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SPACE42-
Space42 reports first earnings post-merger: AI-powered space tech firm Space42’s bottom line rose 18.2% y-o-y to USD 111.6 mn during 9M 2024, according to its financials (pdf). The firm booked USD 428.5 mn in revenues during the nine-month period, down 7.2% y-o-y in 9M.
REFRESHER- Space42 was created after Bayanat and Al Yah Satellite Communications (Yahsat) merged in October, with Bayanat owning 54% of Space42 and Yahsat owning the remainder.
Bayant records bottom line growth in 3Q: Geospatial solutions firm Bayant saw its net income climb 40.4% y-o-y to AED 47.4 mn in 3Q 2024. The company saw its revenues fall 26.5% y-o-y to AED 205.6 mn in 3Q, compared to AED 279.7 mn in 3Q 2023.
Looking ahead, Space42 aims to boost its bottom line growth as Bayanat and Yahsat integrate their assets across the value chain. The company will “pursue programs that bring incremental value and where we can sustain a distinct advantage, investing in new capabilities and unlocking opportunities which can be materially scaled,” Managing Director Karim Michel Sabbagh said in the firm’s earnings release (pdf).
AL ANSARI FINANCIAL SERVICES-
Al Ansari Financial Services’ posted a 17.2% y-o-y decline in its net income to AED 103.1 mn in 3Q 2024, according to its financials (pdf). The company’s total income inched up 1.5% y-o-y to AED 297.3 mn. Remittances grew 2% over the first nine months of the year, according to an earnings release (pdf).
On a nine-month basis, Al Ansari saw its net income fall 20.4% y-o-y to AED 308 mn in 9M 2024. Al Ansari’s total income remained relatively flat, standing at AED 882.7 mn in 9M.
Looking ahead, Al Ansari is set to expand its operations, with the acquisition of Al Ansari Exchange in Kuwait set to be finalized this quarter and the benefits to reflect on its 1Q 2025 earnings. Additionally, the firm plans to roll out its digital wallet service before year-end.
RAK PROPERTIES-
RAK Properties’ net income rose by 90.6% y-o-y to AED 32.4 mn in 3Q 2024, according to its financials (pdf). The company’s revenue increased by 61.5% y-o-y to AED 281 mn in this quarter. On a 9M basis, net income climbed by 15.4% y-o-y to AED 121.4 mn, while revenues rose by 30% y-o-y to AED 891.3 mn.
REMEMBER- Ras Al Khaimah government increased its stake in the company to 34% and injected additional land bank into it, boosting its assets and share capital, according to its earnings (pdf).
EMIRATES-
Emirates Group’s net income amounted to AED 9.3 bn in the six months ending on 30 September, according to its earnings release (pdf). The group’s revenue during that period increased by 5% y-o-y to AED 70.8 bn, on the back of heightened customer demand across markets and the group’s divisions.
National airline Emirates’ net income attributable to owners declined by 6.9% y-o-y to AED 8.7 bn during that same period, according to its financials (pdf), while the carrier’s revenues rose by 4.5% y-o-y to AED 62.2 bn due to strong travel and air cargo demand.
Emirates Group’s air services provider dnata saw its net income reach AED 571 mn during the period, down 19.5% y-o-y, while the revenue including other operating income increased by 11% y-o-y to AED 10.4 bn. The figures were affected by a one-off impairment charge of AED 152 mn. Dnata’s airport operations were the largest contributor to revenues, increasing by 15% y-o-y to AED 4.8 bn in the first six months of the financial year, due to operations picking up in the UAE, Australia, UK, and Singapore.
EMPOWER-
Empower’s revenue rose while profits dipped slightly: The Emirates Central Cooling Systems Corporation (Empower) saw its net income fall 6% y-o-y to 264.9 mn in 3Q, while it recorded a 5.3% increase in revenue y-o-y for to reach AED 1.1 bn, according to a financial statement (pdf).
On a 9M basis, Empower recorded a net income of AED 68.5 mn, up 4.4% from the same period last year. Meanwhile its revenues hit AED 2.5 bn, up 8% y-o-y.
High demand drove revenue growth: Empower attributed its revenue growth for the first nine months of 2024 to increased demand for its district cooling services, driven by Dubai’s booming real estate market and a surge in new developments.
SPINNEYS-
Spinneys’ net income grew 12.3% y-o-y to AED 35.4 mn in 3Q 2024, according to the company’s financial statements (pdf) filed with the DFM. The company booked AED 701.4 mn in revenues, up 14.9% y-o-y.
On a nine-month basis, Spinneys’ bottom line grew 14.6% y-o-y to AED 181.9 mn in 9M 2024. The company’s revenues grew 11.4% y-o-y to AED 2.3 bn on the back of a 11.1% increase in like-for-like sales, according to a separate earnings release (pdf). The growth in revenues was bolstered by the opening of four new locations in Dubai — Al Khawaneej, Sobha, The Kitchen by Spinneys in Dubai Mall — and its first store in Riyadh, Saudi Arabia.
GULF MEDICAL PROJECTS-
Gulf Medical Projects saw its net income fall 29.1% y-o-y to AED 11 mn in 3Q 2024, according to the company’s financial statements (pdf). The company booked a revenue increase of 13.7% y-o-y to AED 157.8 mn.
On a 9M basis: Gulf Medical Projects saw its net income rise 22.5% y-o-y to AED 58.7 mn while the company’s revenues also saw a 20% increase to AED 489 mn.
ARAMEX-
Logistics outfit Aramex’s net income rose 212.1% y-o-y to AED 27.1 mn in 3Q 2024, according to its financial statements (pdf).The company recorded AED 1.6 bn in revenues, up 18% y-o-y, buoyed by “consistent volume gains across all product lines,” with each achieving double-digit revenue growth during the quarter, according to a separate earnings release (pdf).
On a nine-month basis, Aramex saw its bottom line rise 49.8% y-o-y to AED 76.9 mn. The company’s top line also increased 11.0% during the same period to AED 4.6 bn, driven primarily by improved sales, especially in international and domestic express operations.
Looking ahead: Aramex is on track to meet its year-end targets, it said. The company is currently “reassessing certain activities” within its freight business, anticipating lower margins across the industry due to a challenging operating environment.
