Latest news with #AED1.7
Hi Dubai
20-05-2025
- Business
- Hi Dubai
Dubai Industrial City Attracts AED1.7 Billion in Investments Across Key Sectors
Dubai Industrial City has secured over AED1.7 billion in investments across major economic sectors in the past year, reinforcing its role as a leading hub for manufacturing and foreign direct investment in the region. The announcement, made during the 'Make it in the Emirates' forum, highlights significant growth in sectors such as food and beverage, heavy equipment, energy solutions, automotive, and light industries. The industrial hub, part of TECOM Group PJSC, continues to support the UAE's national industrial strategy and economic diversification goals. Saud Abu Alshawareb, Executive Vice President – Industrial at TECOM Group, said the investments reflect the district's global appeal to manufacturers and its contribution to Dubai's growing status as an international FDI destination. 'We remain committed to advancing the goals of Operation 300bn, Make it in the Emirates, and the Dubai Economic Agenda 'D33',' he added. Over the past year, Dubai Industrial City has seen expansion across its six industrial zones, which cater to base metals, machinery, minerals, F&B, transport, and chemicals. The area's specialised infrastructure—ranging from industrial land to logistics facilities—continues to attract new players. Recent entrants include Elite Group Holding, which is investing AED100 million in a 1 million facility targeting the automotive and e-commerce sectors. Pure Ice Cream, known for producing Baskin-Robbins and Kwality brands, is developing an AED80 million facility, while OZON Pharmaceuticals plans to establish a AED293 million production hub. With more than 1,100 manufacturers and over 350 operational factories, Dubai Industrial City plays a key role in regional and global supply chains. Strategically located near Jebel Ali Port, Al Maktoum International Airport, Etihad Rail, and major highways, it offers manufacturers seamless access to international markets. News Source: Emirates News Agency
Trade Arabia
19-02-2025
- Business
- Trade Arabia
Etihad Airways posts record profit of $476m
Etihad Airways today announced its results for the full year 2024, recording strong performance across all key metrics with a AED1.7 billion ($476 million) profit after tax driven by AED20.8 billion ($5.7 billion) passenger revenue and AED4.2 billion ($1.1 billion) cargo revenue, alongside significant operational efficiency improvements. The airline carried 18.5 million passengers last year, a 32 per cent increase from the previous year, reflecting strong and sustained demand across its expanding network. This growth was supported by a 28 per cent year-on-year increase in Available Seat Kilometres (ASK) and an improved passenger load factor, which reached 87 per cent in FY24, compared to 86 per cent in 2023. Total revenue saw a remarkable year-on-year increase of 25 per cent to AED25.3 billion ($6.9 billion). This growth was driven by a robust performance in both passenger and cargo business. Passenger revenue increased by AED4.2 billion ($1.1 billion), or 25 per cent compared to 2023, reflecting an enhanced network and increased capacity. Cargo revenue rose by 24 per cent compared to last year, fuelled by increased capacity and volume (12 per cent increase in cargo leg tonnes carried), alongside improved yields in the second half of the year. In 2024, the airline expanded its operations to over 1,700 weekly flights and increased frequencies on 25 routes over the past two years. It also launched more than 20 new destinations, such as Boston, Jaipur, Bali, and Nairobi, alongside summer hotspots like Antalya, Nice, and Santorini, with over 10 of these cities set to begin operations in 2025. The airline's operating fleet continued to expand with the addition of 12 aircraft, including the introduction of a new fleet-type, with six A320 NEOs, and the re-entry into service of its fifth A380. Etihad now operates the youngest and most fuel-efficient fleet in the region, supporting its ESG strategy to minimise carbon emissions while enhancing its service offerings. The airline invested in customer experience enhancements, driving a significant NPS increase, reflecting higher operational and service satisfaction. In 2024, the airline approved a AED3 billion retrofit program—its largest-ever—which, once underway, is expected to further elevate cabin comfort, inflight experience, and NPS. Etihad also introduced a dedicated premium call