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We have another batch of 2Q earnings, this time from DP World, Amanat, Julphar, Invictus, and Salama.
DP WORLD-
Dubai-based port operator DP World’s bottom line narrowed 35.6% y-o-y to USD 570 mn in 1H 2024 on the back of the shipping crisis in the Red Sea, according to its earnings presentation (pdf). The company’s topline saw a 3.3% y-o-y increase during the period to USD 9.3 bn.
Red Sea disruptions hit net income, but operations elsewhere offset the impact: DP World’s Middle East, Europe, and African markets saw a 7.1% y-o-y decline in net income to USD 1.3 bn on the back of disruptions in the Red Sea. However, revenues from those markets were up 1% to USD 6.5 bn during the period as the disruptions were partially offset by robust gains from ports and terminals across UAE, Africa, and Europe. The firm saw a 14.8% y-o-y increase in revenue from its ports and terminals segment to USD 3.57 bn in 1H 2024, according to a separate earnings release (pdf). The logistics segment reported a 2% y-o-y decline in revenues to USD 3.83 bn, while the marine services sector witnessed a 5% y-o-y dip in revenues to USD 1.94 bn.
DP World has high hopes for the rest of the year, anticipating a “solid pipeline” of new business for its logistics division, coupled with signs of recovery at several ports affected by the Red Sea crisis, the port operator told Reuters.
AMANAT-
Amanat Holdings’ bottom line narrowed 21.6% y-o-y to AED 40.8 mn in 2Q 2024, according to the company’s financials (pdf). Amanat booked AED 209.8 mn in revenues, up around 14% y-o-y during the quarter.
On a six-month basis, Amanat’s net income was down 7.5% y-o-y to AED 89.1 mn, partially impacted by the introduction of the corporate tax, according to a separate earnings release (pdf). The company’s revenues grew 17% y-o-y to AED 433.3 mn in 1H on the back of a 26% y-o-y growth in the performance of the company’s education segment.
Looking ahead: “We remain committed to both driving growth in long-term care through increasing bed capacity, with c.200 beds currently under construction, and growing our education business through increasing enrollments in the UAE, further expansion of HDC and exploring M&A opportunities,” Amanat CEO John Ireland said.
INVICTUS-
Food distributor Ghitha’s trading arm Invictus Investment saw its net income fall 38% y-o-y to AED 84.2 mn in 1H 2024, according to the company’s financial statements (pdf). The trading firm’s revenues remained relatively flat in 1H at AED 4.26 bn.
Looking ahead, Invictus is eyeing downstream acquisitions to “enhance [its] operational capabilities and position [the company] to better serve the evolving needs of [its] global customer base, [aiming to transform] Invictus Investment into a fully integrated agro-food enterprise that creates value for all stakeholders,” CEO Amir Daoud Abdellatif said in the company’s earnings release (pdf).
JULPHAR-
Gulf Pharma Industries (Julphar) narrowed its net losses to AED 4 mn in 2Q 2024, after having seen a net loss of AED 41.8 mn during the same period last year, according to the company’s financials (pdf). The company saw its revenues from sales increase around 9.5% y-o-y to AED 444 mn during the quarter.
On a 1H basis, the company recorded a loss of AED 2.4 mn, compared to a loss of 45.7 recorded in the first half of 2023. The company’s revenues in 1H reached AED 883.1 mn, up 3% y-o-y.
SALAMA-
Ins. provider Islamic Arab Ins. — known as Salama — saw its net income fall 30% y-o-y to AED 3 mn in 2Q 2024, after netting a bottom line of AED 4.2 mn during the same period last year, according to the company’s financials (pdf). The company’s takaful revenues decreased around 8% y-o-y to AED 257.1 mn during the quarter.
On a 1H basis, Salama saw its net income increase 67% y-o-y to AED 20.53 mn during 1H 2024. Takaful revenues reached AED 528.6 mn during the period, down around 3% y-o-y, despite a “challenging revenue environment,” according to an earnings release (pdf).
