ALEF EDUCATION- <\/p>\n
Alef Education reported a 34% y-o-y decrease in net income after tax to AED 113.1 <\/strong>mn in 2Q 2024,<\/strong> according to its consolidated financial statements (pdf)<\/a>. Without the impact of corporate tax and excluding income from financial assets carried at fair value, net income was up 4% y-o-y to AED 124.3 mn, on the back of \u201cstrong cost discipline coupled with stable revenue performance,\u201d Alef said in a separate earnings release (pdf)<\/a>. The recently listed edtech firm\u2019s revenues from contracts remained relatively flat y-o-y at AED 177.5 mn.<\/p>\n On a six-month basis, <\/strong>Alef\u2019s net income fell 40% y-o-y to AED 226.2 mn in 1H 2024. Without the impact of the corporate tax, net income reached AED 248.5 mn, with margin expansion to 70%, \u201csubstantially above industry benchmarks.\u201d The company\u2019s revenues rose 1% y-o-y to AED 354.2 mn during the first six months of the year.<\/span><\/p>\n Looking ahead: <\/strong>The company has a \u201csizeable\u201d pipeline of agreements for the second half of 2024 and is in talks with several governments to expand its offering across its high-growth target markets, including the B2B and private school market, it said in the release. Alef also initiated discussions to extend its contract with the Abu Dhabi Department of Education and Knowledge \u2014 which provisions a minimum of 80k students with a fixed fee per student, and offers \u201csignificant revenue visibility and reliability over the next seven years\u201d \u2014 for another three years.<\/p>\n REMEMBER- Alef debuted on the ADX in <\/strong>June<\/a><\/strong>, <\/strong>raising AED 1.89 bn \u2014 making it the biggest this year \u2014 but seeing a lackluster debut, with shares falling 18% on its first day of trading. The company\u2019s flagship learning platform spans several international markets, including the UAE, where it has already captured a 58% market share, as well as the US, Morocco and Indonesia.<\/p>\n YAHSAT-<\/p>\n Al Yah Satellite Communications Company\u2019s (Yahsat) net income attributable to <\/strong>shareholders rose 11.6% y-o-y to <\/strong>USD <\/strong>20.4 mn in 2Q 2024 <\/strong>on the back of consistent revenue growth across its operations, according to the company\u2019s financials (pdf)<\/a>. The company\u2019s revenues fell 5.7% y-o-y to USD 98.7 mn.<\/p>\n On a six month basis<\/strong>, Yahsat\u2019s net income saw a 62% y-o-y increase, reaching USD 73.3 mn in 1H 2024, according to a separate earnings release (pdf)<\/a>. Meanwhile, revenues dipped 3% y-o-y to USD 199.7 mn. <\/p>\n Infrastructure and managed solutions drove growth: <\/strong>Yahsat attributed its performance to 1% y-o-y growth in its infrastructure operations, which involves supplying long-term communications capacity to the government, as well as 15% y-o-y growth in managed solutions, which deliver satellite comms to government entities. <\/p>\n Slight revenue hits from mobility and data solutions:<\/strong> Yahsat\u2019s mobility satellite services segment saw a revenue drop due to fewer equipment sales following the Thuraya 3 satellite malfunction<\/a>. Data Solutions \u2014 Yahsat\u2019s smallest segment \u2014 also saw a slight revenue drop due to fewer subscribers and equipment sales, as it shifts focus to higher-margin markets.<\/p>\n MULTIPLY GROUP-<\/p>\n Abu Dhabi-based investment firm Multiply Group reported a 49% y-o-y increase in<\/strong> its net income to AED <\/strong>319<\/strong> mn in 2Q 2024<\/strong>, excluding fair value changes in investments, according to its earnings release (pdf)<\/a>. The company attributed its performance to the consolidation of new acquisitions. Including unrealized fair value changes on its investments, the group\u2019s net income came in at AED 992 mn during the quarter.<\/p>\n Multiply Group\u2019s revenues surged 60% year-on-year to AED 442 mn during the quarter<\/strong>, driven by growth in its four key sectors \u2014 mobility, energy and utilities, media and communications, and beauty and wellness. The media and communications sector accounted for 33% of revenues and 32% of net income, while mobility contributed 20% of revenues. The acquisition of Media 247<\/a>, BackLite Media<\/a>, and The Grooming Company<\/a> also contributed to the group\u2019s quarterly performance, according to the statement.<\/p>\n On a six-month basis, <\/strong>Multiply Group reported a net loss of AED 3.25 bn during 1H, down from a bottom line of AED 400.1 mn in the same period last year, according to its financials (pdf)<\/a>. The group\u2019s revenues rose 53% y-o-y during the first half of the year to reach AED 833.4 mn. <\/p>\n AMERICANA-<\/p>\n Americana Restaurants saw net income drop 40.1% y-o-y to USD 51.1 <\/strong>mn<\/strong> in 2Q 2024, <\/strong>on the back of fewer sales amid geopolitical tensions, according to its financials (pdf)<\/a> and earnings release (pdf)<\/a>. Revenues also decreased 14.2% to USD 559.3 mn, it said.