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MODON HOLDING-
ADX-listed IHC subsidiary Modon — formerly Q Holding — saw its net income fall 37% y-o-y to AED 328.9 mn during 2Q 2024, according to the real estate company’s financial statements (pdf). The company witnessed a more than fourfold y-o-y surge in its top line to AED 1.65 bn, driven by “strong real estate sales and a solid portfolio of operating assets,” especially following its merger with Adnec and Modon Properties, which saw it rebrand to Modon Holding, according to a separate earnings release (pdf).
On a six-month basis, the company reported AED 8.74 bn in net income in 1H 2024, up 3,973% y-o-y on the back of a provisional bargain purchase gain from its merger, which “significantly [bolstered] Modon Holding’s financial position.” Revenues increased 333% y-o-y to AED 2.12 bn, with AED 7.6 bn sales booked during the first half of the year, driven by solid demand for new and existing projects.
Looking ahead: “Modon will build on [the] strength created by the merger of Q Holding, Modon Properties, and Adnec to generate new opportunities across the business, and to expand our market presence both within the UAE and internationally,” Modon CEO Bill O’Regan said. The company’s aggregated revenue backlog currently stands at AED 22.3 bn.
PURE HEALTH-
A drop in Pure Health’s bottom line: Healthcare giant Pure Health saw a 55% y-o-y drop in net income in 2Q 2024 to AED 513.7 mn, according to the company’s financial statements (pdf). The healthcare provider reported a 55% y-o-y revenue increase, reaching AED 6.39 bn during the same period.
On a 1H basis: Pure Health’s net income contracted 26% y-o-y to AED 1 bn in 1H 2024 due to new accounting standards, the new corporate tax, and costs associated with its acquisition of Circle Health, the company said in a separate earnings release (pdf). The company’s revenues rose 53% y-o-y to AED 12.5 bn during the first six months of the year, propelled by growth in the hospitals segment, which saw 84% y-o-y growth in revenues amid higher patient volumes and acquisitions.
Looking ahead: Pure Health intends to continue its M&A strategy and ongoing asset transformation, Pure Health CEO Shaista Asif said.
BOROUGE-
Adnoc petrochemicals JV Borouge saw its net income climb 33% y-o-y to USD 308 mn in 2Q 2024, according to its earnings release (pdf). Revenues rose 6% y-o-y to USD 1.5 bn during the period, as overall sales volumes increased 9% y-o-y to 1.3k kilotonnes. Average selling prices for polyethylene are down 5% y-o-y-, and 2% y-o-y for polypropylene.
On a six-month basis, the company’s net income increased 35% y-o-y in 1H 2024 to USD 581 mn on the back of an increase in sales volumes and cost optimization. Meanwhile, revenues remained relatively flat y-o-y at USD 2.81 bn.
Looking ahead: The company expects a stable macro environment in Borouge’s core markets in 2H 2024 and has a stable outlook for polyolefins prices for the remainder of the year. Demand could potentially increase in the Chinese market, following “targeted stimulus efforts,” the release said.
DUBAI AEROSPACE ENTERPRISE-
Dubai Aerospace Enterprise (DAE) saw its net income grow 12.8% y-o-y to AED USD 81 mn in 2Q 2024, according to its financials (pdf). The company’s revenues dropped 2.7% y-o-y to USD 331.1 mn.
On a six-month basis, DAE’s income rose 5.5% y-o-y to USD 148.8 mn in 1H 2024. The company saw its revenues edge up 1.9% y-o-y to USD 662.4 mn during the first six months of 2024.
