Latest Threads

Agility Public Warehousing Company K.S.C.P. and its subsidiaries have released their unaudited interim condensed consolidated financial information as of June 30, 2024.

Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries have released their review report and interim condensed consolidated financial statements for the period ending 30 June 2024. These statements are unaudited.

Salama, the largest Takaful solutions provider in the UAE, reported a 67% increase in net profit for the first half of 2024, reaching AED 20.53 million compared to AED 12.26 million in the same period in 2023. Takaful revenue was AED 528.58 million, and total assets rose modestly to AED 3,701.08 million. Other operating income saw a significant increase of 277%, despite challenges such as the depreciation of the Egyptian Pound. The company's performance coincides with the appointment of new Board members, including H.E. Fahad AlQassim as Chairman and Mr. Fareed Lutfi as Vice Chairman, both bringing extensive experience in finance and insurance. CEO Walter Jopp highlighted the positive impact of the company's customer-focused approach, strategic partnerships, and digitization initiatives. Salama aims to sustain its growth momentum and continue contributing to the UAE's progress as a Shariah-compliant market leader. Recent developments include a revamped website, a new office in Abu Dhabi, and strategic management appointments.

GFH Financial Group B.S.C. announced the successful completion of their live webcast session for the second quarter of 2024 financial results. The webcast took place on August 14, 2024, at 1:00 p.m. Bahrain time. The presentation and script from the session are attached. The announcement was made by Mariam Jowhary, Head of Compliance & AML.

On 14 August 2024, the Islamic Arab Insurance Co. (SALAMA) held a board meeting from 3:00 pm to 4:30 pm with seven members in attendance, achieving a 100% quorum. The board approved the minutes from the previous meeting held on 25 July 2024 and the financial statements for the second quarter ending 30 June 2024. Other regular business matters were also considered. The meeting results were authorized by Khaled Barakat, the General Counsel, with the company's stamp.

On 14 August 2024, SHUAA Capital psc reported its Q2 2024 financial statements, revealing accumulated losses of AED 945 million, representing a 37.28% accumulated losses to capital ratio. The losses are primarily attributed to fair value losses and impairments related to investments, goodwill, and receivables, particularly in the UK and legacy real estate assets. Additional factors include losses from an associate's valuation adjustments, the recognition of a deferred tax liability due to new corporate tax laws in the UAE, and write-offs from revised land valuations and public market securities investments. To address these losses, SHUAA Capital has implemented capital optimization measures, including an agreement with noteholders to amend the terms of its USD 150 million bonds. This agreement allows for the conversion of a portion of the bonds into equity through Mandatory Convertible Bonds (MCB), with the remaining bonds potentially being settled at a discount in cash.

SHUAA Capital announced its financial results for the first half of 2024, showing an adjusted net operating loss of AED 2 million, an improvement of AED 5 million from the previous year. The company also reported a reduced net loss attributable to shareholders of AED 29.5 million in Q2 2024, down from AED 87.2 million in Q1 2024. Operating margins increased by 8% due to cost efficiencies. SHUAA continued balance sheet optimization, including asset valuation adjustments and impairments of legacy UK investments. An agreement with bondholders was reached in April 2024 to reduce leverage by over AED 500 million through mandatory convertible bonds, expected to be completed by the end of 2024. The company is focusing on business growth, increasing assets under management, securing new mandates, and attracting talent. SHUAA also increased its ownership in Eshraq to over 25%. CEO Wafik Ben Mansour expressed satisfaction with the progress and commitment to completing the capital optimization plan for sustained growth. Key financial metrics for H1 2024 included revenues of AED 50 million, an adjusted net operating income loss of AED 2 million, a cost-income ratio of 103%, one-off non-cash charges of AED 71 million, and a net loss of AED 117 million.