Latest news with #DFM
Zawya
a day ago
- Business
- Zawya
Salama announces robust H1 2025 performance driven by profitability and equity growth
Improved equity position at AED 351.84 million in first half of 2025, rising 5.2% from December 2024 Dubai – Salama (DFM: "SALAMA"), a leading regional Takaful provider, today announced its interim consolidated financial results for the six-month period ended June 30, 2025. The Company reported a positive profit in the first six months of 2025 and continued strengthening of its balance sheet, driven by a significant rebound in profitability during the second quarter of 2025. Net profit for the period stands at AED 8.25 million, demonstrating continued profitability and positive operational momentum, driven by AED 7.86 million profit in Q2 2025, a substantial increase from AED 2.95 million in Q2 2024. Takaful revenue was recorded at AED 515.36 million in the first six months of 2025, compared to AED 528.59 million in the same period in 2024. Total Equity increased by 5.2 percent to AED 351.84 million as of June 30, 2025, from AED 334.38 million as of December 31, 2024, driven by profit generation and a reduction in accumulated losses to AED 440.68 million by June 30, 2025 from AED 443.86 million by the end of 2024. Bank balances and cash significantly improved to AED 214.44 million from AED 148.77 million at year-end 2024, reflecting robust cash management. Takaful service expenses saw a significant reduction, aligning with the Company's commitment to operational efficiency. Total comprehensive income further improved to AED 19.57 million, compared to a loss of AED 19.7 million in the same period in 2024, reflecting improving economic conditions in key markets and positive foreign currency adjustments at the subsidiary level. H.E. Fahad AlQassim, Chairman of Salama, stated: 'Salama has demonstrated improved equity, enhanced liquidity and better solvency in the first six months of 2025, underscored by significant quarter-on-quarter increase in performance. As we continue to strengthen our balance sheet, we remain focused on our ongoing efforts in streamlining Salama's next phase of growth. At Salama our initiatives are centred on building a more resilient foundation that enhances development of the economy, empowers our customers and delivers meaningful impact to society, aligning with the UAE's progressive vision.' Mohamed Ali Bouabane, Group Chief Executive Officer at Salama, said: 'We are pleased to report a strong performance in the second quarter of 2025 for Salama, which has significantly contributed to our overall profitability for the first half of the year. Our strategic focus on operational efficiency and prudent financial management is yielding positive results, underpinned by the substantial increase in our cash reserves and continue to strengthen of our equity base. We remain committed to delivering excellence in customer-centric products, innovating our Takaful offerings, and upholding our promise to policyholders and shareholders. The positive momentum positions us well for the remainder of the year as we continue to navigate the market with agility, disciplined underwriting, digital innovation, and strategic foresight to further solidify Salama's position as a regional Takaful leader.' As one of the world's largest and longest-established Takaful providers, Salama is committed to increasing access to Shariah-compliant insurance solutions in the region to create enduring value for customers. Recently, the Company collaborated with to increase life insurance penetration in the UAE over digital channels. Salama's long-term issuer credit and insurer financial strength rating was affirmed at 'BBB-' by S&P Global Ratings with a Developing outlook. -Ends- Press Contact Salama Karen S. Randhawa, Head of Marketing and Communications About Salama Islamic Arab Insurance Company Salama Islamic Arab Insurance Company (Salama) is one of the world's largest and longest-established Shariah-compliant Takaful solutions providers listed on the Dubai Financial Market, with paid-up capital of AED 939 million. Since its incorporation in 1979, Salama has been a pioneer in the Takaful industry, having won many industry awards and accolades. Salama's stability and success can be attributed to its customer-centric approach that keeps its customers and partners at the heart of the business, while staying committed to its Takaful principles. The company is recognised for providing the most competitive and diverse range of family, motor, general and health Takaful solutions that meet the ever-changing demand of its individual and corporate customers in the UAE and, through its extensive network of subsidiaries and associates, in Egypt and Algeria. As the preferred Takaful provider for its partners and customers, Salama remains committed to shaping tomorrows, together.
