BANK OF SHARJAH-

Bank of Sharjah back in the black: Bank of Sharjah posted a record net income of AED 385 mn in 2024, a rebound from the AED 275 mn net loss recorded the previous year, according to the lender’s earnings release (pdf). The turnaround was driven by strong revenue growth, effective cost control, and prudent risk management, the statement said. Operating income surged 168.3% y-o-y to AED 727 mn during the period, driven by a 91.5% increase in net interest income to AED 429 mn.

Looking ahead: “With a clear strategic vision, the bank is well-positioned to sustain strong performance into 2025 and beyond,” CEO Mohamed Khadiri said.

RESPONSE PLUS HOLDING-

Emergency medical services provider Response Plus Holding’s (RPM) net income rose 8% y-o-y to AED 53.5 mn in 2024, with revenue rising 32% to AED 456.5 mn, driven by strategic acquisitions and expansion into new markets, according to its earnings release (pdf). Growth was fueled by a strong pipeline of energy and infrastructure projects across the UAE, Jordan, Saudi Arabia, the UK, and Norway, with Saudi operations posting a 115% y-o-y revenue increase.

RPM had a busy year: The company acquired UK-based Prometheus Medical in April, boosting its expertise in medical risk mitigation and specialized healthcare solutions for the defense and energy sectors. The company also deepened its commitment to tech-driven healthcare, rolling out AI-powered occupational health solutions and FDA-approved wearable devices for real-time patient monitoring. RPM also launched a Medical Air Evacuation vertical, signing agreements with leading air ambulance operators covering Europe, Asia Pacific, and Africa.

Looking ahead: “RPM has a strong expansion and diversification strategy in place,” CEO Rohil Raghavan said. The company has earmarked new revenue streams, including ventures into wind energy, particularly in Norway, as it continues to scale operations globally.

REMEMBER- Last November, RPM Chairman Omran Al Khoori unveiled a three-year expansion strategy focused on acquisitions and scaling pre-hospital emergency services, including emergency consultations, training, and telehealth. The plan prioritizes growth in the energy sector and expansion into the UK and Scandinavia.

DUBAI INVESTMENTS-

Dubai Investments saw its net income rise 12.6% y-o-y to AED 1.2 bn in 2024, according to its financials (pdf). The company’s revenues rose 13.5% y-o-y to AED 4.7 bn. The top-line performance was attributed to property sales exceeding AED 1 bn in 2024 due to robust demand for real estate projects, higher rental income, and the acquisition of additional assets in Al Mal Capital REIT, according to its earnings (pdf).

Dividends: The financial firm’s board proposed a dividend of AED 765.4 mn for 2024, representing 18% of the year’s paid capital, according to a DFM disclosure (pdf).

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