centre, delivering faster and more personalised service for premium travellers, leveraging AI to boost productivity. Over 200 enhancements were made to the website and app to further improve the guest experience. Additionally, the airline's loyalty programme, Etihad Guest, reached a milestone of 10 million members. Recognising these achievements, Etihad received multiple industry awards from bodies such as World Travel Awards and Business Traveller Awards, including Best Cabin Crew, Best Customer Experience, Best Economy Class, and Best First Class Lounge. It was also named Environmental Airline of the Year by in 2024 for the third consecutive year. Etihad's team grew to over 11,000 employees, with more than 2,000 new hires and over 1,500 promotions. UAE National Talent initiatives progressed, with over 70 Emirati cadet pilots graduating and more than 3,000 applications received for the latest cadet programme. UAE Nationals now represent 20 per cent of the workforce, underscoring Etihad's support for the UAE talent strategy and its role in developing future aviation professionals. Mohammed Ali Al Shorafa, Chairman of Etihad Airways, said: 'We extend our gratitude to our guests and the dedicated Etihad family for allowing us to realise our ambitions and consistently delivering the reliable, best-in-class service that defines our operations. The unwavering commitment of our team has strengthened our airline, boosting efficiency while consistently improving our exceptional customer experience. 'As we expand our network and enhance our offerings, we remain focused on connecting more people with Abu Dhabi and supporting the Emirate's tourism ambitions, fulfilling our vision to be the airline that everyone wants to fly.' Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said: 'These results are testament to the dedication of our people who have worked together for a purpose, delivering our strategy. Their efforts have driven improvements in customer satisfaction measured across all cabin classes and numerous other touchpoints. Equally they have delivered sustainable, profitable growth while maintaining disciplined efficiency and a steadfast commitment to safety. 'Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholder's mandate, and contributing to the long-term prosperity and success of the UAE.' Throughout 2024, Etihad strengthened profitability and expanded margins through an optimised fleet and network, improved efficiency, and a continued focus on productivity. The airline continued to strengthen its network through 126 interline, codeshare, and strategic partnerships, including a landmark partnership with China Eastern, the first of its kind between a Middle Eastern and Chinese airline, and a strategic partnership with SF Airlines to boost logistics capacity and network reach. Etihad had further increased operational efficiency, with CASK and CASK ex-fuel decreasing by 3 per cent and 4 per cent respectively. Increased efficiency is also evident in costs related to central functions, which grew much lower than capacity. Strong top-line performance and continued improvements in unit costs drove a remarkable operating result, with EBITDA reaching AED4.7 billion ($1.3 billion), a 32 per cent year-on-year increase. Profit after tax for FY24 more than tripled year-on-year, driven by strong momentum in the passenger business, a robust recovery in Etihad's cargo operations, and a significant reduction in net finance costs – down by almost AED1 billion, or 80 per cent year-on-year – reflecting continuous balance sheet deleveraging supported by strong cash generation.
Trade Arabia
12-02-2025
- Business
- Trade Arabia
Aramex delivers double-digit revenue growth to $1.7bn
Aramex, a leading global provider of comprehensive logistics and transportation solutions, reported a strong performance in the last quarter of 2024, with revenue up 11% YoY to AED1.7 billion ($462.84 million) in Q4, bringing full-year revenue to AED6.3 billion ($1.715 billion), also up 11%. Gross profit was up 3% to AED399 million for Q4 2024, and up 6% to AED1.5 billion for the full year 2024 with a margin of 24%, benefitting from the topline growth. Aramex ended the year with AED142 million in net profit, representing a growth of 10% in 2024 compared to 2023. For the Q4 2024 period, net profit was AED66 million, down from AED77 million reported during the same period last year. The fiscal year growth was broad-based across all product lines with International and Domestic Express, Freight