Belfast Telegraph
2 days ago
- Business
- Belfast Telegraph
Emma Little-Pengelly defends Wimbledon trip after calls for £1k cost to be repaid
The Deputy First Minister has defended her trip to Wimbledon after calls for the £1,000 she billed the taxpayer to be returned. Emma Little-Pengelly said it was 'hugely positive' that she could represent Northern Ireland by attending the tournament. Ms Little-Pengelly and her husband, Education Authority chief executive Richard Pengelly, were pictured at the event last month. The pair were snapped in centre court's Royal Box alongside celebrities including US pop star Olivia Rodrigo, England football boss Thomas Tuchel and wrestler John Cena. It later emerged the taxpayer footed the bill for Ms Little-Pengelly's attendance. Some £980 was spent on flights and accommodation. On Friday Alliance deputy leader Eóin Tennyson urged her to repay the money. Mr Tennyson said it "beggars belief that the Deputy First Minister saw fit to take a jolly to Wimbledon on the taxpayers' dime.' His statement added: 'The only decent thing to do, at this point, would be for the Deputy First Minister to pay the money back.' Ms Little-Pengelly addressed the controversy for the first time in a post on X on Friday night. She said her role as Deputy First Minister involved 'leading from the front', saying she has 'worked tirelessly to champion Northern Ireland at every opportunity'. 'In this role we have the huge privilege too of being invited to attend Northern Ireland, Irish and UK events of national significance, including sporting events,' she said. 'I count it a huge honour to have been invited as DFM to attend the Royal Box at Wimbledon at the invitation of the chair of the club. 'The organisers invite a mix of political, government, investors, business along with the world of sport and entertainment, and of course royalty, as part of the official aspect of the tournament in the Royal Box. 'It is hugely positive that Northern Ireland is invited to be represented at this significant UK British national sporting event, of huge global impact. News Catch Up - Friday 8th August 'Wimbledon generates over £200million for the UK economy. I was hugely honoured to be asked to support the event and to represent officially as DFM. 'I will always be the biggest champion of this wonderful place of Northern Ireland. 'I will always do my best to promote us at every opportunity and it is the biggest honour of my life to ensure our voice is heard. 'As a unionist, I am determined too to play my part in supporting and promoting all that is fantastic about our UK. 'Some will criticise, some will try and attack. It will not diminish nor distract me from my drive and determination. It will not stop my positivity and championing Northern Ireland.'
Mid East Info
3 days ago
- Business
- Mid East Info
Emaar Development reported 37% growth in Property Sales reaching to AED 40.6 billion (US$ 11 billion); Backlog increases by 59% to AED 117.7 billion (US$ 32 billion) in the first half of 2025
Revenue increased by 35% to AED 10 billion (US$ 2.7 billion) EBITDA increased by 47% to AED 5 billion (US$ 1.4 billion), at a healthy 50% margin Net Profit before tax increased by 50% to AED 5.5 billion (US$ 1.5 billion); a net margin of 55%. Dubai, United Arab Emirates – August 2025: Emaar Development PJSC (DFM: EMAARDEV), the UAE's premier build-to-sell property development company and majority-owned subsidiary of Emaar Properties PJSC (DFM: EMAAR), delivered strong results in first half of 2025 (January to June), demonstrating sustained operational strength and market leadership. Key Highlights of the Results: Sales Growth: Emaar Development achieved property sales of AED 40.6 billion (US$ 11 billion); compared to AED 29.7 billion (US$ 8.1 billion) during first half of 2024 (January to June), an increase of 37% . This growth is supported by the successful launch of 25 new projects across key masterplans during first half of 2025, reinforcing Emaar's dominant market position. (US$ 11 billion); compared to AED 29.7 billion (US$ 8.1 billion) during first half of 2024 (January to June), an . This growth is supported by the successful launch of 25 new projects across key masterplans during first half of 2025, reinforcing Emaar's dominant market position. Backlog Growth: Enhanced by record sales during first half of 2025, revenue backlog has now increased to AED 117.7 billion (US$ 32 billion) as of 30 June 2025; an increase of 59% compared to the same period last year, indicating a significant increase in revenue in the forthcoming years. (US$ 32 billion) as of 30 June 2025; an compared to the same period last year, indicating a significant increase in revenue in the forthcoming years. Revenue Growth: Emaar Development recorded Revenue of AED 10 billion (US$ 2.7 billion) in first half of 2025, a 35% increase compared to first half of 2024. of AED 10 billion (US$ 2.7 billion) in first half of 2025, compared to first half of 2024. Profitability: The company recorded Net Profit (before tax) of