{"id":91536,"date":"2024-05-01T00:00:00","date_gmt":"2024-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/earnings-e-borouge-ghitha-and-emirates-strategic-investments\/"},"modified":"2024-05-01T00:00:00","modified_gmt":"2024-05-01T00:00:00","slug":"earnings-e-borouge-ghitha-and-emirates-strategic-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/01\/earnings-e-borouge-ghitha-and-emirates-strategic-investments\/","title":{"rendered":"Earnings: e&, Borouge, Ghitha, and Emirates Strategic Investments"},"content":{"rendered":"

e&-<\/p>\n

e& saw its group net income after federal royalty rise 6.5% y-o-y to AED 2.3 bn in 1Q 2024<\/strong>, according to its earnings release (pdf)<\/a>. Aided by its efforts towards global expansion and diversified portfolio, its revenues also climbed 9% y-o-y to AED 14.2 bn. <\/p>\n

The recently rebranded <\/strong>\u201ctecho\u201d<\/a><\/strong> also saw its aggregate subscribers rise to a record 173 mn users<\/strong>, on the back of subscriber growth in Egypt, Pakistan, UAE and West Africa.<\/p>\n

BOROUGE-<\/p>\n

Adnoc petrochemicals JV Borouge saw its <\/strong>net income climb 37.2% y-o-y to USD 273 mn (AED 1 bn)<\/strong> in 1Q 2024, according to the company\u2019s earnings report (pdf)<\/a>. The company\u2019s revenues dipped 5.8% y-o-y to USD 1.38 bn (AED 4.78 bn) during the quarter, as overall sales volumes declined 2% y-o-y to 1,135 kilotonnes.<\/p>\n

On a q-o-q basis, the company\u2019s net income fell 5% q-o-q<\/strong>, while revenues fell 13% q-o-q from USD 1.5 bn (AED 5.51 bn), driven by a \u201c16% drop in sales volumes impacted by feedstock-related operational turnaround.\u201d A moderate increase in prices for polyethylene and polypropylene \u201ccounteracted\u201d the decline in volumes, according to the earnings report. <\/p>\n

Dividends: <\/strong>The company plans to distribute USD 1.3 bn (AED 4.77 bn) in dividends in 2024, according to the earnings.<\/p>\n

GHITHA HOLDING-<\/p>\n

International Holding Company (IHC) retail subsidiary Ghitha Holding reversed its losses <\/strong>in 1Q 2024<\/strong>, with AED 2.68 bn in net income, up from AED 108.6 mn in losses in the same period last year, according to its financials (pdf)<\/a>. The company\u2019s revenues from contracts with customers grew 41% y-o-y to AED 1.3 bn. <\/p>\n

Background:<\/strong> Ghitha has been eyeing strategic acquisitions over the past few months, most recently snapping up<\/a> an additional 12% stake Al Ain Farms for Livestock Production in an AED 61 mn transaction, handing it 60% of the company. Its subsidiary, Ghitha Aeroinvest, also entered into a share purchase agreement<\/a> to acquire a 44% stake in Turkish air freight cargo company MNG Havayollari ve Tasimacilik for USD 211.2 mn (AED 775.7 mn). Meanwhile, its trading arm, Invictus Investment, said it plans to acquire 60% of Zalar Holding\u2019s stake in Moroccan agriculture trader Graderco.<\/p>\n

EMIRATES STRATEGIC INVESTMENTS-<\/p>\n

Emirates Strategic Investments Company\u2019s net income stood at AED 725.9 mn in <\/strong>2023<\/strong>, up 161.8% y-o-y according to the company\u2019s financial statements (pdf)<\/a>.The company\u2019s revenue rose 74% y-o-y to AED 1.1 bn in 2023. <\/p>\n","protected":false},"excerpt":{"rendered":"

Borouge plans to distribute USD 1.3 bn in earnings this year<\/p>\n","protected":false},"author":1,"featured_media":91537,"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":[766,84,237,7,795],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-borouge","tag-e","tag-earnings-watch","tag-enterpriseam-uae","tag-ghitha-holding","wpautop","entry"],"acf":{"mongo_id":"7c42adf3-92d8-4d3b-99d5-93cb66a05734","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/162.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Earnings: e&, Borouge, Ghitha, and Emirates Strategic Investments","related_issue":[91525],"teaser":"Borouge plans to distribute USD 1.3 bn in earnings this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.9e589aeb-67d2-4c90-8722-9acd118bbd1c.mp3"},"yoast_head":"\nEarnings: e&, Borouge, Ghitha, and Emirates Strategic Investments - 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