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RAK CERAMICS-
RAK Ceramics’ net income dipped 22.3% y-o-y to AED 48.9 mn in 1Q 2025, according to an earnings release (pdf). Revenues saw a 0.7% y-o-y decline during the quarter, reaching AED 776.5 mn. The downturn in revenues was attributed to weaker currencies in Europe, the US, India, and Bangladesh. When adjusted for 2024 currency exchange rates, revenues rose 0.7%.
The company also cited the UAE’s newly implemented domestic minimum top-up tax — which increased multinationals’ tax on net income to 15% — and an AED 8.4 mn hit from its acquired brandKludi Group ’s transformation as main factors weighing on its bottom line.
Its UAE and Saudi markets saw revenues grow, driven by its real estate segment and better logistical and operational efficiency. Meanwhile, India saw moderate growth, and Europe and Bangladesh weighed on the overall performance.
SHUAA CAPITAL-
Dubai-based investment platform Shuaa Capital reversed its net losses in 1Q 2025, with a net income of AED 195 mn, according to its financials (pdf). The company had seen some AED 93.7 mn in losses in 1Q 2024. Its revenues dipped 14.9% y-o-y, reaching AED 25.7 mn. The company recently issued some AED 85 mn in new investor mandatory convertible bonds (MCBs) and AED 274.5 mn in MCBs to existing noteholders as part of a capital restructuring program that also saw it reach settlement agreements with some of its creditors.
The company reduced its accumulated losses to AED 932 mn in 1Q 2025, representing 25.5% of its capital, according to a separate analysis report (pdf). Losses stemmed mainly from fair value losses on its UK investments, impairments on its legacy real estate assets, associate valuation losses, and receivables write-offs linked to land revaluations in the UAE. A deferred tax liability following the introduction of corporate tax in the UAE also contributed to the drag.
Looking ahead: Shuaa is finalizing a five-year turnaround strategy, focused on launching new investment funds, reviving its business banking platform, and streamlining operations to improve profitability. It also recently activated a capital increase, raising its capital from AED 2.5 bn to AED 3.7 bn.
