{"id":94905,"date":"2024-08-19T00:00:00","date_gmt":"2024-08-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dp-world-amanat-and-others-report-2q-earnings\/"},"modified":"2024-08-19T00:00:00","modified_gmt":"2024-08-19T00:00:00","slug":"dp-world-amanat-and-others-report-2q-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/19\/dp-world-amanat-and-others-report-2q-earnings\/","title":{"rendered":"DP World, Amanat, and others report 2Q earnings"},"content":{"rendered":"

We have another batch of 2Q earnings<\/strong>, this time from DP World, Amanat, Julphar, Invictus, and Salama. <\/p>\n

\n

DP WORLD-<\/p>\n

Dubai<\/strong>-based port operator DP World\u2019s bottom line narrowed 35.6% y-o-y to<\/strong> USD 570 <\/strong>mn in 1H 2024 on the back of the shipping crisis in the Red Sea<\/strong>, according to its earnings presentation (pdf)<\/a>. The company\u2019s topline saw a 3.3% y-o-y increase during the period to USD 9.3 bn.<\/p>\n

Red Sea disruptions hit net income, but operations elsewhere offset the impact: <\/strong>DP World\u2019s Middle East, Europe, and African markets saw a 7.1% y-o-y decline in net income to USD 1.3 bn on the back of disruptions in the Red Sea. However, revenues from those markets were up 1% to USD 6.5 bn during the period as the disruptions were partially offset by robust gains from ports and terminals across UAE, Africa, and Europe. The firm saw a 14.8% y-o-y increase in revenue from its ports and terminals segment to USD 3.57 bn in 1H 2024, according to a separate earnings release (pdf)<\/a>. The logistics segment reported a 2% y-o-y decline in revenues to USD 3.83 bn, while the marine services sector witnessed a 5% y-o-y dip in revenues to USD 1.94 bn. <\/p>\n

DP World has high hopes for the rest of the year, <\/strong>anticipating a \u201csolid pipeline\u201d of new business for its logistics division, coupled with signs of recovery at several ports affected by the Red Sea crisis, the port operator told Reuters<\/a>. <\/p>\n

\n

AMANAT- <\/p>\n

Amanat Holdings\u2019 bottom line narrowed 21.6% y-o-y to AED 40.8 mn in 2Q 2024<\/strong>, according to the company\u2019s financials (pdf)<\/a>. Amanat booked AED 209.8 mn in revenues, up around 14% y-o-y during the quarter.<\/p>\n

On a six-month basis<\/strong>, Amanat\u2019s net income was down 7.5% y-o-y to AED 89.1 mn, partially impacted by the introduction of the corporate tax, according to a separate earnings release (pdf)<\/a>. The company\u2019s revenues grew 17% y-o-y to AED 433.3 mn in 1H on the back of a 26% y-o-y growth in the performance of the company\u2019s education segment.<\/p>\n

Looking ahead:<\/strong> \u201cWe remain committed to both driving growth in long-term care through increasing bed capacity, with c.200 beds currently under construction, and growing our education business through increasing enrollments in the UAE, further expansion of HDC and exploring M&A opportunities,\u201d Amanat CEO John Ireland said. <\/p>\n

\n

INVICTUS- <\/p>\n

Food distributor <\/strong>Ghitha\u2019s trading arm Invictus Investment saw its net income fall 3<\/strong>8% y-o-y to <\/strong>AED <\/strong>84.2 mn<\/strong> in 1H 2024, according to the company\u2019s financial statements (pdf)<\/a>. The trading firm\u2019s revenues remained relatively flat in 1H at AED 4.26 bn.<\/p>\n

Looking ahead, Invictus is eyeing downstream acquisitions<\/strong> to \u201cenhance [its] operational capabilities and position [the company] to better serve the evolving needs of [its] global customer base, [aiming to transform] Invictus Investment into a fully integrated agro-food enterprise that creates value for all stakeholders,\u201d CEO Amir Daoud Abdellatif said in the company\u2019s earnings release (pdf)<\/a>.<\/p>\n

\n

JULPHAR-<\/p>\n

Gulf Pharma Industries (Julphar) narrowed its net losses to AED 4 mn in 2Q 2024, <\/strong>after having seen a net loss of AED 41.8 mn during the same period last year, according to the company\u2019s financials (pdf)<\/a>. The company saw its revenues from sales increase around 9.5% y-o-y to AED 444 mn during the quarter.<\/p>\n

On a 1H basis<\/strong>, the company recorded a loss of AED 2.4 mn, compared to a loss of 45.7 recorded in the first half of 2023. The company\u2019s revenues in 1H reached AED 883.1 mn, up 3% y-o-y. <\/p>\n

\n

SALAMA- <\/p>\n

Ins. provider Islamic Arab Ins. \u2014 known as Salama \u2014 saw its net income fall 30% y-o-y to AED 3 mn in 2Q 2024<\/strong>, after netting a bottom line of AED 4.2 mn during the same period last year, according to the company\u2019s financials (pdf)<\/a>. The company\u2019s takaful revenues decreased around 8% y-o-y to AED 257.1 mn during the quarter. <\/p>\n

On a 1H basis<\/strong>, Salama saw its net income increase 67% y-o-y to AED 20.53 mn during 1H 2024. Takaful revenues reached AED 528.6 mn during the period, down around 3% y-o-y, despite a \u201cchallenging revenue environment,\u201d according to an earnings release (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Invictus, Julphar, and Salama also reported their earnings<\/p>\n","protected":false},"author":1,"featured_media":94906,"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":[1676,244,237,7,1107,1235,889],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-amanat","tag-dp-world","tag-earnings-watch","tag-enterpriseam-uae","tag-invictus","tag-julphar","tag-salama","wpautop","entry"],"acf":{"mongo_id":"b39f8108-2f9d-4be8-bd38-9a34d8b205e9","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1981.jpg","photo_position":"above","homepage_title":"","full_issue_title":"DP World, Amanat, and others report 2Q earnings","related_issue":[94885],"teaser":"Invictus, Julphar, and Salama also reported their earnings","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.babb25cf-3054-425e-9178-96b51a51f76a.mp3"},"yoast_head":"\nDP World, Amanat, and others report 2Q earnings - 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