ADNOC Drilling has raised its medium-term revenue expectations to $3.85 billion for the fiscal year 2024
Results
RAK Properties
RAK Properties revenue up 19% to $166.1mn on strong sales
Gross profit increased by 40% to $62.1 million; Profit before tax up 11% year-on-year to $26.7 million
Dana Gas
Improved collections boost Dana Gas net profit to $33.76mn
Collections amounted to $151.6 million during H1 2024, compared to $105.9 million during H1 2023
Emaar
Emaar Development sees 56% rise in property sales in first half of 2024
Emaar sales reached $8.1 billion, up from $5.2 billion in the same period of 2023
broadcasting
MBC Group posts $63.4mn net profit in H1 2024, up 359%
MBC Group’s traditional broadcasting activities remained a critical part of its business success, with TV revenues growing 5.2% year-on-year to $200.4 million
E-commerce
Spinneys posts record 9.9% revenue growth in H1 2024, announces first post-IPO dividend
Spinneys’ board has approved its first post-IPO interim dividend of AED102.6 million, equivalent to 2.85 fils per share, representing 70 percent of distributable profits
Agthia Group
Agthia reports 31.8% jump in H1 2024 net profit to AED 190mn
The group’s revenue for the period rose by 14.7%
Abu Dhabi
ADNOC Drilling updates medium-term guidance following record results
Record second-quarter revenue of $935 million, up 29%; Highest second-quarter EBITDA of $472 million, up 37% YoY
Emirates Steel Arkan stays resilient despite global challenges
Revenues of $1.08 billion nearly 10% lower than H1 2023; Cost optimisation helps achieve incremental EBITDA enhancement of $21.25 million
commercial real estate
TECOM Group reports strong H1 2024 performance with 24% surge in net profit
The Group’s robust performance was driven by high occupancy rates exceeding 92% across its commercial and industrial assets
Abu Dhabi
Alpha Dhabi revenue for H1 increases 32% to $7.98 billion
Strong performances across all business verticals, including PureHealth, NMDC and Aldar; Industrial contributes 41% of total revenue
e&
e& revenue grows 6% to $7.71 billion; net profit reaches $1.5 billion
EBITDA at $3.51 billion with a healthy margin of 46%; EPS climbs 17% to AED0.63; Global subscriber numbers top 175 million
Borouge
Higher sales and cost optimisation drive Borouge’s net profit
Reports $308 million net profit for Q2 and $581 million for H1; Capacity utilisation rates are 114% for polyethylene and 103% for polypropylene
Modon Holding gross profit surges 277% on $590 million revenue
Net profit at $2.38 billion, including the provisional bargain purchase gain from the acquisition of Modon Properties and ADNEC
Abu Dhabi
Yahsat’s EBITDA improves 25% to $154 million
Revenue for the first half of 2024 down 3% to $200 million, but the company reiterates its guidance for revenue, EBITDA and cash flow
Abu Dhabi
Alef reports 1% revenue growth, but profit margin increases to 70%
On revenue of $96.4 million, the Abu Dhabi education provider’s Adjusted Profit before tax rose 7 per cent to $67.8 million
Capital Markets
Dubai Financial Market reports 74% profit increase in H1 2024; attracts over 72,000 new investors
DFM’s total consolidated revenue grew by 40 percent to AED305.7 million, up from AED218.1 million in the same period of 2023