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Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai telecom operator du reports 19.8% net profit increase in Q1 2025
Emirates Integrated Telecommunications Company PJSC (du) reported its financial results for the first quarter of 2025, marked by robust growth in both revenues and profitability. Total revenues increased by 7.4 per cent year-over-year, driven by solid performance across both service and non-service segments. EBITDA rose by an impressive 15.0 per cent supported by improved revenue mix and efficient cost management, resulting in an exceptional EBITDA margin of 47.4 per cent. This operational strength translated into a net profit increase of 19.8 per cent, underscoring our continued momentum and financial discipline, according to a press statement released by the company today. Fahad Al Hassawi, CEO commented, 'We started the year with a very strong first quarter, delivering growth across all key financial metrics and making meaningful progress on our strategy to diversify revenue streams as witnessed by the strategic partnership with Microsoft to develop a hyperscale data centre. The resilient UAE environment coupled with the quality of our offerings and our ability to respond to evolving customer needs contributed to the solid growth in our subscriber base with our mobile base now exceeding the 9 million mark and our revenues witnessing a remarkable 7.4 per cent growth." He added, "We also achieved a strong margin expansion, with EBITDA margin rising to 47.4 per cent while net profit grew by 19.8 per cent, reflecting disciplined execution of our strategy and effective cost management. Our balance sheet remains robust supported by strong cash generation and the continuing normalisation of capital expenditures in our connectivity business, enabling us to strategically expand into high-potential growth areas. We have reiterated our guidance, highlighting our confidence in maintaining this strong momentum throughout the year.' According to the company's statement, Q1 revenues grew by 7.4 per cent year-over-year reaching Dh3.8 billion with growth in both service and non-service revenues primarily driven by the strong macro environment in the UAE, our ability to gain market share, as well as our sustained focus on high ARPU products and mix improvement. Q1 Mobile service revenues increased by 7.4 per cent year-over-year to Dh1.7 billion driven by the growth of our customer base, improved mix and enhanced ability to capture demand for higher ARPU products through higher offer personalisation and data driven Customer Value Management, as well as some non-recurring revenues. Q1 Fixed service revenues rose by 10.2 per cent year-over-year reaching Dh1.1 billion mainly driven by the higher fibre penetration and the continuing success of our Home Wireless product and Enterprise connectivity solutions. Q1 'Other revenues' grew by 4.8 per cent year-over-year to Dh1.1 billion driven by the expansion of our ICT business as we continue to seek new revenue streams beyond our core business. The growth was also driven by higher in-bound roaming revenues supported by higher tourists' inflow and higher interconnection revenues reflecting our higher mobile base. This was partly offset by lower handset sale mainly reflecting a phasing effect, with Q1'24 handset sales benefitting from a pull-forward in demand due to supply constraints in the prior quarter, resulting in a higher comparison base. Q1 EBITDA grew by 15.0 per cent to Dh1.8 billion, with an EBITDA margin of 47.4 per cent. The strong revenues' growth, improved Mix, increased ARPU, lower handset sales and lower authentication costs, as well as the positive impact of the non-recurring revenue items resulted in higher gross margin. This was coupled with improved collections performance and our continuous focus on operational efficiency and strong control of indirect costs. Q1 Net Profit witnessed a 19.8 per cent growth year-over-year to Dh722 million, representing a Net Profit margin of 18.8% reflecting the strong EBITDA performance and positive interest result. Q1 Capex was at Dh377 million (Q1 2024: Dh359 million), a capex intensity of 9.8 per cent (Q1 2024 capex intensity of 10.0 per cent). Our core investments remain focused on 5G densification, enhancing indoor coverage and expanding Fibre deployment, and we will further allocate capital to continue developing our ICT activities. We will also continue improving our infrastructure and transforming our IT systems to further enhance the quality of our network and elevate customer experience. Q1 Operating free cash flow (EBITDA – Capex) increased by 17.9 per cent to Dh1.4 billion, mainly driven by EBITDA growth.
