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e& saw its group net income after federal royalty rise 6.5% y-o-y to AED 2.3 bn in 1Q 2024, according to its earnings release (pdf). Aided by its efforts towards global expansion and diversified portfolio, its revenues also climbed 9% y-o-y to AED 14.2 bn.
The recently rebranded “techo” also saw its aggregate subscribers rise to a record 173 mn users, on the back of subscriber growth in Egypt, Pakistan, UAE and West Africa.
BOROUGE-
Adnoc petrochemicals JV Borouge saw its net income climb 37.2% y-o-y to USD 273 mn (AED 1 bn) in 1Q 2024, according to the company’s earnings report (pdf). The company’s revenues dipped 5.8% y-o-y to USD 1.38 bn (AED 4.78 bn) during the quarter, as overall sales volumes declined 2% y-o-y to 1,135 kilotonnes.
On a q-o-q basis, the company’s net income fell 5% q-o-q, while revenues fell 13% q-o-q from USD 1.5 bn (AED 5.51 bn), driven by a “16% drop in sales volumes impacted by feedstock-related operational turnaround.” A moderate increase in prices for polyethylene and polypropylene “counteracted” the decline in volumes, according to the earnings report.
Dividends: The company plans to distribute USD 1.3 bn (AED 4.77 bn) in dividends in 2024, according to the earnings.
GHITHA HOLDING-
International Holding Company (IHC) retail subsidiary Ghitha Holding reversed its losses in 1Q 2024, with AED 2.68 bn in net income, up from AED 108.6 mn in losses in the same period last year, according to its financials (pdf). The company’s revenues from contracts with customers grew 41% y-o-y to AED 1.3 bn.
Background: Ghitha has been eyeing strategic acquisitions over the past few months, most recently snapping up an additional 12% stake Al Ain Farms for Livestock Production in an AED 61 mn transaction, handing it 60% of the company. Its subsidiary, Ghitha Aeroinvest, also entered into a share purchase agreement to acquire a 44% stake in Turkish air freight cargo company MNG Havayollari ve Tasimacilik for USD 211.2 mn (AED 775.7 mn). Meanwhile, its trading arm, Invictus Investment, said it plans to acquire 60% of Zalar Holding’s stake in Moroccan agriculture trader Graderco.
EMIRATES STRATEGIC INVESTMENTS-
Emirates Strategic Investments Company’s net income stood at AED 725.9 mn in 2023, up 161.8% y-o-y according to the company’s financial statements (pdf).The company’s revenue rose 74% y-o-y to AED 1.1 bn in 2023.
