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EasyLease’s bottom line after tax more than doubled y-o-y to AED 13 mn in 1Q 2024, according to the company’s earnings release (pdf). Growth came on the back of “enhanced operational efficiencies and strategic positioning in high-growth mobility sectors,” including the company snagging a 60% stake in Alserkal Group subsidiary and transportation technology solutions provider United Trans. The company’s revenues grew 38.6% y-o-y to AED 97.4 mn.
Looking ahead: The UAE-based International Holding Company subsidiary and integrated mobility solutions provider is targeting organic growth through strategic acquisitions and new technologies to fuel expansion and strengthen its market position.
Apex turns to the black in 1Q: Abu Dhabi-based holding company Apex Investment turned profitable in 1Q 2024, turning in AED 4.27 mn in net income, compared to a net loss of AED 190 mn in the same period last year, according to the company’s financial statements (pdf). The firm’s revenues climbed 32% y-o-y to AED 195 mn for the first three months of the year.
REFRESHER- Apex Investment incurred a net loss of AED 58.4 mn in 2023 due to losses on its financial assets.
Al Masraf finished 2023 on a high note: The Arab Bank for Investment & Foreign Trade (Al Masraf) reported a 43% y-o-y increase in net income to AED 189 mn in 2023, according to the lender’s financial statements (pdf). The bank attributed income growth to “improved operating performance on the back of a favorable asset and liability mix and higher interest rates,” an earnings release reads. The bank’s net operating income climbed 20% y-o-y to AED 904 mn during the previous year.
