{"id":91483,"date":"2024-04-30T00:00:00","date_gmt":"2024-04-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/tis-the-season\/"},"modified":"2024-04-30T00:00:00","modified_gmt":"2024-04-30T00:00:00","slug":"tis-the-season","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/30\/tis-the-season\/","title":{"rendered":"\u2018Tis the season\u2026"},"content":{"rendered":"

It\u2019s another busy day for earnings<\/strong>, bringing us a healthy helping of financial reports:<\/p>\n

\n

DU-<\/p>\n

Emirates Integrated Telecommunications Company\u2019s (du) reported AED 603 mn in <\/strong>1Q 2024 net income<\/strong>, rising 62.7% y-o-y, according to the company\u2019s earnings release (pdf)<\/a>. Du\u2019s revenues rose 4.1% y-o-y to AED 3.58 bn on the back of growth across various business segments. <\/p>\n

The breakdown:<\/strong> The telecom company saw its mobile service revenues amount to AED 1.62 bn, marking a 7.4% y-o-y increase, given strong demand from the enterprise sector and successful offers. Fixed service revenues also increased 2.7% y-o-y, reaching AED 961 mn, driven by du\u2019s home wireless and enterprise broadband plans. Other revenues increased by 62.7% y-o-y, reaching AED 1.01 bn. <\/p>\n

\n

DFM-<\/p>\n

The Dubai Financial Market (DFM) posted a net income before tax of AED 95.6 mn <\/strong>in 1Q 2024, marking a 171% y-o-y increase<\/strong>, it said in its earnings release (pdf)<\/a>. The DFM\u2019s revenues grew 64% y-o-y during the quarter, reaching AED 90.1 mn. The exchange's operating income reached AED 62.5 mn, while investment returns reached AED 85.6 mn.<\/p>\n

Foreign investors held a market share of around 47% in the DFM<\/strong>, with net purchases amounting to AED 1.3 bn during the quarter. Institutional investors held a 65% share, with net purchases reaching AED 717 mn. The DFM\u2019s trading value reached around AED 25 bn, compared to AED 19 bn during the same period last year. <\/p>\n

\n

RAKBANK-<\/p>\n

Rakbank achieved its highest-ever quarterly net income after tax in 1Q 2024, <\/strong>reaching AED 574.2 mn<\/strong>, up 27.5% y-o-y, according to an earnings release (pdf)<\/a>. The lender\u2019s revenue grew 11% y-o-y to AED 1.1 bn during the quarter. Net interest income rose to AED 879.5 mn, up 11.5% y-o-y, while non-interest income rose to AED 294.8 mn, reflecting a 9.6% y-o-y increase, mainly driven by strong investment income.<\/p>\n

\n

NATIONAL BANK OF FUJAIRAH-<\/p>\n

The National Bank of Fujairah\u2019s (NBF) net income before tax amounted to AED<\/strong> 274.8 mn during 1Q 2024<\/strong>, rising 80.8% y-o-y, according to the lender\u2019s earnings release (pdf).<\/a> NBF\u2019s operating revenues rose 10.8% y-o-y to AED 438.5 mn.<\/p>\n

Net interest income and net income from Islamic financing and investment activities rose <\/strong>11.0% y-o-y to AED 448.4 mn.<\/strong> Meanwhile, net fees, commission, and other income rose 6.1% y-o-y to AED 119.7 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

More 1Q 2024 earnings<\/p>\n","protected":false},"author":1,"featured_media":91484,"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":[1468,203,237,7,730,719],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-du","tag-dubai-financial-market","tag-earnings-watch","tag-enterpriseam-uae","tag-national-bank-of-fujairah","tag-rakbank","wpautop","entry"],"acf":{"mongo_id":"2eafdb04-cf1f-4d5c-8973-dcf3aae3c415","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/883.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Du, Rakbank, DFM, and the National Bank of Fujairah report 1Q 2024 results","related_issue":[91468],"teaser":"More 1Q 2024 earnings","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.32db6a2f-e193-4428-b6a9-a837b3639c6d.mp3"},"yoast_head":"\n\u2018Tis the season\u2026 - 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