Khaleej Times
28-04-2025
- Business
- Khaleej Times
Etihad Airways committed to 34 million target despite tariff row, delivery issues, says CEO
Etihad Airways is committed to its target of 33 to 34 million passengers by 2030 despite challenges in terms of deliveries and tariff rows, its chief executive said on Monday. 'As far as tariff (row) is concerned, things are changing so quickly, and in all these situations, we actually may find opportunities. It's early so I wouldn't like to speculate right now and we need to let this settle. We have seen this volatility and are doing great,' Antonoaldo Neves said during a media briefing at the Arabian Travel Market 2025 in Dubai on Monday. Airlines across the industry have been facing delays in deliveries from aircraft manufacturers and now there are some concerns of supply chain issues as well due to tariff war between the US, China and other countries. 'Etihad is very fortunate in terms of delays. Etihad had a very old order booked. The plane we are receiving today was supposed to be delivered before Covid-19. They're so late, so late, so late that there's no further to that. On the widebody aircraft, we are in a very good shape. We ordered it about two years ago, and they've been only three to six months late. So we don't see our growth plan impacted,' Neves said during the media briefing. "In terms of receiving planes, of course, we are not happy about three or six-month delays, but they are not compromising at all our vision for 2030 and plan to get 33-34 million passengers by 2030. We did our homework two years ago and were really quick to make a decision. At the same time, we benefit from the low order book that we have,' he said in reply to a question. The Abu Dhabi-based carrier recorded Dh1.7 billion profit after tax in 2024, driven by Dh20.8 billion passenger and Dh4.2 billion cargo revenues, alongside significant operational efficiency improvements. The airline carried 18.5 million passengers last year, a 32 per cent increase from the previous year, across 80 destinations. In 2025, it plans to carry 21 million passengers across 90-plus destinations and operate a fleet of 115 aircraft. It aims to bring in 1.3 million visitors to the UAE capital this year. The UAE national carrier said that 2025 will be the biggest year in its history. Currently operating a fleet of 100 aircraft, Etihad aims to grow to 170-plus aircraft by 2030. It aims to add 16 new cities including Sochi, Warsaw, Prague, Atlanta, Taipei, Peshawar, Hanoi, and Hong Kong among others. Etihad CEO Antonoaldo Neves said that in case of weakness in one region, the other regions compensate. 'You need to understand the profile of customers. We have a lot of visiting family and relatives and that component of demand doesn't go away, but can be impacted a little bit. In reality, our demand is strong and our network is holding well together. Last week, we had many days of 91-92 per cent load factor, which is very high for this time of the year when we don't have breaks,' he said during the media briefing.
Al Etihad
23-04-2025
- Business
- Al Etihad
ADIB's Q1 net profit before tax up by 18% year-on-year to Dh1.9 billion
23 Apr 2025 19:33 ABU DHABI (WAM)Abu Dhabi Islamic Bank reported a Q1 2025 net profit before tax of Dh1.9 billion, rising 18% year-on-year, reflecting a strong balance sheet growth, coupled with increased business momentum and a sustained customer growth.Q1 2025 net profit before tax increased 18% compared to Q4 2024, reflecting significant growth and reinforcing the positive trajectory we have built over recent quarters. Net profit after tax for Q1 2025 was Dh1.7 billion, reflecting a 18% increase compared to Q1 for Q1 2025 improved by 14% to Dh2.9 billion compared to Dh2.5 billion for Q1 2024. This exceptional growth reflects broad-based performance across all key segments. This was supported by an increase in both income from financing activities and non-funding income. The strong business volumes along with continued strength in fee-based businesses, played a significant role in this assets increased by 25% year-on-year to reach Dh244 billion. This growth was driven by financing growth in both retail and corporate banking, as well as an expansion in the investment financing grew by 28% year-on-year, representing Dh33 billion increase compared to last year and Dh8 billion increase year to date. This reflects market share gains across key segments and wholesale banking closing landmark deposits rose by 25% year-on-year to Dh200 billion, compared with Dh160 billion at Q1 2024. This growth maintained a healthy funding mix, with a 12% year-on-year growth in Current and Savings Accounts (CASA), which now comprise 69% of total deposits.E Jawaan Awaidah Al Khaili, Chairman of ADIB, said: ''We started the year with a strong performance, continuing the positive trajectory built over previous quarters. Our results are a clear reflection of our ability to grow profitably and execute our strategy with discipline.' "This outstanding performance was underpinned by strong revenue growth across all segments, improved cost efficiency and the best asset quality metrics we've seen to date," he added.
