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TAQA-
Taqa posts 17% bottom line growth: The Abu Dhabi National Energy Company (Taqa) saw its net income increase 17% y-o-y to AED 2.46 bn in 2Q 2024, according to its financial statements (pdf). Revenues were nearly flat, coming in at AED 13.5 bn, down 1.2% y-o-y during the quarter.
Transmission and distribution revenues boosted growth: Taqa recorded lower revenues across all its segments, save for transmission and distribution. The segment saw 6.3% y-o-y growth in 1H, reaching AED 16.55 bn on the back of higher revenues from pass-through bulk supply tariffs and supply of power and water. Revenues were also given a boost by the contributions of Sustainable Water Solutions Holding, which it acquired in 2023, Taqa’s group CEO Jasim Husain Thabet said in its earnings release (pdf).
On a six-month basis, Taqa’s net income was up 12.3% y-o-y to AED 4.4 bn, excluding one-off items. Including those one-offs, net income fell 66% y-o-y, reaching AED 4.59 bn in 1H 2024. The company’s revenues grew 2% y-o-y to AED 27.18 bn in 1H.
SHUAA CAPITAL-
Shuaa Capital saw its net losses deepen to AED 30.9 mn in 2Q 2024 from 10.7 mn, according to its financial statements (pdf). In a separate earnings release (pdf), the company attributed the losses to one-time, non-cash impairments related to legacy assets and goodwill. The firm reported a 47% decrease in 2Q revenues to AED 19.9 mn, fueled by recurring fees from its asset management segment.
On a six-month basis, Shuaa reported a net loss attributable to shareholders of AED 117 mn in 1H 2024, compared to a net income of AED 9 mn in the same period last year. Revenues fell 49% y-o-y during the period to AED 50.1 mn.
REMEMBER- Shuaa is pushing ahead with an ambitious turnaround plan. The firm has been undergoing major restructuring after substantial losses in 2023. Shuaa reached an agreement with bondholders in April to extend the payment terms for some USD 150 mn worth of bonds, and appointed a new management team and Wafik Ben Mansour as its CEO as part of its capital optimization plan. The investment bank has fully settled around AED 500 mn (USD 136 mn) in margin facilities with multiple UAE banks.
And more restructuring is in the works: The firm plans to issue a total of AED 642.5 mn of mandatory convertible bonds as part of its capital optimization plan, with the bond issuances pending regulatory approvals.
ARAM GROUP-
Sharjah-based investment firm Aram Group is back in the black in 2Q 2024, with a bottom line of AED 243.6k in 2Q 2024 after recording a net loss of AED 808.8k in the same quarter last year, the company’s financials (pdf) read. Aram’s rental revenues were down 29% y-o-y to AED 1.8 mn.
On a six month basis: The company’s net income reached AED 646.1k in 1H 2024, after the AED 517.6k loss recorded in the same period. Total rental revenues were down 25% y-o-y to AED 3.6 mn.
ESHRAQ-
Real estate investment firm Eshraq Investments’ net income fell 90% yo-y to AED 3.5 mn in 2Q 2024, according to its financials (pdf). The company’s revenues from commercial operations also fell to AED 4 mn, down 49% y-o-y during the quarter. On a six-month basis, Eshraq incurred AED 302.5 mn in losses in 1H 2024. The investment firm also saw its revenues decline 59% y-o-y to AED 8.1 mn in 1H.
The company reversed its losses from 1Q 2024: The company had incurred some AED 306 mn in losses in 1Q 2024. Eshraq attributed its profitability in 2Q to “a slight recovery in the value of the Goldilocks Fund as a result of partial or full exits from certain investment positions earlier in the year,” Eshraq said in its earnings release (pdf).
NAEEM HOLDING FOR INVESTMENTS-
Naeem Holding for Investments’ bottom line increased 50% y-o-y to USD 679k in 2Q 2024, according to the company’s financials (pdf). The company’s top line stood at USD 2.5 mn during the second quarter of the year, reflecting a 1.6% y-o-y rise. On a 1H basis, the company saw its net income increase 182% y-o-y to USD 1.17 mn, with its top line reaching USD 5.9 mn, marking a 29% y-o-y increase.
