Latest Threads on News from companies

E7 Group reported a net profit growth of 82% for the first nine months of 2024 and introduced a new dividend policy aiming to return 50% of distributable annual net profit to shareholders while maintaining strong cash reserves. In the third quarter, the company achieved a 70% increase in net profit and a 6% growth in EBITDA, driven by continued momentum in core businesses. The company's revenue for Q3 2024 was AED 190.9 million, a 7% increase year-on-year, with significant growth in the packaging segment. For the nine-month period, revenue reached AED 491.7 million, up 6% from the previous year. E7 Group plans to invest in capacity expansion, particularly in security solutions and sustainable packaging. The Group holds over AED 1.4 billion in cash and cash equivalents for strategic growth initiatives. The company also secured a contract worth AED 115.5 million for security printing and solutions and partnered with SAP for a digital transformation initiative.

On 11 November 2024, the Board of Directors of Abu Dhabi Ports Company PJSC conducted a meeting via video conference at 5 p.m. During the meeting, they approved the financial statements for the third quarter of the 2024 financial year. The Board also discussed general matters concerning the company's activities and projects. The communication was addressed to the Disclosure & Compliance Section of the Abu Dhabi Securities Exchange and copied to the Securities and Commodities Authority.

Abu Dhabi National Insurance Company (ADNIC) has reported strong financial performance for the nine-month period ending September 30, 2024. The company successfully integrated its newly acquired subsidiary, Allianz Saudi Fransi Cooperative Insurance Company, in Saudi Arabia, aligning it with ADNIC’s operations. Key financial results include a 57.2% year-on-year increase in insurance revenue, reaching AED 5.2 billion, and a 13.7% rise in the insurance service result to AED 308.5 million. Despite challenges in the UAE insurance market, ADNIC achieved double-digit growth in critical KPIs. Net investment income grew by 27.3% to AED 202.3 million, and the net financial result increased by 18.4% to AED 508.7 million. Profit before tax rose by 13.5% to AED 342.5 million, with a profit after tax of AED 307.8 million. The company continues to focus on automation and accessibility in its strategic initiatives.

Abu Dhabi National Insurance Company PJSC reported strong financial performance for the third quarter of 2024. The company achieved a combined ratio of 93% and net insurance service results of AED 308.5 million. Gross Written Premiums reached a record AED 6.1 billion, marking a 56% increase from the previous year. Investment income for the nine-month period rose by 27.3% to AED 202.3 million. Despite challenges in the UAE insurance market due to floods, ADNIC was the only top-tier company to achieve double-digit growth in its insurance service results, which increased by 13.7% year-on-year. As of September 30, 2024, total assets grew by 55.6% to AED 12 billion, with shareholders’ equity at AED 3.4 billion. Strategically, ADNIC completed the acquisition of a 51% stake in Allianz Saudi Arabia Cooperative Insurance Company, enhancing its regional presence. The company remains committed to sustainability, risk management, and innovation, including establishing an AI-specific data management unit. No new securities were issued during the period.

The Board of Directors of Abu Dhabi National Insurance Company (ADNIC) reported the financial results for the nine-month period ending September 30, 2024. ADNIC successfully acquired a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, with results consolidated from April 17, 2024. The Group, including ASF, showed strong performance with net insurance service results of AED 308.5 million, a 13.7% increase year-on-year, despite earlier flood events. Insurance revenue grew by 57.2% to AED 5.2 billion. Consolidated net investment income rose by 27.3% to AED 202.3 million. The Group achieved a net profit before tax of AED 342.5 million, a 13.5% increase from the previous year. The Board expressed gratitude to UAE leadership and emphasized ADNIC's strong financial foundation and skilled management, positioning it to seize emerging opportunities and support regional insurance industry growth.