Fresh batch of earnings

PARKIN-

Car parking space manager Parkin saw its net income rise 7% y-o-y to AED 95 mn in 2Q 2024, according to an earnings release (pdf). Parkin booked AED 205.5 mn in revenues, up 12% y-o-y on the back of increased earnings from public and developer parking, seasonal permits, and fines. Total average revenues from parking per day hit record levels, CEO Mohamed Al Ali said.

On a 1H basis, Parkin saw its net income rise 6% y-o-y to AED 198.8 mn in 1H 2024. The company’s revenues reached AED 421 mn, up 10% y-o-y during the same period. The April floods reduced revenue by AED 4 mn due to lower parking use.

Dividends: The company will pay semi-annual dividends for 1H 2024 in October, covering either 100% of net income or cashflow to equity, whichever is larger.

REFRESHER- Dubai’s public parking operator listed on the DFM in March, marking the bourse’s first public offering in 2024 and raising some AED 1.57 bn.

AIR ARABIA-

Budget carrier Air Arabia saw its bottom line after tax fall 15% y-o-y to AED 390.2 mn in 2Q 2024, according to its financial statements (pdf). Air Arabia attributed the fall to slower yield growth and rising costs in the aviation industry, driven by economic and geopolitical uncertainties, currency fluctuations, fuel price volatility, and supply chain disruptions in 2Q, it said in a separate earnings release (pdf). The airline’s top line rose 19% y-o-y during the period to AED 1.66 bn.

On a six-month basis, Air Arabia’s net income fell 21% y-o-y to AED 631.3 mn in 1H 2024. The company’s revenues rose 13% y-o-y to 3.2 bn, driven by strong passenger demand, with over 8.9 mn passengers traveling with Air Arabia in 1H, marking a 16% y-o-y increase.

RESPONSE PLUS HOLDING-

Response Plus Holding’s bottom line climbed 2% y-o-y to AED 27.2 mn in 1H 2024, according to the company’s financial statements (pdf). Response Plus attributed growth to its “commitment towards cost optimization,” as well as increased efficiency and productivity across the organization, according to a separate earnings release (pdf). The Abu Dhabi-based healthcare service provider recorded revenue of AED 209.2 mn during the period, up 24% y-o-y.

Looking ahead: “We are confident of strong growth in the second half of 2024,” RPH CEO Rohil Raghavan said. The company is eyeing expansion across different business verticals in pre-hospital and emergency care, as well as strategic partnerships in existing and new markets.

Dividends:The company’s board approved interim dividends of AED 15 mn for 1H 2024.

E7-

Printing company E7’s net income after tax rose 105% y-o-y to AED 64.5 mn in 2Q 2024, according to the company’s financial statements (pdf). The company’s revenues rose 10% y-o-y to AED 174.8 mn, driven by growth across its security, printing and packaging segments, as well as the execution of new contracts in the UAE and abroad, according to its earnings release (pdf).

On a six-month basis, E7 saw its net income after tax rise 75% y-o-y to AED 91.1 mn in 1H 2024. E7 saw its revenues climb 5% y-o-y to AED 300.8 mn during the period, driven by new contract wins in the first half of the year with a combined value of AED 285.3 mn.

Looking ahead:E7 expects single-digit revenue and net income before tax growth for FY 2024, the release said. The group plans to invest AED 182 mn in its security solutions business segment to increase passport manufacturing capacity fivefold and establish its presence in the digital tax stamps segment.

GULF CEMENT-

Gulf Cement’s net losses deepened 55% y-o-y to AED 14.9 mn in 2Q 2024, compared to a net loss of AED 9.6 mn during the same period last year, according to the company’s financial statements (pdf). The company saw its revenues fall 16% y-o-y to AED 103.5 mn during the quarter.

The company’s losses narrowed on a six-month basis to AED 22.5 mn net loss in 1H 2024, compared to a net loss of 23.7 mn in 1H 2023, on the back of relatively stable revenues of AED 217.5 mn (down 4% y-o-y) due to higher sales volumes. The company attributed losses to high fuel and energy costs, and continued challenges in the markets, according to a separate company statement (pdf).