Khaleej Times
23-04-2025
- Business
- Khaleej Times
ADIB's first quarter net profit before tax rises 18%
Abu Dhabi Islamic Bank on Wednesday reported a Q1 2025 net profit before tax of Dh1.9 billion, rising 18 per cent year-on-year, reflecting a strong balance sheet growth, coupled with increased business momentum and a sustained customer growth. Q1 2025 net profit before tax increased 18 per cent compared to Q4 2024, reflecting significant growth and reinforcing the positive trajectory we have built over recent quarters. Net profit after tax for Q1 2025 was Dh1.7 billion, reflecting a 18 per cent increase compared to Q1 2024. Revenue for Q1 2025 improved by 14 per cent to Dh2.9 billion compared to Dh2.5 billion for Q1 2024. This was supported by an increase in both income from financing activities and non-funding income. The strong business volumes along with continued strength in fee-based businesses, played a significant role in this improvement. Funded income recorded a 4 per cent year-on-year growth to Dh1.8 billion in Q1 2025, compared to Dh1.7 billion last year supported by higher business volumes and our ability to generate sustainable returns despite the lower rate environment. Net Profit Margin (NPM) reached 4.31 per cent contracting 36 bps. Non-funded income grew by 35 per cent year-on-year to reach Dh1.1 billion in Q1 2025, compared to Dh827 million last year. This growth reflects continued strength in fee-generation revenues, which saw a 30 per cent increase from various product sales across retail and corporates, reflecting increased customer activity and successful cross-sell efforts. Non-funded income now contributes 39 per cent to operating income, up from 33 per cent in Q1 2024, underlining the continued strategic focus on revenue diversification. Expenses Operating expenses for Q1 2025 were Dh830 million, reflecting an 8 per cent year-on-year increase as the bank continued its ongoing investments in people, digital initiatives, and new technology. The cost to income ratio improved by 1.5 percentage points to 28.9 per cent in Q1 2025, compared to 30.4 per cent in Q1 2024. Provisions and asset quality Impairments fell 3 per cent to Dh106 million during Q1 2025, translating to a cost of risk (CoR) of 37bps. The non-performing asset ratio improved to 3.7 per cent, its lowest level since Q4 2016, due to active remediation of our legacy portfolio coupled with strong underwriting standards. The provision coverage ratio, including collaterals, improved by 16.6 percentage points to 161.3 per cent. The provision coverage ratio (excluding collaterals) improved to 82.8 per cent from 73.0 per cent year-on-year. Balance sheet Total assets increased by 25 per cent year-on-year to reach Dh244 billion. This growth was driven by financing growth in both retail and corporate banking, as well as an expansion in the investment portfolio. Customer financing grew by 28 per cent year-on-year, representing Dh33 billion increase compared to last year and Dh8 billion increase year to date. This reflects market share gains across key segments and wholesale banking closing landmark deals. Customer deposits rose by 25 per cent year-on-year to Dh200 billion, compared with Dh160 billion at Q1 2024. This growth maintained a healthy funding mix, with a 12 per cent year-on-year growth in Current and Savings Accounts (CASA), which now comprise 69 per cent of total deposits. Liquidity and capital ADIB maintained a robust capital position with a Common Equity Tier 1 ratio of 12.24 per cent and a total Capital Adequacy Ratio of 16.23 per cent. The bank's liquidity position was healthy and within regulatory requirements, with the advances to stable funding ratio at 78.9 per cent and the eligible liquid asset ratio at 17.1 per cent. Total shareholders' equity rose 12 per cent year-on-year to Dh27 billion, led by growth in earnings. The return on equity (RoE) stood at 28.8 per cent in Q1 2025. 'We started the year with a strong performance, continuing the positive trajectory built over previous quarters. Our results are a clear reflection of our ability to grow profitably and execute our strategy with discipline,' said Jawaan Awaidah Al Khaili, ADIB Chairman. 'Building upon the achievements of 2024, we have successfully carried forward our momentum into the new year, establishing new benchmarks with an ROE of 29 per cent and delivering a commendable performance across all our business segments. UAE market conditions remain resilient, and our franchise is well positioned to capture business opportunities,' said Mohamed Abdelbary, ADIB's group chief executive officer.