Forwarding and Contract Logistics all reporting YoY growth driven by higher shipment volumes and further gains in market share, the company said. Aramex is benefitting from emerging nearshoring trends as businesses increasingly streamline supply chains by positioning inventory closer to key markets. This shift fueled increased demand for Domestic Express and regional cross-border International Express, in addition to warehousing and fulfillment services. Aramex is well positioned to capitalise on this growing demand through its integrated solutions across its product portfolio, which plays a key role in shaping the company's operational strategy, it said. The GCC and MENAT regions remained pivotal, highlighting the strength of Aramex's home markets. GCC and MENAT both grew double digit in revenue and gross profitability in 2024 compared to 2023. Meanwhile, Oceania continued its turnaround journey, delivering almost 50% YoY growth in revenues and gross profitability in 2024. Annual Group Selling, General, and Administrative Expenses (SG&A) remained stable as a percentage of revenue at 19%, with a 4% YoY increase in absolute terms driven by selling expenses, and reflecting the company's strategic focus on topline growth. Despite cost inflation, General and Administrative expenses were well managed and remained at the same level as last year, which confirms management's focus on cost controls. EBIT for the Q4 2024 period was AED89 million, representing a decline of 16% compared to Q4 2023. As a reminder, EBIT in Q4 2023 was positively boosted by a one-time settlement of approximately AED15 million. For the full year period, EBIT grew 11% to AED297 million with a corresponding margin of 5%. For the period ending December 31, 2024, the Effective Tax Rate (ETR) for the full year was 25%, as the company experienced an increase due to anticipated non-recurring items and also a change in the profit mix during the year, with more contributions from higher tax jurisdictions, it said. The devaluation of foreign currencies, and in particular the devaluation of the Egyptian Pound from EGP 30.9/$ in Q4'23 to approximately EGP 49.8/$ for Q4'24 had a material and negative impact on the company's financial results. Excluding the EGP devaluation impact, Q4 2024 Revenue was AED1.72 billion, gross profit was AED406 with a GP margin of 24% and net income was AED68 million. Excluding the EGP devaluation impact, FY 2024 revenue was AED6.4 billion, gross profit was AED1.53 billion with a GP% of 24% and net income was AED144 million, the company said. Othman Aljeda, Chief Executive Officer of Aramex, said: 'We are pleased to conclude 2024 with double digit topline growth reflecting the continued momentum across our core business lines and market share gains across our key markets. We grew group revenues by 11% YoY, driving our gross profitability up by 6% YoY, resulting in a solid gross profit margin of 24%. Our focus on cost control and efficiencies helped deliver 11% YoY growth in EBIT and 10% YoY growth in net profit for the full year 2024. "A major industry shift this year has been the acceleration of nearshoring, with businesses repositioning inventory closer to their consumer markets to improve delivery speed and flexibility. Aramex has a clear competitive advantage to cater to this trend, thanks to its integrated solutions. We have gained significant volumes from several businesses that we have helped nearshore their stock in our key markets. Domestic volumes were up 11%, international express volumes were up 20% and our contract logistics business is operating near full capacity. 'What this means is that we are seeing more demand for local deliveries through our domestic express solutions, and a shift from long-haul cross border to shorter and intra-regional cross border activity through our international express product and trucking business. Our margin profile has adapted accordingly, while the business continues to grow at healthy levels in absolute terms. Gross profitability for our consolidated international and domestic express product was up 8%. Our contract logistics product also grew gross profitability by 8% YoY, while freight forwarding was resilient with a 4% decline in gross profitability due to increasing competition and industry pricing pressure as well as cost inflation. 'Our diversified business model and disciplined cost management ensured financial stability despite macroeconomic challenges and increase in investments associated with our expansion strategy.
