AD PORTS- <\/p>\n
Abu Dhabi-based port operator AD Ports recorded a 42% y-o-y increase in <\/strong>net<\/strong> income to AED 439 mn in 2Q 2024<\/strong>, according to an earnings release (pdf)<\/a>. The company\u2019s revenues more than doubled to AED 4.18 bn during the same period.<\/p>\n On a six-month basis: <\/strong>AD Ports\u2019 bottom line jumped 25% y-o-y to AED 839 mn in 1H 2024, while the firm\u2019s revenues climbed 108% y-o-y to 8.07 bn during the same period.<\/p>\n Recent acquisitions are paying off: <\/strong>Strategic acquisitions, including Noatum Logistics, Ses\u00e9 Auto Logistics<\/a>, and the Global Feeder Shipping<\/a> back in January contributed to higher revenues during the quarter. \u201cLooking ahead to the remainder of 2024 and beyond, we are on course for the profitable internationalization of the group,\u201d group CEO Mohamed Al Shamisi said. <\/p>\n GFH GROUP-<\/p>\n ADX-listed GFH Financial Group saw its net income rise 14.7% y-o-y to USD 37.6 mn in <\/strong>2Q 2024<\/strong>, according to the company\u2019s financials (pdf)<\/a>. GFH\u2019s investment banking earnings amounted to USD 42 mn, down 7.6% y-o-y, while its commercial banking earnings increased 16.5% y-o-y, reaching USD 33.8 mn during the period. <\/p>\n Growth drivers:<\/strong> GFH's Dubai-based real estate management arm, GFH Partners, completed the placement of USD 165 mn in transactions across the US and UK markets and closed its USD 300 mn US Industrial and Logistics Fund<\/a> during the quarter, according to a separate earnings release (pdf)<\/a>. <\/p>\n On a 1H basis:<\/strong> GFH\u2019s net income increased 18.7% y-o-y to USD 67.9 mn in the first half of the year. <\/p>\n \n YALLA GROUP-<\/p>\n Yalla Group posted AED 115.3 mn in net income in 2Q 2024, <\/strong>up 10.9% y-o-y, according to an earnings release<\/a>. The NYSE-listed social networking and gaming company\u2019s revenues rose 2.5% y-o-y to AED 298.3 mn, on the back of improved operational procedures and technology utilization, and user acquisition strategies, which drove up average monthly active users 14.1% y-o-y to 39 mn during the quarter. <\/p>\n In 1H 2024, Yalla Group\u2019s bottom line stood at AED 229.6 mn,<\/strong> marking a 29.7% y-o-y increase, on revenues of AED 587.3 mn, up 4.7% y-oy.<\/p>\n \n SALIK-<\/p>\n Dubai road-toll operator Salik\u2019s net income inched down 1.9% y-o-y in 2Q 2024<\/strong> to AED 267.5 mn, according to its financials (pdf)<\/a>. Salik attributed the modest decline to the recently-introduced 9% corporate tax in a separate earnings release (pdf)<\/a>. The toll operator\u2019s revenues climbed 3.1% y-o-y to AED 532.7 mn.<\/p>\n On a six-month basis, Salik\u2019s net income remained relatively flat at AED 544.8 mn <\/strong>in 1H, down 0.6% y-o-y. The toll operator\u2019s revenues rose 5.6% y-o-y to AED 1.09 bn, driven by a 4.9% increase in toll usage revenue to AED 953.8 mn, which accounts for 87.1% of the total revenue. <\/p>\n Dividends:<\/strong> The company will pay 100% of 1H net income as interim dividends to shareholders, equivalent to AED 544.8 mn, the release said.<\/p>\n \n RAK CERAMICS-<\/p>\n Ras Al Khaimah (RAK) Ceramics\u2019 net income dipped 32.1% y-o-y to AED 51 mn <\/strong>in 2Q 2024,<\/strong> according to the company\u2019s financial statements (pdf)<\/a>. In a separate earnings release (pdf)<\/a>, the company attributed the decline to an AED 6.4 mn impact from the 9% corporate tax. RAK Ceramics saw its net revenues dip 10.9% to AED 777 mn in 2Q on the back of \u201congoing geopolitical volatility, supply chain disruptions, and economic slowdowns in key regions,\u201d the company said.<\/p>\n A look at 1H: <\/strong>The company\u2019s bottom line fell 26.6% y-o-y to AED 113.9 mn in 1H 2024. Meanwhile, its revenues stood at AED 1.56 bn, falling 11.2% y-o-y during the period.