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Apex Investment in the red:Ras Al Khaimah Cement’s (RAKCC) ’s Abu Dhabi-based Apex Investment reported a net loss of AED 58.4 mn in 2023, compared to the AED 187.2 mn net income the company posted in 2022, according to the company’s annual consolidated financial statements (pdf).The ADX-listed company’s revenues also fell 11.8% y-o-y to AED 723.5 mn during the year.
The company attributed the loss to a AED 129 mn incurred loss on its financial assets, according to the financials.
Background: Ras Al Khaimah Cement Investment Company (RAK CIC) acquired IHC’s subsidiary Apex Holding in 2022 (pdf) through the issuance of mandatory convertible bonds worth AED 3.05 bn sold to IHC in exchange for its stake in Apex Holding. The company’s name was changed to Apex Investment following the transaction, which was expected to “strengthen RAK CIC’s financial performance through the robust financial position of Apex Holding,” RAK CIC general manager Ahmed Ali Al Nuaimi said.