Zawya
12-02-2025
- Business
- Zawya
Aramex delivers double-digit revenue growth to $1.7bln
Aramex, a leading global provider of comprehensive logistics and transportation solutions, reported a strong performance in the last quarter of 2024, with revenue up 11% YoY to AED1.7 billion ($462.84 million) in Q4, bringing full-year revenue to AED6.3 billion ($1.715 billion), also up 11%. Gross profit was up 3% to AED399 million for Q4 2024, and up 6% to AED1.5 billion for the full year 2024 with a margin of 24%, benefitting from the topline growth. Aramex ended the year with AED142 million in net profit, representing a growth of 10% in 2024 compared to 2023. For the Q4 2024 period, net profit was AED66 million, down from AED77 million reported during the same period last year. The fiscal year growth was broad-based across all product lines with International and Domestic Express, Freight Forwarding and Contract Logistics all reporting YoY growth driven by higher shipment volumes and further gains in market share, the company said. Aramex is benefitting from emerging nearshoring trends as businesses increasingly streamline supply chains by positioning inventory closer to key markets. This shift fueled increased demand for Domestic Express and regional cross-border International Express, in addition to warehousing and fulfillment services. Aramex is well positioned to capitalise on this growing demand through its integrated solutions across its product portfolio, which plays a key role in shaping the company's operational strategy, it said. The GCC and MENAT regions remained pivotal, highlighting the strength of Aramex's home markets. GCC and MENAT both grew double digit in revenue and gross profitability in 2024 compared to 2023. Meanwhile, Oceania continued its turnaround journey, delivering almost 50% YoY growth in revenues and gross profitability in 2024. Annual Group Selling, General, and Administrative Expenses (SG&A) remained stable as a percentage of revenue at 19%, with a 4% YoY increase in absolute terms driven by selling expenses, and reflecting the company's strategic focus on topline growth. Despite cost inflation, General and Administrative expenses were well managed and remained at the same level as last year, which confirms management's focus on cost controls. EBIT for the Q4 2024 period was AED89 million, representing a decline of 16% compared to Q4 2023. As a reminder, EBIT in Q4 2023 was positively boosted by a one-time settlement of approximately AED15 million. For the full year period, EBIT grew 11% to AED297 million with a corresponding margin of 5%. For the period ending December 31, 2024, the Effective Tax Rate (ETR) for the full year was 25%, as the company experienced an increase due to anticipated non-recurring items and also a change in the profit mix during the year, with more contributions from higher tax jurisdictions, it said. The devaluation of foreign currencies, and in particular the devaluation of the Egyptian Pound from EGP 30.9/$ in Q4'23 to approximately EGP 49.8/$ for Q4'24 had a material and negative impact on the company's financial results. Excluding the EGP devaluation impact, Q4 2024 Revenue was AED1.72 billion, gross profit was AED406 with a GP margin of 24% and net income was AED68 million. Excluding the EGP devaluation impact, FY 2024 revenue was AED6.4 billion, gross profit was AED1.53 billion with a GP% of 24% and net income was AED144 million, the company said. Othman Aljeda, Chief Executive Officer of Aramex, said: 'We are pleased to conclude 2024 with double digit topline growth reflecting the continued momentum across our core business lines and market share gains across our key markets. We grew group revenues by 11% YoY, driving our gross profitability up by 6% YoY, resulting in a solid gross profit margin of 24%. Our focus on cost control and efficiencies helped deliver 11% YoY growth in EBIT and 10% YoY growth in net profit for the full year 2024. "A major industry shift this year has been the acceleration of nearshoring, with businesses repositioning inventory closer to their consumer markets to improve delivery speed and flexibility. Aramex has a clear competitive advantage to cater to this trend, thanks to its integrated solutions. We have gained significant volumes from several businesses that we have helped nearshore their stock in our key markets. Domestic volumes were up 11%, international express volumes were up 20% and our contract logistics business is operating near full capacity. 'What this means is that we are seeing more demand for local deliveries through our domestic express solutions, and a shift from long-haul cross border to shorter and intra-regional cross border activity through our international express product and trucking business. Our margin profile has adapted accordingly, while the business continues to grow at healthy levels in absolute terms. Gross profitability for our consolidated international and domestic express product was up 8%. Our contract logistics product also grew gross profitability by 8% YoY, while freight forwarding was resilient with a 4% decline in gross profitability due to increasing competition and industry pricing pressure as well as cost inflation. 'Our diversified business model and disciplined cost management ensured financial stability despite macroeconomic challenges and increase in investments associated with our expansion strategy. "Looking ahead, 2025 will be about smart, efficient growth—scaling our business while maintaining operational discipline and driving innovation across our network,' he said. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
