158.1 mn in 9M, and its top line was up 17.7% at SAR 451 mn on the back of a surge in Tas’heel’s consumer finance portfolio.
