TAQA- <\/p>\n
Abu Dhabi National Energy Company\u2019s (<\/strong>Taqa<\/a><\/strong>) net income fell 81.5% y-o-y to AED 2.14 bn <\/strong>in 1Q 2024, <\/strong>on the back of \u201cone-off items recognised in 2023,\u201d according to the company\u2019s consolidated financial statements (pdf)<\/a> and a separate earnings release (pdf)<\/a>. Excluding the one-offs, net income rose 6.9% y-o-y. Revenues stood at AED 13.68 bn, up 5.3% y-o-y on the back of contributions from the Sustainable Water Solutions Holding Company (SWS Holding), which it acquired<\/a> in June 2023.<\/p>\n Taqa worked to expand its global footprint during 1Q: <\/strong>\u201cWe joined forces with industry leaders Jera, Satorp (a joint venture company owned by Saudi Aramco and TotalEnergies), committing to the development of a state-of-the-art power and steam cogeneration plant in Jubail, Saudi Arabia as well as being part of the consortium that won the Juranah project, to support water security in Makkah,\u201d said Taqa CEO Jasim Husain Thabet.<\/p>\n DEYAAR DEVELOPMENT- <\/p>\n Dubai\u2019s Deyaar Development recorded a 29.5% y-o-y increase in net income after tax to <\/strong>AED 73 mn in 1Q 2024, <\/strong>according to its unaudited financial statements (pdf)<\/a>. Without the impact of the corporate tax, net income reached AED 77.5 mn. The real estate developer and service provider\u2019s total revenue reached AED 327.8 mn, up 4.9% y-o-y. <\/p>\n The rise in earnings can be credited to a surge in \u201cnew projects launched in key locations<\/strong> and significant progress on existing projects,\u201d according to a separate earnings release (pdf)<\/a>. The company documented two new developments during the quarter \u2014 including Rosalia Residences, its third development in Dubai\u2019s Al Furjan community out of a total project portfolio worth AED 300 mn \u2014 and announced a new passenger terminal at Al Maktoum International Airport.<\/p>\n REMEMBER- In real estate, sales \u2260 revenues. <\/strong>Real estate companies rely heavily on off-plan sales, recording sales upon contract signing but recognizing unit value only upon delivery or project completion. This practice results in revenues primarily comprising past sales, with current quarter sales reflected as future revenues upon unit handover.<\/p>\n Dividends: <\/strong>The company approved distributing AED 175 mn in dividends, equivalent to 4 fils per share, marking its first ever dividend payout. <\/p>\n AGTHIA-<\/p>\n ADQ-owned F&B firm Agthia Group\u2019s net income rose 32% y-o-y to AED 127.6 mn in 1Q <\/strong>2024<\/strong>, according to its earnings release (pdf)<\/a>. The company booked AED 1.45 bn in revenues, up 22.6% y-o-y. <\/p>\n Agthia\u2019s growth came from various business segments<\/strong>, including 17.7% y-o-y growth in the company\u2019s snacking portfolio, 3.5% growth in water and food, as well as 50.6% growth in agri-business, according to the statement.<\/p>\n UNION PROPERTIES- <\/p>\n Dubai-based Union Properties\u2019 net income rose 25% y-o-y in 1Q 2024<\/strong> to AED 16.5 mn, according to the developer\u2019s financial statements (pdf)<\/a>.The developer logged AED 138.1 mn in revenues from customer contracts during the period, marking a 13% y-o-y increase compared to the previous year. <\/p>\n ICYMI-<\/strong> The Motor City developer settled its debt in February<\/a> with Dubailand and Emirates NBD, securing a no-objection certificate from Dubailand to repurpose Motor City land for new projects and reaching a debt settlement of AED 850 mn with Emirates NBD. This move comes as part of Union Properties' efforts to revitalize its projects and manage its debt following the 2009 property market correction in Dubai.<\/p>\n SALAMA INS.-<\/p>\n Ins. provider Salama\u2019s net income more than doubled to AED 17.6 mn in 1Q 2024, <\/strong>surging 118% y-o-y, according to its earnings release (pdf)<\/a>. The company booked AED 271.5 mn in Takaful revenues, inching up 2% y-o-y during the quarter. <\/p>\n NATIONAL GENERAL INS.