UAE: Apex Investment PSC reports 625 percent net profit surge in Q1 2024

This impressive performance was driven by a 32 percent increase in revenues to AED 195 million compared to the same period last year, and a significant shift in net operating profit, moving from 3.5 percent in Q1 2023 to 19 percent in Q1 2024.

According to Mark Blackwell, CEO of Apex Investment PSC, the strong results were due to the company’s focus on transformation and optimisation in 2023. 

“2023 was all about change. We undertook a holistic transformation across our Group of Companies to establish core foundations to ensure we continue to bring world class offerings to our Clients and the Market.  This meant fundamental changes across every aspect of the business, requiring both bold and difficult decisions to be made, that have now established the foundation to accelerate growth and diversification and delivered outstanding results for Q1 2024.” Blackwell said in a statement.

The company’s growth was primarily driven by its services and structures verticals, which include catering, facility management, laundry, and training services, as well as hospitals, energy projects, labor camps, and RAKCC, the company’s cement factory.

The gross profit margin increased from 13 percent in Q1 2023 to 21.4 percent in Q1 2024, equating to AED 42 million, and puts Apex in the top quartile from a benchmarking perspective.

Despite facing external factors beyond management control in its investment vertical, Apex reported a positive net profit before tax of AED 5.4 million in Q1 2024. This marks a significant improvement compared to a loss of AED 190.1 million in Q1 2023.

Additionally, the company’s balance sheet remains robust with strong liquidity levels, indicating a solid financial position.

Blackwell added, “From now until the end of 2024, we will continue to focus on the next phase of Apex’s Transformation, to grow both organically and through acquisition across all three of our verticals.”