{"id":88360,"date":"2024-01-25T00:00:00","date_gmt":"2024-01-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/apex-reports-aed-58-3-mn-loss-in-2023\/"},"modified":"2024-01-25T00:00:00","modified_gmt":"2024-01-25T00:00:00","slug":"apex-reports-aed-58-3-mn-loss-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/25\/apex-reports-aed-58-3-mn-loss-in-2023\/","title":{"rendered":"Apex reports AED 58.3 mn loss in 2023"},"content":{"rendered":"

Apex Investment in the red:<\/strong>Ras Al Khaimah<\/a>Cement\u2019s (RAKCC)<\/a> \u2019s Abu Dhabi-based Apex Investment reported a net loss of AED 58.4 mn in 2023, compared to the AED 187.2 mn net income the company posted in 2022, according to the company\u2019s annual consolidated financial statements (pdf)<\/a>.The ADX-listed company\u2019s revenues also fell 11.8% y-o-y to AED 723.5 mn during the year. <\/p>\n

The company attributed the loss<\/strong> to a AED 129 mn incurred loss on its financial assets<\/strong>, according to the financials. <\/p>\n

Background: <\/strong>Ras Al Khaimah Cement Investment Company (RAK CIC) acquired IHC\u2019s subsidiary Apex Holding in 2022 (pdf)<\/a> through the issuance of mandatory convertible bonds worth AED 3.05 bn sold to IHC in exchange for its stake in Apex Holding. The company\u2019s name was changed to Apex Investment following the transaction, which was expected to \u201cstrengthen RAK CIC\u2019s financial performance through the robust financial position of Apex Holding,\u201d RAK CIC general manager Ahmed Ali Al Nuaimi said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Revenues dropped 11.8%<\/p>\n","protected":false},"author":1,"featured_media":88361,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[74,728,237,7,729],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-adx","tag-apex-investment","tag-earnings-watch","tag-enterpriseam-uae","tag-ras-al-khaimah-cement","wpautop","entry"],"acf":{"mongo_id":"5b9819a5-ea1d-4c7a-94d7-911609555d24","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2137.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Apex reports AED 58.3 mn loss in 2023","related_issue":[88345],"teaser":"Revenues dropped 11.8%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.1ff71e90-44ad-4954-aaf3-ee2cab76c753.mp3"},"yoast_head":"\nApex reports AED 58.3 mn loss in 2023 - 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