Latest news with #AbuDhabiSecuritiesExchange
The National
2 days ago
- Business
- The National
Dana Gas first-half profit up on strength of Egypt operations
Dana Gas, one of the largest private natural gas companies in the Middle East, recorded an increase in first-half profit despite lower oil prices, underpinned by its operations in Egypt. Net profit attributable to equity holders in the six months to the end of June rose 2.7 per cent annually to Dh270 million ($73.5 million), the Sharjah-based company said on Friday in a filing to the Abu Dhabi Securities Exchange, where its shares trade. Net revenue for the first half declined 4.4 per cent to Dh532 million, on lower realised hydrocarbon prices and production declines in Egypt, partially offset by higher output in Iraq's semi-autonomous Kurdish region and improved pricing in Egypt, it said. Earnings before interest, taxes, depreciation and depreciation – a key measure for profitability – was 8.7 per cent lower at Dh105 million. For the second quarter, profit was down 9.7 per cent to Dh112 million, while revenue dropped 3.7 per cent to Dh257 million. Ebitda slid 13 per cent to Dh47 million. The company paid out its 2024 cash dividend of Dh385 million in May. Dana Gas is "optimistic" for the second half of the year, as it "remain[s] focused on execution, value creation and sustaining dividend payments to our shareholders", chief executive Richard Hall said. 'We are now seeing the results of a proactive, hands-on approach across the business, one that keeps us close to the operations and focused on delivery," he added. Set up in 2005, Dana Gas has exploration and production assets in Egypt, the Iraqi Kurdish region and the UAE, with proven reserves exceeding one billion barrels of oil equivalent and average production of about 55,000 barrels of oil equivalent a day, its website says. In Egypt, the Arab world's most populous economy, Dana Gas made "solid progress" in the delivery of its $100 million investment programme. Last month, the company announced the successful drilling and completion of Begonia-2, the first of 11 planned wells, confirming nine billion cubic feet of gas reserves. The additional gas in Egypt is forecast to generate cost savings of more than $1 billion for the country's economy by reducing reliance on imported liquefied natural gas and fuel oil. The Egypt investment programme is "an important step forward, both for Dana Gas and for Egypt's energy sector ... [to] unlock more of the country's gas potential", Mr Hall said. Meanwhile, in Kurdistan, production at the Khor Mor gasfield remained strong during the first half 2025, with daily output exceeding 500 million standard cubic feet per day.
Gulf Today
3 days ago
- Business
- Gulf Today
ADX welcomes Thndr as its first remote retail trading member
The Abu Dhabi Securities Exchange (ADX) today onboarded Thndr, a leading retail investment platform in the MENA region, as the first remote retail trading member on the largest exchange in the UAE, the second largest in the MENA region, and among the top 20 in the world. Thndr, a Hub71 start-up, is one of MENA's first fully digital investment platforms. Regulated by the Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority (FSRA), Thndr is set to make its mark in the UAE following its strong track record in the region. In 2024 alone, Thndr recorded over $13 billion in trading value and executed 12 million trades. With more than four million downloads, access to three markets – the UAE, Egypt, and the U.S. – and a wide range of asset classes, including stocks, gold, mutual funds, and savings products, Thndr is building a true investment one-stop shop. Thndr users will soon be able to invest directly in some of the most valuable listed companies and exchange-traded funds (ETFs) in the UAE through its mobile investment platform, demonstrating the ADX's commitment to connecting Abu Dhabi to global capital. This landmark announcement was made today during a special event at the ADX's headquarters in Abu Dhabi. Abdulla Salem Alnuaimi, Group Chief Executive Officer of the ADX, said: 'ADX onboarding Thndr is a transformative step in creating tangible trading bridges across the region's capital market. As the first exchange in the GCC to welcome Thndr, we are demonstrating our commitment to financial inclusion and our leadership in unlocking new investment opportunities in Abu Dhabi's robust capital market. We are setting a benchmark for digital innovation and cross-border collaboration in financial services as we continue to be a key driver in Abu Dhabi's transition to a knowledge- and investment-led economy.' Remote Trading Members allow more individuals, international brokers, and institutions to buy and sell ADX-listed securities, in line with many international practices, without the need for physical presence in the UAE, thereby growing and diversifying the investor base, attracting foreign investment, improving liquidity, and driving more trading activity. Launched in Egypt in 2020, Thndr has transformed investing in the region by leveraging technology to provide a modern and seamless investment solution to help users grow their wealth through an array of products. 'We're proud to celebrate this milestone with the CEO of ADX, driven by a shared belief that retail investors deserve access to a grade-A investment service, whether through a seamless app experience or powerful content that makes investing simple and clear. This partnership gives our users the chance to invest in one of the region's strongest-performing markets over the past 5, 10, and 15 years, while also opening doors to exposure within MENA through Tabadul as well as beyond MENA. As an Egyptian founder, this moment is personal, it's about building on the historic ties between Egypt and the UAE and creating new bridges for our communities to grow, invest, and win together,' said Ahmad Hammouda, Co-founder and CEO of Thndr. 