AED 5.5 billion (US$ 1.5 billion); an increase of 50% as compared to first half of 2024, supported by operational efficiencies and robust project execution. (US$ 1.5 billion); an as compared to first half of 2024, supported by operational efficiencies and robust project execution. Customer Satisfaction: Emaar continues its commitment to delivering exceptional quality and enhancing customer satisfaction, reinforcing trust and long-term relationships. Sustainability: The company advances its sustainable development practices, focusing on energy efficiency, resource management, and environmental responsibility. Mohamed Alabbar, founder of Emaar, stated: 'Our results for first half of 2025 demonstrate the resilience and dynamism in a competitive market. Beyond financial metrics, we remain dedicated to elevating lifestyles and creating communities where people can truly grow. Our innovation-driven approach and customer-centric focus continue to be key pillars of our success.' He added: 'Rather than reacting to market shifts, Emaar is actively shaping what the future of urban living looks like. By blending visionary design with sustainability and cutting-edge technology, we are creating spaces that reflect the aspirations of today and the possibilities of tomorrow, and this is how we turn growth into legacy.' About Emaar Development PJSC: Emaar Development is a developer of prime residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Rashid Yachts & Marina, The Valley, The Oasis, Emaar Beachfront and Grand Polo Club and Resort. It has delivered over 77,500 residential units since 2002. The company has a sales backlog of AED 117.7 billion. It is a high cash flow generating business, highlighting the company's robust fundamentals with over 45,500 residential units under development to be delivered.
Zawya
4 days ago
- Business
- Zawya
Dubai Investments intends to list one subsidiary by year-end: report
UAE-based investment company Dubai Investments, listed on the Dubai Financial Market (DFM), intends to divest from some of its subsidiaries either through an initial public offering (IPO) or a private sale, Vice Chairman and CEO Khalid bin Kalban told CNBC Arabia. He said the DFM-listed company is looking to list one of its subsidiaries in the real estate or services sector on the DFM by the end of this year. Kalban said that several banks will be invited following the summer break to participate in the IPO process, with the stake offloaded reaching 25 percent. The CEO said the company plans to replicate Dubai Investments Park in other emirates, starting with Abu Dhabi and Ras Al Khaimah. The Group's diverse portfolio consists of wholly and partly owned companies within real estate, manufacturing, healthcare, education, investments and services. (Writing by P Deol; Editing by Anoop Menon) (
Web Release
4 days ago
- Business
- Web Release
ServeU, a subsidiary of Union Properties, acquires House Keeping (LLC) at AED 100 million deal to expand market reach
Union Properties PJSC ('Union Properties' or 'the Company') (DFM: UPP), through its subsidiary ServeU, a leading facilities management (FM) solutions provider in the UAE, has announced the strategic acquisition of House Keeping (LLC) and House Keeping Domestic Workers (LLC), including their subsidiary, in a deal valued at AED 100 million. This move reinforces ServeU's robust market position as one of the UAE's most trusted FM service providers in the country. With a workforce of more than 8900 employees, the company manages a broad portfolio spanning residential communities, commercial complexes, government entities and hospitality facilities. The Company remains committed to advancing operational capabilities, with continued investments in innovation, sustainability, and service excellence to address the dynamic needs of the market. Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, said: 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.' House Keeping (LLC), the UAE's second-largest provider in its segment, brings a strong portfolio, deep domain expertise, and an extensive client network. With a specialized workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping (LLC) has consistently delivered strong performance, recording revenues of AED 221.1 million and an EBITDA of AED 21.4 million for the fiscal year 2024. These financial results align closely with ServeU's strategic priorities of delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities. Under the terms of the acquisition, House Keeping (LLC) and its affiliated entities will retain their brand identities while operating under the full ownership and strategic oversight of ServeU. The alliance is projected to have a positive impact on ServeU's financial results effective from August 2025, contributing around 23% to revenue and boosting EBITDA by 33% of ServeU. This model will further ensure seamless operational continuity while unlocking synergies through ServeU's established infrastructure, experienced leadership, and industry partnerships. –