NATIONAL GENERAL INS.-
National General Ins. saw its net income rise 173% y-o-y to AED 50.5 mn during 2Q 2024, according to the company’s financials (pdf). The firm’s ins. revenues increased 32% y-o-y to AED 226 mn during the quarter.
On a six month basis, the company saw its net income reach AED 80.8 mn, up 253% y-o-y during 1H 2024. The company’s ins. revenues reached AED 443.6 mn, up 28% y-o-y during the first half of the year.
AL BUHAIRA NATIONAL INS.-
Al Buhaira National Ins. Company narrowed its net losses by 77% to AED 4 mn in losses during 2Q 2024, down from a net loss of AED 17.9 mn during the same period last year, according to its financial statements (pdf). The firm’s ins. revenue rose 14% y-o-y to AED 348.8 mn during the quarter.
On a six month basis, the company saw its net losses reach around AED 11.3 mn during 1H 2024, down 68% from a net loss of AED 35.9 mn. The company’s ins. revenues reached AED 684.2 mn, up 21% y-o-y during the first half of the year.
AL AIN AHLIA INS. COMPANY-
Al Ain Ahlia Ins. turned to the red in 2Q 2024, with AED 5.8 mn in net losses, compared to the AED 5.6 mn net income recorded during the same period last year, according to its financials (pdf). The ins. provider saw its revenues drop 22% y-o-y to AED 259.2 mn in 2Q. For 1H of 2024, Al Ain Ahlia incurred AED 1.4 mn in net losses, from a net income of AED 18 mn in 1H 2023. The firm’s revenues for 1H 2024 fell 28% y-o-y to AED 499.6 mn.
FIDELITY UNITED INS.-
Fidelity United Ins. widened its net losses 241% y-o-y to AED 12.9 mn in 2Q 2024, from AED 3.8 mn in the same period last year, according to its financial statements (pdf). In a separate earnings release (pdf), the company attributed the decline to higher ins. service expenses, driven by an increase in commercial and consumer business-related claims following rains and flooding in the UAE in April. The company’s total revenues stood at AED 152.9 mn during the quarter, up 14.9% y-o-y.
On a six-month basis, Fidelity United Ins.’ net losses remained relatively flat at AED 9.9 mn in 1H 2024, on ins. revenues of AED 313.5 mn, up 21.2% y-o-y.
Looking ahead: Fidelity United Ins. is “currently going through a major transformation focused towards achieving operational excellence, sustainable growth, and superior underwriting results,” the release said. The company tapped Ahmed Nasef (LinkedIn) as CEO effective 2 July, after it appointed its CFO Obbad Fazal (LinkedIn) as interim CEO earlier in May.
DUBAI NATIONAL INS. AND REINS.-
Dubai National Ins. and Reins. reported a net loss of AED 1.4 mn in 2Q 2024, compared to a net income of AED 8.1 mn in the same period last year, according to the company’s financial statements (pdf). The company’s ins. revenues fell 7% y-o-y to 110.7 mn in 2Q. In 1H 2024, the company’s bottom line stood at AED 24.2 mn, marking a 13.7% y-o-y decrease, on revenues of AED 220.8 mn, down 3.9% y-o-y.
UNITED FOODS-
United Foods’ net income rose 139% y-o-y to AED 8 mn in 2Q 2024, according to the company’s financial statements (pdf). The Dubai-based food and beverage company’s revenues remained relatively flat during the quarter at AED 135.2 mn, up 1.9% y-o-y. On a six-month basis, United Foods saw its net income increase 52% y-o-y to AED 22.3 mn in 1H 2024. Revenues from contracts fell 5.8% y-o-y to AED 292.2 mn.
TAKAFUL EMARAT-
Takaful Emarat posted a net loss of AED 3.9 mn in 2Q 2024, compared to a net income of AED 262k in the same period last year, according to the company’s financial statements (pdf). The ins. company’s revenues increased 92% y-o-y to AED 106.1 mn. In 1H 2024, Takaful Emarat widened its net losses 1,520% y-o-y to AED 12.8 mn. Revenues rose 85% y-o-y in 1H to AED 190.2 mn.
