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MASHREQ-<\/p>\n
Our friends at Mashreq saw their net income come in at AED 5.8 bn in 9M 2024<\/strong>, staying flat y-o-y, according to its earnings report (pdf)<\/a>. Net income before tax was up 9% y-o-y to AED 6.5 bn. Meanwhile, the lender\u2019s total operating income for the period rose 15% y-o-y to AED 9.1 bn. <\/p>\n Driving the growth:<\/strong> \u201cPrincipal drivers of this increase are strong business growth with healthy margins, the benign interest rate environment, and relative low risk costs,\u201d the lender said<\/a>, pointing to a 13% y-o-y increase in net interest income \u2014 which came in at AED 6.3 bn during the nine-month period \u2014 and a 21% y-o-y jump in non-interest income to AED 2.8 bn. <\/p>\n The lender reported AED 1.8 bn in net income after tax in 3Q <\/strong>2024<\/strong>, marking a 21% y-o-y decrease on the back of the introduction of the corporate tax this year. The bank's total operating income increased 7% to AED 3 bn while its net interest and Islamic financing income rose 5% y-o-y to AED 2.1 bn. <\/p>\n The bank\u2019s total assets rose 17% y-o-y to AED 254.4 bn by the end of September<\/strong>, with loans and advances growing 17% y-o-y to AED 168.1 bn. Customer deposits rose 17% y-o-y to AED 156.1 bn.<\/p>\n What they said:<\/strong> \u201cOur strong performance in the first nine months of 2024 underscores Mashreq\u2019s strategic direction and operational resilience in navigating dynamic market conditions,\u201d Group CEO Ahmed Abdelaal said.<\/p>\n WATCH THIS SPACE- Mashreq will soon launch its <\/strong>Neo Corp<\/a><\/strong> platform in Qatar<\/strong>, as a part of the initial roll out, following its launch in Kuwait<\/a> and Bahrain, according to Abdelaal.<\/p>\n \n ALDAR-<\/p>\n Real estate and investment firm <\/strong>Aldar Properties<\/a><\/strong>\u2019 n<\/strong>et income grew 41.3% y-o-y to AED <\/strong>1.3 bn in 3Q 2024<\/strong>, according to its financial statements (pdf)<\/a>. The company\u2019s revenues rose 61.4% y-o-y to AED 5.6 bn this quarter on the back of improved sales \u2014 especially internationally \u2014 and the launch of new luxury developments, according to the company\u2019s earnings release (pdf)<\/a>. <\/p>\n On a 9M basis, net income increased 52.3% y-o-y to AED 4.6 bn, while revenues increased 69% y-o-y to AED 16.5 bn.<\/strong> The increase in real estate demand contributed to the improvement in sales, which grew 24% y-o-y during the nine months to AED 24 bn. The developer also saw high occupancy rates in residential and retail properties and a rise in rental rates across commercial facilities, with a record backlog of AED 48.6 bn. <\/p>\n This nine-month performance was also driven by strategic mergers and acquisitions made in 2022 and 2023 which supported the bottom line.<\/strong> These investments included acquiring UK property developer<\/a> London Square in an AED 1.1 bn transaction in December 2023. <\/p>\n \n BOROUGE<\/p>\n Abu Dhabi\u2013based petrochemical company Borouge\u2019s net income rose by 16.3% y-o-y <\/strong>to USD 328 mn in 3Q 2024<\/strong>, according to its financial statements (pdf)<\/a>. The polyolefins manufacturer\u2019s revenues increased 7% y-o-y to USD 1.6 bn in this quarter. This performance was driven by \u201crecord production levels, the highest achieved quarterly sales, and robust pricing for premium products,\u201d according to an earnings release (pdf)<\/a>. <\/p>\n On a nine-month basis, net income increased 27.3% y-o-y to USD 908 mn, while revenues climbed by <\/strong>2.6%<\/strong> y-o-y to USD<\/strong> 4.4 bn.