SHUAA CAPITAL–

Shuaa Capital narrowed its net losses to AED 321.2 mn in 2024, down from a loss of AED 1.2 bn in 2023, according to the company’s financials (pdf). Net losses attributable to shareholders amounted to AED 299.2 mn, primarily due to non-cash impairments related to the company’s associate and legacy asset investments, according to its earnings (pdf). In 4Q 2024, the company reported AED 160.9 mn in net losses attributable to shareholders.

The company’s revenues declined by 45% y-o-y to AED 88.9 mn — excluding one-off items — due to recurring fees from the asset management segment, which generated AED 78 mn in revenue. Investment banking reported AED 6 mn in revenue. The corporate segment contributed AED 4 mn in revenue.

The company also secured a settlement agreement with one of its major creditors, which will result in generating AED 36.9 mn in non-cash income, according to a DFMdisclosure (pdf). This is all part of Shuaa’s ongoing restructuring plan, which saw it settle approximately AED 500 mn in margin facilities and restructure AED 208 mn in outstanding obligations with its senior creditor.

ICYMI- Earlier this month, Shuaa’s board also approved issuing AED 85 mn in new investor MCBs and AED 274.5 mn in MCBs to existing noteholders. The issuances are still pending regulatory approval, after which Shuaa will hike its capital by the same amount and list the converted shares on the DFM.

AGILITY GLOBAL-

ADX-listed logistics firm Agility Global saw its net income attributable to equity holders of the parent company rise 152.8% y-o-y to USD 128 mn in 2024, according to the company’s financial statements (pdf). Agility posted a 14.5% increase y-o-y in its topline to USD 4.5 bn.

What they said: “Our three largest operating businesses – Menzies Aviation, Tristar Group and Agility Logistics Parks – took important steps to strengthen their market-leading positions by expanding their footprint and acquiring new customers,” Agility Global Chairman Tarek Sultan said in a separate earnings release (pdf).

The company’s board recommended distributing AED 239.6 mn (approximately USD 65 mn) in dividends 2024. Subject to General Assembly approval, this will bring total dividends for 2024 to USD 130 mn, according to a DFM disclosure (pdf).

INVICTUS INVESTMENT-

Dubai-based agro-food firm Invictus Investment Company saw its net income after tax drop 22.2% y-o-y to AED 166.3 mn in 2024, according to its financial statements (pdf). Revenues grew 10.1% y-o-y to AED 8.9 bn, marking its highest annual revenue since listing, according to a separate earnings release (pdf).

Behind the numbers: The net income decline stemmed from cautious trading strategies during low-price periods and competitive pricing in new markets to secure long-term partnerships.

The board recommended a AED 33 mn dividend, set for distribution in 2Q 2025, pending AGM approval.

SubHed_! AL BUHAIRA NATIONAL INS.-

Abu Dhabi-based Al Buhaira National Ins. narrowed its net losses to AED 36.9 mn in 2024, up from AED 132.8 mn in 2023, according to the company’s financial statement (pdf). Ins. revenues rose 21.7% increase y-o-y to AED 1.5 bn.

EMIRATES INS.-

Emirates Ins.’s net income fell 12.3% y-o-y to AED 110.7 mn, according to the company’s financial statements (pdf). The decline in net income came on the back of the impact of the April floods and the introduction of corporate tax in the UAE. The company saw its ins. revenues rise 18.9% y-o-y to AED 1.3 bn.

**This story was amended to fix the percentage by which Invictus’ net income dropped to 22.2%. 

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