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Dubai Financial Market News

Dubai Financial Market News

News Update From Takaful Emarat (PSC)

Disclosure: Results of BOD Meeting

The Board of Directors meeting for Takaful Emarat Insurance PSC took place on Wednesday, 13 November 2024, from 4:00 PM to 4:30 PM. Four board members were present, achieving a quorum of 57%. During the meeting, the board approved the company's unaudited financial statements for the nine-month period ending 30 September 2024 and discussed other matters. The meeting's decisions were documented and signed by Mohammed Abu Quora, the Chief Executive Officer, on 14 November 2024.

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Dubai Financial Market News

Dubai Financial Market News

News Update From National Central Cooling Co.

Disclosure: Press release regarding financial results for the 3rd QTR of 2024

Tabreed, a leading district cooling company based in the UAE, reported its financial results for the first nine months of 2024, showing increased revenues and strengthened EBITDA. The company experienced a 6% rise in consumption volumes, resulting in a 4% increase in net profit before tax to AED 462 million. Group revenue rose to AED 1.85 billion, driven by higher consumption and the addition of 29,000 Refrigeration Tons (RT) of new connections over the past year. EBITDA increased to AED 933 million, maintaining a stable margin of 50%. Tabreed expanded its customer base with new connections in the UAE, India, Egypt, and Oman, including 12,444 RT added in the third quarter. The company generated strong cash flows, with free cash flows of AED 912 million over the past year, and reduced its debt by 12%, resulting in a net debt to EBITDA ratio of 4.0x. Tabreed remains committed to maintaining its 'investment grade' credit rating. In the third quarter, Tabreed actively promoted district cooling, participating in the Asia Urban Energy Assembly in Bangkok, aligning with its expansion strategy in Southeast Asia.

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Dubai Financial Market News

Dubai Financial Market News

News Update From National Central Cooling Co.

Disclosure: Financial statements for the 3rd QTR of 2024

The document is a review report and interim condensed consolidated financial statements for the National Central Cooling Company PJSC, covering the nine-month period ending on September 30, 2024.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From National Central Cooling Co.

Disclosure: Results of Board Decisions by Passing

The document is a notification dated 14 November 2024, addressed to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. It informs them of a Circular Resolution passed by the Board of Directors of the National Central Cooling Company PJSC ("Tabreed"). The resolution approves the company's unaudited interim accounts for the period ending 30 September 2024 and the release of these accounts along with a press release to the Securities & Commodities Authority and the Dubai Financial Market. The notification is signed by Sean Magee, the Company Secretary.

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Sagr National Insurance Company

Disclosure: Financial statements for the 3rd QTR of 2024

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Press release regarding financial results for the 3rd QTR of 2024

Islamic Arab Insurance Company (Salama), the UAE's largest Takaful solutions provider, reported a 64% increase in profitability for the first nine months of 2024, with net profits rising to AED 30.41 million compared to AED 18.56 million in the same period in 2023. Takaful revenue reached AED 802.83 million, and total assets increased to AED 3,669.82 million. The company noted an increase in other operating income, despite negative impacts from foreign currency adjustments due to the depreciation of the Egyptian Pound. Salama's Chairman, H.E. Fahad AlQassim, emphasized the company's commitment to delivering value and high standards of service. The company's strategies in underwriting, expense management, and digitalization have contributed to its improved performance. CEO Walter Jopp highlighted the strong third-quarter results and the company's focus on resolving legacy issues and improving customer experience. Jopp has stepped down for personal reasons but will assist in the transition. Salama remains focused on providing peace of mind to customers and achieving growth through strategic objectives, supported by its solid Takaful foundation and industry recognition.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Financial statements for the 3rd QTR of 2024

The document is a review report and interim condensed consolidated financial statements (unaudited) for Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries, dated 30 September 2024.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Results of BOD Meeting

On November 14, 2024, the Islamic Arab Insurance Co. (SALAMA) held a board meeting attended by six members via modern technology, achieving an 86% quorum. The meeting lasted from 3:00 pm to 4:00 pm. During the meeting, the board approved the minutes from the August 14, 2024 meeting, reviewed and approved the financial statements for the third quarter ending September 30, 2024, and discussed other regular business matters. The authorized signatory for the meeting was Khaled Barakat, the General Counsel and Board Secretary.

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Dubai Financial Market News

Dubai Financial Market News

News Update From United Foods Company (PSC)

Disclosure: Results of BOD Meeting

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From United Foods Company (PSC)

Disclosure: Financial statements for the 3rd QTR of 2024

The document is the unaudited interim condensed consolidated financial statements for United Foods Company (PSC) and its subsidiaries as of September 30, 2024.

1. Attached Document