<\/strong> The company\u2019s strong financials support its commitment to pay the final 2024 dividend of USD 650 mn in March 2025, after distributing USD 650 mn<\/a> in interim dividends for 1H 2024. <\/p>\n The firm\u2019s board approved a USD 500 mn revolving credit facility<\/strong>, according to an ADX disclosure (pdf)<\/a> which did not disclose details on who\u2019s providing the facility or where proceeds will go. <\/p>\n \n PHOENIX<\/p>\n Phoenix Group reported a net income of USD 47.5 mn in 3Q<\/strong>, down 50.6% y-o-y, according to the company's financial statements (pdf)<\/a>. The company reported USD 35.9 mn in revenues, down about 47.8% y-o-y, on the back of the company\u2019s strategy to deploy most of its inventory to their self mining business, according to its earnings release (pdf)<\/a>. Net income got a boost from unrealized gains on digital assets.<\/p>\n In terms of 9M 24, <\/strong>the company reported a net income of USD 169.8 mn, up 17.6% y-o-y. The company\u2019s revenues fell 31.9% y-o-y to USD 156.1 mn during the period. <\/p>\n \n NATIONAL BANK OF FUJAIRAH-<\/p>\n The National Bank of Fujairah (NBF) saw its <\/strong>net income after tax grow 15.6<\/strong>% <\/strong>y-o-y to AED 209.3 mn in 3Q 2024<\/strong>, on the back of cost management and improvement in impairment positions as it looks to shield itself against a falling interest rate environment, it said in its earnings release (pdf)<\/a>. Operating income for the quarter came in at AED 623.6 mn, up 8.9% y-o-y, according to separate financial statements (pdf)<\/a>. The lender\u2019s net interest income and income from Islamic financing rose to AED 445.8 mn in the quarter, up 3% y-o-y.<\/p>\n In 9M 2024<\/strong>, the lender\u2019s net income after tax increased 26.7% y-o-y to AED 650.4 mn. Operating income over the nine-month period rose 8.4% y-o-y to AED 1.8 bn, with net interest income and income from Islamic financing and investment activities seeing a 5.6% y-o-y increase during the period to reach AED 1.3 bn.<\/p>\n \n MULTIPLY GROUP-<\/p>\n Abu Dhabi-based investment firm Multiply Group posted a 410.<\/strong>5% y-o-y surge in <\/strong>its bottom line to AED 744.2 mn in 3Q 2024<\/strong>, according to its financials (pdf)<\/a>. Multiply Group\u2019s revenues climbed 47.1% y-o-y to AED 517.5 mn during the quarter, on the back of 9% y-o-y \u201corganic growth across all verticals and the consolidation of BackLite Media<\/a>, The Grooming Company<\/a> Holding, and Excellence Premier Investment<\/a>,\u201d the firm said in its earnings release (pdf)<\/a>.<\/p>\n On a nine-month basis<\/strong>, Multiply Group reported a net loss of AED 2.5 bn during 9M, down from a net income of AED 545.8 mn during the same period last year. The group\u2019s revenues rose 50.6% y-o-y during the first nine months of the year to reach AED 1.4 bn.<\/p>\n","protected":false},"excerpt":{"rendered":" Mashreq recorded AED 1.78 bn in net income after tax in 3Q<\/p>\n","protected":false},"author":1,"featured_media":97353,"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":[97,766,237,7,288,814,730,229],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-aldar-properties","tag-borouge","tag-earnings-watch","tag-enterpriseam-uae","tag-mashreq","tag-multiply-group","tag-national-bank-of-fujairah","tag-phoenix-group","wpautop","entry"],"acf":{"mongo_id":"70a8e156-8c56-467b-9d5b-cfcaa75deed1","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2659.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Masheq, Aldar Properties, Borouge, Phoenix, and more report 3Q 2024 earnings","related_issue":[97332],"teaser":"Mashreq recorded AED 1.78 bn in net income after tax in 3Q","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.2a0de082-3b57-400b-a730-bd55a45b99dd.mp3"},"yoast_head":"\n