'This launch is a major milestone for Thndr and a testament to an incredible partnership. The entire Thndr team worked as a united front with ADX, FSRA, Hub71, ENBD, and E& to clear major hurdles and ultimately make it simple for local and foreign individuals to participate in the UAE's impressive growth story. This collaboration truly showcases why the UAE, with ADGM at the forefront, is a beacon of progress for the region,' said Seif Amr, Thndr's Co-founder and Board Member. The onboarding of Thndr supports ADX's key initiatives, such as the Tabadul platform, the first digital exchange center in the region that is based on the mutual market access model, and complements strategic partnerships with global exchanges by fostering innovation, enabling knowledge transfer, and advancing cross-border collaboration. With a market capitalization of Dhs 3.1 trillion, the ADX reflects Abu Dhabi's role as a dynamic global investment hub. The ADX has been the best-performing market in the GCC region, outperforming the MSCI Emerging Markets Index over the past decade and global indices over the past 20 years. WAM
Al Etihad
4 days ago
- Business
- Al Etihad
United Arab Bank successfully raises Dh1.03 billion through Rights Issue
6 Aug 2025 16:38 SHARJAH (WAM) United Arab Bank (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced the successful completion of its capital increase, which ended on July 29, Rights Issue raised Dh1,031 billion increasing the Bank's issued capital from Dh2,062 billion to Dh3,093 billion. The newly issued shares were priced at Dh1 per share and all necessary regulatory approvals have been obtained for this Rights Issue was oversubscribed, underscoring UAB's robust fundamentals and strong performance as a result of the diligent execution of its turnaround Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of the on the Rights Issue success, His Highness Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said, 'We are deeply grateful for the trust and support of our shareholders in this Rights Issue. The strong response we have received will further strengthen our balance sheet, mark a new chapter in UAB's progress, and reaffirm our commitment to delivering value to our shareholders. In addition, it will enhance our financial resilience, and position us to continue contributing to the UAE economy and its sustainable development agenda.'He added, 'We also extend our sincere appreciation to the Central Bank of the UAE (CBUAE), the Securities and Commodities Authority (SCA), the Abu Dhabi Securities Exchange (ADX) and all our transaction partners whose support and collaboration were instrumental in ensuring the success of this Rights Issue.'CEO of United Arab Bank, Shirish Bhide, commented on the announcement, 'The success of the Rights Issue reflects the confidence that our shareholders have in the Bank and our future endeavours. This step represents an important milestone in strengthening UAB's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the next phase of our strategy, ensuring we are well-positioned to meet evolving regulatory requirements, support our clients' needs, and deliver sustainable returns to our shareholders.' UAB posted a net profit of Dh208 million for the first half of 2025, compared to Dh139 million for the same period last year, representing a 50% year-on-year increase. Total income rose by 24% year-on-year to Dh374 million.
Khaleej Times
03-08-2025
- Business
- Khaleej Times
Alpha Dhabi posts 23% surge in H1 revenue; eyes long-term expansion
Alpha Dhabi Holding, one of the fastest-growing investment holding companies in the Middle East and North Africa region, recorded revenue of Dh35.9 billion for the six-month period, up 23 per cent year-on-year. Supported by strong performances across its core verticals, the healthy results underscore the Abu Dhabi Securities Exchange-listed company's ability to sustain growth through a diversified and future-focused investment portfolio. Adjusted Ebidta rose 34 per cent to Dh8.7 billion, reflecting efficiency gains and growth momentum in strategic sectors, Alpha Dhabi said in a statement. The group's financial position remains solid, with total assets of Dh198.4 billion and equity of Dh98.1 billion. Net profit stood at Dh6.6 billion, broadly in line with the same period in 2024, despite lower non-recurring accounting gains due to fluctuations in the fair market value of certain listed portfolio companies. This performance reflects Alpha Dhabi's disciplined investment approach and its ability to generate sustainable shareholder value while advancing its vision for 2030, which emphasises innovation, strategic expansion, and socio-economic impact. Revenue contributions in the first half were well spread across its portfolio: industrial activities generated Dh13.4 billion, real estate Dh12.8 billion, construction Dh6 billion, and services and other segments Dh3.7 billion. The group's strategy of building scale, creating synergies, and enabling innovation is translating into tangible results, while its increasingly global footprint is also contributing to growth, with Dh4.6 billion in revenue generated from outside the UAE by its portfolio companies. Chairman Mohamed Thani Murshed Ghannam Al Rumaithi said Alpha Dhabi remains focused on building a resilient, future-ready economy for the UAE. 'Innovation and sustainable growth remain the cornerstones of our foundation as we invest with purpose, offering investors access to a diverse range of premium assets that matter to Abu Dhabi's economy,' he said. Managing Director and Group CEO Eng. Hamad Al Ameri added that growth remains the company's top priority across revenue, acquisitions, profitability, capabilities, innovation, and market impact. 