<\/p>\n RAK Ceramics is paying out AED 99.4 mn in interim dividends<\/strong> for its 1H 2024 earnings. <\/p>\n \n AGILITY GLOBAL- <\/p>\n ADX-listed global logistics provider and Kuwait\u2019s Agility subsidiary Agility Global saw its <\/strong>net income attributable to shareholders grow 757% y-o-y to USD 43.6 mn in 2Q 2024<\/strong>, according to its financials (pdf)<\/a>. Revenues from contracts with customers increased 16% y-o-y to USD 1.1 bn. The company\u2019s subsidiaries \u2014 including Dubai-based energy logistics provider Tristar, Menzies Aviation, and Agility Logistics Park \u2014 all experienced double digit EBITDA growth, it said in its earnings release (pdf).<\/a> <\/p>\n On a six-month basis<\/strong>, its net income grew more than 2000% to USD 60.3 mn, while revenues from contracts rose 11% y-o-y to USD 2.09 bn. <\/p>\n ICYMI- <\/strong>Agility \u2014 which owns Dubai-based energy logistics firm Tristar \u2014 listed<\/a> its operations and assets management unit, Agility Global, on the ADX in a technical listing in May. <\/p>\n \n BAYANAT-<\/p>\n AI company <\/strong>Bayanat<\/a><\/strong> saw its net income decrease 83% y-o-y in 2Q 2024 <\/strong>to hit AED 8.8 mn, according to its financials (pdf)<\/a>. Revenues rose 22.6% y-o-y to AED 160.0 mn during the quarter on the back of contributions from smart operational and geospatial solutions, according to its earnings release (pdf)<\/a>.<\/p>\n On a six-month basis,<\/strong> the geospatial services provider saw its net income after tax fall 74.2% y-o-y to AED 19.1 mn in 1H 2024, while its revenues climbed 18% y-o-y to AED 273.3 mn.<\/p>\n \n INVEST BANK-<\/p>\n Sharjah-based <\/strong>Invest Bank<\/a><\/strong> reported a 28.5% y-o-y drop in net income to AED 16.3 <\/strong>mn in 2Q 2024,<\/strong> according to the company\u2019s financial statements (pdf)<\/a>. The ADX-listed bank's revenue rose 75% y-o-y during the quarter to AED 71.2 mn, with net interest income increasing 98% y-o-y to AED 47.1 mn.<\/p>\n On a six-month basis, Invest Bank saw its net income grow 2,343% y-o-y <\/strong>to AED 98.7 mn. The lender\u2019s revenue reached AED 138.9 mn, up 77% y-o-y, mainly attributed to a 102% y-o-y improvement in net interest income, which made up 67% of total revenue, according to a separate earnings release (pdf)<\/a>.<\/p>\n \n SHARJAH CEMENT AND INDUSTRIAL DEVELOPMENT-<\/p>\n Sharjah Cement and Industrial Development<\/a><\/strong>\u2019s<\/strong> net income dipped 25.3% y-o-y to <\/strong>AED 1.2 mn in 2Q 2024, <\/strong>according to the company\u2019s financial statements (pdf)<\/a>. Revenues increased 18.9% y-o-y during the quarter to AED 170.3 mn, driven by improved sales, according to a separate earnings release (pdf)<\/a>.<\/p>\n The company turned to the black in 1H 2024, <\/strong>reporting a net income of AED 9.6 mn, compared to the AED 5.9 mn loss incurred during the same period last year. The turnaround is attributed to lower raw material and energy costs, along with higher investment returns, the release said. Revenues rose to AED 337.9 mn during the first half of the year, up 12.2% y-o-y.<\/p>\n \n WATANIA INTERNATIONAL HOLDING-<\/p>\n Watania International Holding turned to the black in 2Q 2024,<\/strong> recording a bottom line of AED 2 mn, compared with a loss of AED 1.1 mn in 2Q 2023 year, according to the company\u2019s financial statements (pdf)<\/a>. Watania\u2019s Takaful revenues decreased 3.3% y-o-y to AED 218 mn during the quarter.<\/p>\n On a six-month basis, Watania reported a net income of AED 7.9 mn in 1H 2024,<\/strong> up from a net loss of AED 3.9 mn in 1H 2023. The turnaround is attributed to higher underwriting earnings, which offset large one-time claims and losses incurred in the company\u2019s motor and property segment due to unprecedented rains in the UAE in April, according to a separate earnings release (pdf)<\/a>. Revenues fell 17.4% y-o-y in 1H to AED 389.4 mn.<\/p>\n \n UNION INS.-<\/p>\n Union Ins.<\/a><\/strong>\u2019 net income fell 38% y-o-y to AED 1.2 mn in 2Q <\/strong>2024<\/strong>, <\/strong>according to its financial<\/a>statements (pdf)<\/a>. The company recorded AED 148.1 mn in revenue during the quarter, down 7% y-o-y. On a six-month basis, Union Ins.\u2019 net income fell 4% y-o-y to AED 12.9 mn in 1H 2024. The company\u2019s revenues also dipped 7% y-o-y to USD 297.7 mn.<\/p>\n \n GULF MEDICAL PROJECTS-<\/p>\n