Al Ramz Corporation PJSC Reports Robust H1 2024 Financial Performance Amid Challenging Market Conditions
Dubai, UAE; August 5, 2024: Al Ramz Corporation PJSC (UH: ALRAMZ), a prominent non-banking financial institution in the UAE, has reported its financial results for the first half of 2024. Despite facing regional geopolitical tensions and a subdued market environment, the company demonstrated resilience and adaptability, reporting a net profit of AED 2.4 million.
One of the standout achievements for Al Ramz was the surge in corporate finance and advisory revenues, which increased by an impressive 74% compared to the previous period. This growth underscores the company's strategic focus on diversifying its revenue streams and enhancing its service offerings.
In addition to its financial performance, Al Ramz made significant strides in liquidity provision services. The company was appointed as a liquidity provider for both Abu Dhabi Ports Company PJSC (ADX: ADPORTS) and ADNOC Drilling Company PJSC (ADX: ADNOCDRILL). These landmark appointments highlight Al Ramz's capability to deliver tangible results and establish itself as a leader in market-making and liquidity provision within the UAE capital markets.
Moreover, Al Ramz launched trading in the US markets, unlocking new investment opportunities for its clients. This strategic move is expected to further bolster the company's growth prospects and enhance its competitive positioning in the financial services sector.
Financially, Al Ramz reported total revenues of AED 41 million, with finance income netting AED 24 million and corporate finance and advisory revenues contributing AED 10.3 million. Despite a 22% decline in total revenues and an 83% drop in net profit compared to the previous period, the investment-adjusted quality of earnings increased by 49%, reflecting the company's focus on sustainable growth and profitability.
Given these developments, investors may find Al Ramz's stock an attractive proposition. The company's strategic initiatives, coupled with its strong performance in corporate finance and liquidity provision, position it well for future growth. While the current market conditions pose challenges, Al Ramz's resilience and adaptability make it a compelling investment opportunity.