12-02-2025
- Business
- Zawya
UAE: ADNH Catering delivers Q4 revenue growth of 12%
ADNH Catering, a leading food and support services provider in the UAE, has reported strong financial performance in Q4 2024, driven by healthy growth in new contracts and the retention of key existing clients and margin improvements. Revenue for the fourth quarter of 2024 grew 12% to AED443 million ($120.61 million). EBITDA was up 22.2% year-on-year to AED66.5 million with an improved EBITDA margin of 15%. Net profit improved by 20% to AED44 million, demonstrating the positive impact of ADNH Catering's robust supply chain management, operational efficiencies and proactive contract management. Pro forma revenue for the 12 months ended 31 December 2024 was AED1.7 billion. On an adjusted like-for-like basis, excluding the one-off negative impact of the company's decision in 2023 to de-risk its portfolio by exiting the unprofitable contracts and the change in its revenue recognition model for part of its support services business, full-year pro forma revenue improved 12.9% against 2023 (whereas on an unadjusted basis it declined by 2.6%). Pro forma net profit for the 12-month period was AED153.6 million improving by 1% when adjusted for the impacts stated above, and declining by 25.6% on an unadjusted basis. Clive Cowley, CEO of ADNH Catering, said: 'Our strong performance in both the full-year and fourth quarter reflect the continued execution of the growth strategy we set out during our IPO. Our expansion in Saudi Arabia by increasing our stake in our joint venture will allow us to grow our operations across business segments and provinces in the kingdom. "Complimenting this regional expansion, we are proving our capacity to continuously secure new contracts while maintaining a retention rate of over 97%, underscoring our market-leading position and our ability to deliver on our commitments and capitalise on market opportunities. These achievements highlight the strength of our business model and the commitment of our entire team to creating long-term value for our stakeholders. We remain focused on driving sustainable growth by not only expanding our footprint but also growing within key sectors, ensuring that we continue to meet the evolving needs of our clients and reinforce our regional leadership," Cowley said. Growth drivers ADNH Catering secured 14 new contracts in Q4 and 61 new contracts over the past 12 months, bringing the total number of contracts to 388 in 2024. As of 31 December 2024, the company served a total of 283 clients. The company maintained an industry-leading average retention rate of over 97% during the year, underscoring its focus on securing new business while strengthening key client relationships through active tender participation, it said. In December 2024, ADNH Catering advanced its strategic expansion in Saudi Arabia by signing a sale and purchase agreement to acquire an additional 20% equity stake in its Saudi Joint Venture (Saudi JV), increasing its ownership to 50%. Upon completion, expected in H1 2025, the business will be consolidated into ADNH company has a strategic plan to drive SAR500 million in growth for its Saudi JV over the next 3-5 years in alignment with its vision to leverage opportunities in the Saudi market. Saudi Arabia's economic development and growth of high-potential sectors, such as private healthcare and energy remain key pillars of the Company's strategy. Building on a decade of partnership and a 17% increase in clients served from 2021 to 2023, ADNH Catering plans to continue to leverage its expertise and proven track record to expand its operations and capture market share across the kingdom, the company said. As part of its strategy to pursue horizontal integration and adjacent expansion, ADNH Catering continues to make significant progress with 'Husk', its coffee and grab-and-go brand. By the end of H1 2025, 25 outlets are expected to be operational across the UAE, with an additional 25 locations set to open in H2 2025. This expansion reflects ADNH Catering's commitment to diversifying its offering and enhancing customer convenience, it said. In a post-period event in January 2025, ADNH Catering continued to pursue inorganic growth through targeted bolt-on acquisitions, announcing the all-cash acquisition of 100% of the share capital of Food Nation Catering Services, a chef-driven school catering business in the UAE that currently feeds more than 70,000 students across three emirates. The transaction is in line with the company's strategy to broaden its service offering and expand into high-potential sectors such as education. The company's stable base of contract profitability continued to see higher costs mitigated by effective supply chain management, operational efficiencies and growth in new contracts. Management outlook Management and the board have a positive outlook for growth in 2025, supported by an expanding addressable market that offers significant opportunity to win new business and increase market share and inorganic growth. The company's full-year performance exceeded expectations, with a particularly strong Q4 driven by growth in new contracts, retention of existing contracts, and margin improvements, with sustained momentum carrying into 2025. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
