{"id":90631,"date":"2024-04-01T00:00:00","date_gmt":"2024-04-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/more-earnings-amanat-emirates-development-bank-foodco-and-ins-house\/"},"modified":"2024-04-01T00:00:00","modified_gmt":"2024-04-01T00:00:00","slug":"more-earnings-amanat-emirates-development-bank-foodco-and-ins-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/01\/more-earnings-amanat-emirates-development-bank-foodco-and-ins-house\/","title":{"rendered":"More earnings: Amanat, Emirates Development Bank, Foodco and Ins. House"},"content":{"rendered":"

Investment and education firm Amanat has posted a 38% y-o-y increase to AED 159.3 mn in adjusted net <\/strong>income after tax and Zakat for 2023<\/strong>, according to its earnings release (pdf)<\/a> reads. The company incurred a AED 43.8 mn loss on an unadjusted basis due to the impact of one-time non-cash accounting adjustments. Revenues grew 40% y-o-y to AED 718 mn, due to the growth of its education and healthcare platforms \u2014 partly due to fresh acquisitions.<\/p>\n

Looking ahead:<\/strong> \u201cWe see positive momentum across our platforms and our focus is on driving growth through increasing student enrollments in the UAE, expanding our special education needs footprint in KSA and increasing bed capacity at our long-term care platform in UAE and KSA,\u201d Amanat CEO John Ireland said. <\/p>\n

Dividends: <\/strong>The company is proposing a dividend payout of AED 50 mn for the year. <\/p>\n

INS. HOUSE-<\/p>\n

Ins. House<\/a><\/strong> widened its net<\/strong> losses to AED 41 mn in 2023<\/strong>, up from AED 28.35 in 2022, according to an ADX disclosure (pdf)<\/a>. The firm attributed this loss primarily to the poor performance in its motor ins. coverage segment, driven by the high competition in the market which led to low-rate premiums. The firm\u2019s revenues inched down 3% y-o-y to AED 242 mn during the year.<\/p>\n

Looking ahead, the company aims to grow its income<\/strong> by improving its \u201cdigital delivery capabilities, significant fine-tuning of risk underwriting of risk underwriting techniques and pricing models and enhanced claims management processes.\u201d <\/p>\n

EMIRATES DEVELOPMENT BANK-<\/p>\n

Emirates Development Bank\u2019s net income surged 440% y-o-y in 2023<\/strong> to AED 328.6 mn, according to the lender\u2019s financial statements (pdf)<\/a>. The bank saw its operating income climb 104% y-o-y to AED 585.9 mn on the back of higher net interest income and income from Shariah-compliant banking, and improved fee and commission income.<\/p>\n

FOODCO NATIONAL FOODSTUFF-<\/p>\n

Foodco National Foodstuff widened its net losses to 13.8 mn in 2023<\/strong>, from a net loss of 19.4 mn in 2022, according to financial statements (pdf)<\/a>. The company\u2019s revenues fell 7% y-o-y to 46.4 mn in 2023. <\/p>\n

FINANCE HOUSE-<\/p>\n

Finance House turned to the black in 2023 with a bottom line of AED 14.8 mn<\/strong>, up from a net loss of AED 11.3 mn in the previous year, according to its financial statements (pdf)<\/a>. Its net operating income grew 20.9% y-o-y to reach AED 156.1 mn during the period.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Earnings from Foodco, Emirates Development Bank, Ins. House, and Finance House<\/p>\n","protected":false},"author":1,"featured_media":90632,"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":[237,1118,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-emirates-development-bank","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"4f0dc2d8-885e-4df3-8b3d-0187ab3c21ce","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/887.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More earnings: Amanat, Emirates Development Bank, Foodco and Ins. 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