-<\/p>\n National General Ins. saw its net income rise 598% y-o-y to AED 30.3 mn in 1Q 2024,<\/strong>according to the ins. firm\u2019s financial statements (pdf)<\/a>. The firm\u2019s ins. revenues increased 24% y-o-y to AED 217.6 mn during the quarter. <\/p>\n JULPHAR- <\/p>\n Gulf Pharma Industries (Julphar) turned profitable in 1Q 2024, recording AED 1.6 mn in <\/strong>net income<\/strong>, compared to a net loss of AED 3.9 mn in 1Q 2023, according to its financial statements (pdf)<\/a>. Julphar\u2019s revenues dipped 3.3% y-o-y during the quarter to AED 439 mn. The revenue growth was impacted by currency devaluation in Egypt and regional geopolitical unrest, though the decline was offset by the company\u2019s expansion across the GCC, according to a separate disclosure (pdf)<\/a>. <\/p>\n FUJAIRAH CEMENT INDUSTRIES-<\/p>\n Fujairah Cement Industries\u2019 net losses deepened 45% y-o-y to AED 38.3 mn in 1Q 2024,<\/strong>compared to a net loss of AED 26.3 mn during the same period last year, according to the company\u2019s financial statements (pdf)<\/a>. The company saw its revenues fall 99% y-o-y to AED 278k in 1Q 2024. <\/p>\n UNITED FOODS- <\/p>\n Dubai-based food and beverage company United Foods saw its net income increase <\/strong>26.4% y-o-y to AED 14.3 mn<\/strong> in 1Q 2024, according to its quarterly financials (pdf)<\/a>. Revenues from contracts fell 11.5% y-o-y to AED 157 mn. <\/p>\n DUBAI INS.-<\/p>\n Dubai Ins. saw its net income more than double to AED 44 mn in 1Q 2024<\/strong>, up 122.5% y-o-y, according to its quarterly financials (pdf)<\/a>. Ins. revenues also rose 71% y-o-y to AED 697.2 mn. <\/p>\n ABU DHABI AVIATION- <\/p>\n Abu Dhabi Aviation\u2019s net income more than doubled to AED 223.2 mn in 1Q 2024<\/strong>, up 119% y-o-y, according to its quarterly financials (pdf)<\/a>. Revenues from its contracts fell 34.4% y-o-y to AED 407.8 mn. <\/p>\n AGILITY GLOBAL- <\/p>\n K<\/strong>uwaiti logistics outfit Agility Global\u2019s bottom line rose 320.8% y-o-y to USD 44.7 mn during 1Q 2024,<\/strong> according to its first quarterly financials (pdf)<\/a> following its technical listing<\/a> on the ADX earlier this month. The company\u2019s topline inched up 5.5% during the quarter to USD 979.4 mn. <\/p>\n GULF NAVIGATION- <\/p>\n GulfNav earnings drop in 1Q 2024: <\/strong>Gulf Navigation (Gulf Nav)\u2019s net income fell 14% y-o-y to AED 11.5 mn during 1Q 2024, according to its financial statements (pdf)<\/a>. The company\u2019s revenues fell 38% y-o-y to AED 23.8 mn during the quarter, the disclosure noted. <\/p>\n ESHRAQ-<\/p>\n Real estate investment company Eshraq Investments reported AED 306.1 mn in net <\/strong>losses in 1Q 2024, <\/strong>on the back of a \u201cchange in the value of the Goldilocks Fund,\u201d which it exited to reduce its debt, the company said in its earnings release (pdf)<\/a>. Eshraq\u2019s revenues from commercial operations fell 65% y-o-y to AED 4.1 mn during the quarter, due to a drop in the company\u2019s rental income after Eshraq offloaded its Dubai assets<\/a> in 2023. <\/p>\n","protected":false},"excerpt":{"rendered":" PLUS: Aghtia, Salama Ins., Union Properties, Julphar, United Foods, and more<\/p>\n","protected":false},"author":1,"featured_media":92063,"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":[1195,700,137,237,7,1675,876,1235,1234,1233,152,891,1236],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-abu-dhabi-aviation","tag-deyaar-development","tag-dubai-insurance","tag-earnings-watch","tag-enterpriseam-uae","tag-eshraq","tag-fujairah-cement-industries","tag-julphar","tag-national-general-ins","tag-salama-ins","tag-taqa","tag-union-properties","tag-united-foods","wpautop","entry"],"acf":{"mongo_id":"ea37ce0d-664e-4014-81ec-61ef978e373b","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/887.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Taqa, Deyaar, and more companies post 1Q earnings","related_issue":[92045],"teaser":"PLUS: Aghtia, Salama Ins., Union Properties, Julphar, United Foods, and more","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.3750c07e-90fd-4b25-a510-afaec6eba89d.mp3"},"yoast_head":"\n