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Eshraq Investments PJSC, listed on the Abu Dhabi Securities Exchange, reported a profit of AED 6.7 million for Q3 2024, marking a 91% increase from the previous quarter and a significant improvement from a net loss of AED 83.3 million in Q3 2023. Finance income increased by 7.7% from the previous quarter and by 64% from Q3 2023, reaching AED 2.4 million. The company has made progress in its new strategy focusing on private equity and income-generating assets, while continuing efforts to redeem its holdings in the Goldilocks Fund for direct management. Eshraq's liabilities decreased by 11.4% since the end of 2023, aided by strategic exits from Goldilocks Fund holdings, which reduced liabilities by AED 403 million over nine months. Commercial real estate operations generated AED 4.0 million in Q3 2024, a 42% year-on-year decrease due to asset sales in 2023, with gross profit down 5% from the previous quarter and 28% year-on-year. Residential assets in Marina Rise Abu Dhabi maintained strong occupancy rates at approximately 97% in Q3 2024.
Abu Dhabi Ship Building PJSC has released its unaudited condensed interim consolidated financial information for the nine-month period ending on September 30, 2024.
TAQA Group reported a net income of AED 6.3 billion for the first nine months of 2024, marking a 13.2% increase from the previous year when excluding one-off items. The group's revenue rose by 6.0% to AED 41.7 billion, and EBITDA increased by 9.0% to AED 16.9 billion, excluding the impact of a significant acquisition. Including one-off items, EBITDA and net income saw declines due to the acquisition of a stake in ADNOC Gas and a deferred tax charge. Capital expenditure surged by 85.4% to AED 6.1 billion, driven by progress in desalination projects and the inclusion of TAQA Water Solutions. Free cash flow was AED 2.9 billion, significantly lower than the previous year due to increased investments. Gross debt decreased slightly to AED 60.6 billion, despite new debt for projects and acquisitions. Additionally, TAQA merged its Abu Dhabi distribution businesses under the new brand TAQA Distribution to enhance operational efficiency and growth.
Eshraq Investments PJSC has released a review report and condensed consolidated financial information for the nine-month period ending on September 30, 2024.
Eshraq Investments PJSC held a Board of Directors meeting on November 13, 2024. The board approved the following: the condensed consolidated interim financial information for the nine-month period ending September 30, 2024, the business plan for 2025 and 2026, and decisions regarding internal administrative and organizational matters.
The Business Review covers the fiscal year 2025, specifically from July 1, 2024, to September 30, 2024.
GFH Financial Group B.S.C. announced the successful completion of their webcast for the third quarter financial results of 2024. The webcast was held on November 13, 2024, at 1:00 p.m. Bahrain time. The presentation and script from the session are available for review. The announcement was made by Mariam Jowhary, Head of Compliance and AML.