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Zawya
2 hours ago
- Zawya
ACICO reports net profit of KD 8.3mln and operating profit of KD 3.5mln in Q2 2025
Maintains stable prices and supports the local market amid operational developments Kuwait: ACICO Group announced its financial results for the second quarter of 2025, reporting a net profit of KD 8.3 million, marking a major turnaround from the net loss of KD 2.3 million recorded during the same period in 2024. The results reflect the company's stringent cost control policy, enhanced operational efficiency, continued progress in implementing its financial restructuring plan and its operational strength that positions it as a partner of choice in key infrastructure projects in Kuwait and the region. Commenting on the results, Chairman of the Board Mr. Emad Abdullah Al Essa stated: 'We are entering a new chapter that paves the way for strengthening our financial position in line with our solid operational track record and sector-wide achievements. We have built a strong foundation rooted in operational efficiency, prudent management and a clear commitment to sustainable growth, ensuring long-term value for our shareholders, customers and the community. With confidence, we are moving forward toward achieving financial and operational balance that reinforces ACICO's position as a leading national company aligned with Kuwait's and the region's development ambitions.' Sales from industrial operations grew by 7.9% to KD 35.6 million. Gross profit margin improved from 17% to 18%, and selling, general and administrative expenses remained flat year on year. Despite these improvements, the company recorded an operating profit of KD 3.5 million, compared to KD 5 million in Q2 2024. This variance is primarily due to the exclusion of real estate revenues following the divestment of certain assets as part of the company's restructuring efforts, which have significantly reduced total liabilities and interest expenses from KD 8 million to KD 3.7 million. Restructuring Enhances Financial Position During the quarter, ACICO finalized a major debt restructuring agreement with a creditor bank for a total liability of KD 128.5 million. The agreement, which aligns with the Group's approved financial restructuring plan, resulted in a non-recurring gain of KD 3.5 million and a corresponding increase in shareholders' equity. The agreement included a multi-phase implementation plan, comprising the transfer of a property worth KD 60 million, a partial cash repayment of KD 2 million, direct debt discounts, and the conversion of part of the debt into preferred shares. The Group reaffirmed that this agreement is a continuation of its comprehensive financial restructuring strategy endorsed by the Board of Directors, aimed at strengthening financial efficiency, fortifying the balance sheet, and reinforcing ACICO's position as a leading regional player.
Khaleej Times
2 hours ago
- Khaleej Times
UAE: Job offer during probation? What the law says about resigning during first 6 months
Are you currently on probation and received another job offer? Or perhaps you've decided to resign and leave the UAE altogether. Before making a move, it's important to understand the regulations that govern resignations during your first months with a company. UAE's Federal Decree-Law No. (33) of 2021 on the Regulation of Employment Relationships and its amendments have defined the specific commitments that employees need to adhere to if they wish to leave their jobs while on probation. According to this law, an employee's probation period cannot exceed six months. Any probationary term longer than that is unlawful. Conditions governing resignation during these six months aim to protect the employer's rights as well as enhancing labour market flexibility, competitiveness, and ease of doing business. The UAE Ministry of Human Resources and Emiratisation (MoHRE) has recently shared these regulations explained. Switching jobs inside the country If an employee wishes to move to another job withing the country, they must notify their employer at least one month in advance. Employees can choose between doing this or compensating their employer with an amount equal to their wage for the notice period or the remaining duration. The old employer has the right to demand that the new one compensate them for the costs of recruiting and contracting with the worker. Resigning to leave the UAE If the employee wants to terminate their contract during the probation period in order to leave the country, they must provide the employer with at least 14 days' notice before the intended termination date, or compensate the employer with an amount equal to their full wage for the notice period or the remaining portion of it. Failure to comply with the notice requirement will result in the employee being ineligible for a work permit in the country for one year from the date of departure.
Zawya
2 hours ago
- Zawya
Aqaba Container Terminal awarded PERS environmental certification by the European Sea Ports Organization
Aqaba, Jordan – Aqaba Container Terminal (ACT), the preferred gateway to Jordan, the Levant, and beyond, officially received the Port Environmental Review System (PERS) certification from the European Sea Ports Organisation (ESPO), marking a major milestone in the terminal's ongoing journey toward environmental sustainability and operational excellence. With this achievement, ACT becomes the first port in the Middle East to join the accredited European EcoPorts network. The internationally recognized certification underscores ACT's commitment to adopting best-in-class environmental practices. The PERS certification was granted following a rigorous and comprehensive assessment process that evaluated the terminal's environmental policies, risk analysis, legal compliance, role clarity, resource allocation, and reporting accuracy. The audit also reviewed the terminal's efforts to maintain a clean marine and land-based environment and its full adherence to international environmental requirements. Commenting on this achievement, Harald Nijhof, Chief Executive Officer of Aqaba Container Terminal, said, 'It is our absolute pride to receive the PERS certification from the European Sea Ports Organisation. It is a milestone that underscores our unwavering commitment at Aqaba Container Terminal to environmental stewardship and operational excellence. As the first port in the Middle East to join the EcoPorts network, we reaffirm our responsibility to lead by example in shaping a more sustainable future for our region and beyond with the dedication of our entire team.' The certification follows ACT's successful completion of a rigorous external audit process, during which more than 64 pieces of supporting evidence were submitted, validating the terminal's compliance with the core requirements of the ESPO's environmental management system. Securing the PERS certification represents a key step in ACT's broader vision of becoming a sustainable logistics hub, one that supports the green economy, aligns with global environmental standards, and enhances efficiency through eco-friendly practices. ACT extends its deepest appreciation to all team members and partners whose efforts contributed to this accomplishment. The terminal remains firmly committed to upholding the highest environmental standards and promoting a culture of sustainability across all facets of its operations. To learn more about the EcoPorts Global Network, visit:
