Al Ramz Reports Q3 Profit Amid Platform Success
Al Ramz Corporation PJSC showcases robust growth in Q3 2024, driven by innovative digital solutions and strategic market positioning.
Summary
Al Ramz Corporation PJSC's Q3 2024 results highlight a net profit of AED 9.2 million, significant growth in corporate finance revenues, and a successful digital trading platform expansion.
Al Ramz Corporation PJSC, a leading financial services provider in the UAE, has announced its financial results for the third quarter of 2024, reporting a net profit of AED 9.2 million for the nine-month period ending September 30, 2024. Despite a challenging geopolitical landscape affecting regional capital markets, Al Ramz has demonstrated remarkable resilience and adaptability.
The company's strategic focus on core areas such as digital trading platforms, market making, asset management, and credit services has been pivotal in sustaining growth. Notably, the corporate finance and advisory segment experienced a remarkable 49% surge in revenues, underscoring Al Ramz's robust market positioning and expertise.
A key highlight of this quarter has been the significant achievements of Al Ramz's digital trading platform. The platform's user base surged by 112% from the previous quarter and an impressive 276% since the beginning of the year. This growth is attributed to the platform's advanced decision-making tools, including social trading features, comprehensive analysis, real-time news, and robust research content.
Al Ramz's commitment to financial inclusion and user empowerment was further demonstrated by the launch of full Arabic language support. This strategic move aligns with the company's goal to cater to a broader audience and enhance user experience. Additionally, the Al Ramz mobile application was recognized as the 'Mobile App of the Year' at the Leaders in Fintech Awards 2024 by Entrepreneur Middle East, cementing its status as an industry leader.
Looking ahead, Al Ramz's designation as the liquidity provider for major entities such as ADNOC Drilling Company PJSC, Abu Dhabi Ports Company PJSC, Watania International Holding, and Al Ansari Financial Services PJSC positions the company for sustained growth and influence in the financial sector.
Given the company's impressive performance and strategic initiatives, investors might consider a 'buy' recommendation. Al Ramz's innovative approach, coupled with its commitment to sustainable growth, presents a promising investment opportunity.
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Summary
Al Ramz Corporation PJSC, a financial services provider in the UAE, announced a net profit of AED 9.2 million for the third quarter of 2024. The company saw a 49% increase in corporate finance and advisory revenues and was designated as the liquidity provider for several companies, including ADNOC Drilling Company PJSC and Abu Dhabi Ports Company PJSC. Despite regional geopolitical challenges impacting capital markets, Al Ramz remains focused on sustainable growth through investments in digital trading, market making, asset management, and credit services. The digital trading platform saw significant user growth, with a 112% increase from the previous quarter. The platform now offers full Arabic language support and received the "Mobile App of the Year" award from Entrepreneur Middle East's Leaders in Fintech Awards 2024.