<\/p>\n REMEMBER- <\/strong>The company has been hit by the impact of a consumer boycott of its brands that came after the start of Israel\u2019s war in Gaza, leading it to slash nearly 100 jobs (most of them in Dubai) in January. <\/p>\n On a 1H basis:<\/strong> Americana\u2019s net income also contracted 44.8% y-o-y to USD 80 mn in 1H 2024, with revenues also down 15.2% to USD 1.1 bn, despite the opening of 81 new stores during the period. Aside from geopolitical effects, unfavorable effects due to the devaluation of the EGP in Egypt and higher depreciation charges also contributed to the decline in performance.<\/p>\n Looking ahead: <\/strong>The company is opting a \u201cwatchful approach\u201d to expansions, with plans to add between 175 and 185 new stores this year, the company said. It will also focus on investing in \u201csmart pricing, targeting, promotion and marketing\u201d to boost revenues. <\/p>\n PNC INVESTMENTS- <\/p>\n Sobha Realty parent company PNC Investments (PNCI)\u2019s net income <\/strong>rose 49%<\/strong> y-o-y to <\/strong>AED 1.06 bn in 1H 2024<\/strong>, according to its consolidated financial statements (pdf)<\/a>, on the back of a 22% y-o-y growth in sales to AED 9.03 bn, according to its earnings release (pdf)<\/a>. The Dubai-based residential developer booked AED 3.93 bn in revenues, climbing 22% y-o-y during the first half of the year, as a result of \u201cstrong demand, ahead of schedule construction, and resilient pricing.\u201d <\/p>\n Looking ahead:<\/strong> Sobha\u2019s revenue backlog stands at over AED 20 bn, with over 20k units in the pipeline to support medium-term growth, the release said.<\/p>\n ALSO- S&P Global Ratings upgraded PNCI\u2019s rating to BB from BB-<\/strong>, a note<\/a> from the credit rating agency showed. S&P also revised PNCI\u2019s outlook to stable from positive. Strong EBITDA forecasts as well as robust demand for real estate in Dubai underpinned S&P\u2019s rating.<\/p>\n RAKBANK- <\/p>\n The National Bank of Ras Al Khai<\/strong>mah (RakBank) saw its net income after tax climb 14% <\/strong>y-o-y <\/strong>to AED 515.5 mn in 2Q 2024, according to its financial statements (pdf)<\/a>. The lender logged AED 1.17 bn in operating income during the quarter, increasing 6.6% y-o-y. Net interest income and net income from Islamic financing for the quarter rose 6.5% to AED 882.3 mn.<\/p>\n On a six-month basis, RakBank\u2019s net income after tax climbed 21% y-o-y <\/strong>to AED 1.09 bn in 1H 2024. The bank recorded AED 2.35 bn in operating income, an 8.7% y-o-y increase, while net interest income and income from Islamic finance grew 9% y-o-y, reaching AED 1.76 bn during the first half of 2024.<\/p>\n Behind the growth:<\/strong> RakBank attributed the income increase to its \u201cwell-diversified asset growth and sticky current account savings account (CASA) base, augmented by higher foreign exchange and investment income,\u201d the bank said in its earnings release (pdf)<\/a>.<\/p>\n DUBAI REFRESHMENT COMPANY- <\/p>\n Dubai Refreshment<\/a><\/strong>\u2019s net income fell 85% y-o-y to AED 40 mn in 2Q 2024<\/strong>, according to its financials (pdf)<\/a>. The company saw its revenues inch up 2.8% y-o-y to AED 216.6 mn in 2Q. During 1H 2024, Dubai Refreshment reported a 77% y-o-y drop in net income, falling to AED 65.7 mn. The company booked AED 384.1 mn in revenues, up 1.3% y-o-y during the first six months of 2024.<\/p>\n","protected":false},"excerpt":{"rendered":" Multiply, PNC Investments, Rakbank, and Dubai Refreshment Company also posted their financial results for the quarter<\/p>\n","protected":false},"author":1,"featured_media":94369,"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":[1036,860,237,1037,7,814,719,1056,438,491],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-alef-education","tag-dubai-refreshment-company","tag-earnings-watch","tag-edtech","tag-enterpriseam-uae","tag-multiply-group","tag-rakbank","tag-sobha-realty","tag-telecoms","tag-yahsat","wpautop","entry"],"acf":{"mongo_id":"91f1abba-d020-41ec-802f-021644d17932","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1210.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Alef Education, Yahsat, Americana, and more post 2Q earnings","related_issue":[94354],"teaser":"Multiply, PNC Investments, Rakbank, and Dubai Refreshment Company also posted their financial results for the quarter","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.e5ddfd6a-44d2-48b2-854f-599fe2891527.mp3"},"yoast_head":"\n