'We are well positioned to build on this momentum throughout the rest of 2025 and beyond,' he said. The group's performance is also reflected in market recognition. In the Forbes Top 100 Listed Companies in the Middle East 2025, Alpha Dhabi ranked 14th, alongside four of its portfolio companies — Aldar Properties (30th), PureHealth (44th), NMDC Group (48th) and NMDC Energy (82nd). These accolades underscore the strategic importance of Alpha Dhabi's investments in shaping the UAE's regional economic influence. The company also received the Sharjah Excellence Award 2024, while PureHealth was named the UAE's Most Valuable Healthcare Brand by Brand Finance. NMDC Energy received The ICV Excellence Award for semi-governmental manufacturers at the Make it in Emirates forum in Abu Dhabi. The group's subsidiaries have been active in expanding their market positions. Aldar Properties advanced its presence in Abu Dhabi's real estate sector with strategic acquisitions, including premium warehousing and light industrial real estate in the Al Dhafra region, and unveiled a Dh40 billion masterplan for Fahid Island, positioning it as a new landmark destination. The company also announced a partnership with Hilton to launch Abu Dhabi's first Waldorf Astoria Residences on Yas Island. In the industrial sector, Trojan General Contracting and Samsung C&T began work on a 1,000-megawatt open-cycle gas turbine power plant in Al Dhafra, supporting the UAE's energy needs and aligning with its Artificial Intelligence strategy. PureHealth expanded its insurance arm Daman into the property and casualty segment and partnered with Cincinnati Children's Hospital to bring world-class paediatric care to Abu Dhabi. NMDC Energy strengthened its Saudi market presence by extending a long-term agreement with Aramco and signed a memorandum with Al Gharbia to boost domestic pipe production capacity. Alpha Dhabi has also been active in fostering innovation in the energy sector, supporting the Enersol initiative to identify the best AI-driven energy technology start-ups, backed in partnership with Adnoc Drilling and C3 - Companies Creating Change. In hospitality, ADMO Lifestyle Holding, part of the group, expanded into high-end luxury through its partnership with Red Sea Global to launch the Nammos Resort AMAALA in Saudi Arabia and increased its stake in Lebanese fine dining brand Em Sherif. Established in 2013, Alpha Dhabi Holding has grown into a diversified investment powerhouse with more than 250 businesses across healthcare, renewable energy, petrochemicals, real estate, construction, and hospitality. Employing over 95,000 people, it is a major contributor to the UAE economy and remains committed to driving long-term value through targeted investments, innovation, and diversification.
Al Etihad
31-07-2025
- Business
- Al Etihad
Phoenix Group mined 689 Bitcoins in H1 2025
31 July 2025 14:44 A. SREENIVASA REDDY (ABU DHABI)Phoenix Group, the UAE-based global cryptocurrency mining and infrastructure firm listed on Abu Dhabi Securities Exchange (ADX), mined a total of 689 Bitcoins during the first half of 2025. Of these, 336 Bitcoins were mined in the second quarter alone, with 214 attributed to self-mining company posted Q2 revenue of $29 million, while self-mining revenue surged to $41.7 million in the first half—up 219% compared to the same period in 2023, when it stood at $13 million. Phoenix continues to mine profitably, reporting a gross margin of 31% on self-mining and achieving a 14% reduction in energy costs, according to its financial statement released also announced the formal launch of its digital asset treasury strategy. The company's corporate reserves, valued at over $150 million, consist mainly of 514 Bitcoins and more than 630,000 Solana coins.'Phoenix has always been more than just a mining company. We're a conviction-led digital infrastructure group,' said Munaf Ali, CEO and Co-Founder of Phoenix Group. 'Holding Bitcoin and other strategic digital assets isn't just about exposure. It's about alignment. We believe in the long-term value these networks represent, and our treasury strategy reflects that belief.'When asked to elaborate, a company spokesperson told Aletihad: 'Our digital asset treasury is a strategic corporate initiative where Phoenix Group holds a portfolio of cryptocurrencies as part of our long-term balance sheet management.'Clarifying the purpose of the holdings, the spokesperson added: 'We mine and hold our own assets in the treasury, it's not a custody or banking service for third parties. The holdings—514 BTC and over 630,000 SOL—are Phoenix Group's corporate reserves, accumulated through our self-mining operations and strategic acquisitions. We do not hold or manage assets on behalf of others, nor do we offer withdrawal services. It is not a client-facing product.'On the valuation, the spokesperson noted: 'The $150 million+ figure is not a fixed target but the formalised starting point, with potential for further development as part of our growth strategy.'Explaining operational metrics, the company clarified: 'Self-mining refers to using our own hardware and infrastructure to mine Bitcoin directly for Phoenix Group's account, retaining all rewards. Non-self-mining includes our hosting services, where we provide data centre space, power, and maintenance for third-party miners' equipment.'The company also reported a non-cash loss of $29 million, attributed primarily to revaluation of digital assets and a one-time depreciation adjustment under revised accounting is now shifting focus toward expanding its Artificial Intelligence (AI) and High-Performance Computing (HPC) verticals. A feasibility study is underway to convert part of its US infrastructure into a multi-use compute facility. Simultaneously, the company is evaluating multiple international locations to accelerate its AI and HPC growth. 'We are building toward 1 gigawatt of hybrid infrastructure by 2027, and we see a clear path to get there,' said Ali.