Al Etihad
01-04-2025
- Business
- Al Etihad
PureHealth focused on acquisitions to drive its growth in 2024
1 Apr 2025 19:18 A. SREENIVASA REDDY (ABU DHABI)Pure Health Holding, the Middle East's largest healthcare group, has placed acquisitions at the forefront of its growth strategy in 2024, according to its Integrated Report submitted to the Abu Dhabi Securities Exchange (ADX).PureHealth uniquely integrates all aspects of the healthcare value chain, including hospitals, primary care centers, pharmacies, group purchasing organisations, diagnostics, research, health tech and insurance. This integration allows PureHealth to enhance patient outcomes, and create synergies across its diverse has demonstrated strong financial performance in 2024, with consolidated revenue increasing by 58% year-on-year (YoY) to Dh25.8 billion, according to the report. The company's EBITDA grew by 69% to Dh4.1 billion, and net profit increased by 78% to Dh1.7 billion. This growth is attributed to strong performance across its core segments, including hospitals, insurance, diagnostics, and procurement, and also from key acquisitions, the report said. In 2024, PureHealth's growth strategy has been significantly fuelled by key acquisitions, including the acquisition of Circle Health, the UK's largest independent hospital operator, for £1.2 billion, which has expanded Pure Health's international footprint and provided access to the UK healthcare market, and the acquisition of Sheikh Shakhbout Medical City (SSMC) in Abu Dhabi for Dh600 million, which is the region's largest healthcare complex, providing advanced tertiary care. Circle Health contributed Dh6 billion to the top line, demonstrating a 7% YoY revenue growth, while SSMC added Dh2 billion to revenue, reinforcing domestic operations and enhancing specialised tertiary care boasts more than 100 clinics, over 300 hospitals, and a workforce exceeding 56,000 and Managing Director, Farhan Malik, stated: 'Our strong financial performance underscores the effectiveness of our strategy. The acquisition of Circle Health Group has strengthened our international reach, enabling us to leverage best practices and bring world-class healthcare closer to those who need it. Simultaneously, our expansion within the UAE, acquiring the largest healthcare complex in the region, which focuses on specialty care, reaffirms our commitment to elevating healthcare standards at home while positioning the UAE as a global hub for medical excellence'.Group Chief Executive Officer Shaista Asif noted: 'PureHealth's 2024 journey was marked by strategic expansion, innovative patient-centred care, and robust financial growth, solidifying our position as a global healthcare leader whilst enhancing value for all stakeholders.'Manzoor Ahmad, Group Chief Financial Officer (CFO), said: 'Despite significant investments and acquisitions, PureHealth has maintained a strong financial position. The Company's net leverage, including leases, stands at 0.9 times EBITDA, well below the upper limit of 3.0x required to maintain an investment-grade credit profile. This prudent approach to financial management ensures flexibility to pursue further growth opportunities while maintaining financial stability.'PureHealth's share price and market capitalisation demonstrated robust performance throughout 2024, building on the momentum from its successful IPO. The Company's market value continued to grow as investors recognised its strong financial results and strategic expansion, the CFO added. PureHealth is committed to fostering a diverse, equitable, and inclusive workplace. The company has over 56,000 employees, representing more than 100 nationalities, with women comprising 60% of the workforce. In the UAE, 21% of the workforce are UAE Nationals, and 16% are females. The company's focus remains on sustaining digital transformation, enhancing talent development, deepening culture transformation, and strategic workforce is committed to maintaining high standards of transparency, communication, and corporate governance. The company has established an Investor Relations Department to ensure timely and accurate communication with the market, stakeholders, and investors, in full compliance with applicable capital market main shareholders of PureHealth include Q Health LLC, which holds the largest stake at 40.51%, followed by Alpha Dhabi Health Holding LLC with 24.93%. IHC Healthcare LLC and AH Capital (FZE) are also key players. Collectively, these top four shareholders control a substantial 77.65% of Pure Health. Shareholder base is primarily institutional, with companies holding a significant 97.29% of the shares, while individual shareholders constitute a small 2.71%. Pure Health Holding has been listed on the Abu Dhabi Securities Exchange (ADX) since 2023. The integrated report also dealt with various sustainability initiatives of the healthcare group. It said PureHealth's 2024 Sustainability Report, which will be launched in H1 2025, will communicate full and detailed sustainability performance.
