Latest news with #Dh1.8
Al Etihad
27-05-2025
- Business
- Al Etihad
IHC extends share buyback programme until the year-end
27 May 2025 18:06 REDDY (ABU DHABI)International Holding Company (IHC) has received approval to extend its Dh5 billion share buyback programme until December 31, 2025, according to a stock market filing issued on announced on November 14, 2024, the programme was designed to be executed in phases over one year. The first tranche, valued at Dh1.8 billion, began on November 18 last year. The second tranche, worth Dh1.5 billion, was launched on March 18. With the second phase still underway, the buyback period has now been extended until the end of this to queries from Aletihad, an IHC spokesperson confirmed that a third tranche of the share buyback programme would be initiated upon completion of the ongoing second phase. So far, 6,955,602 shares have been repurchased, though the company has not disclosed their exact value. However, based on an average price of Dh401 per share, the total value of shares bought back so far is estimated at Dh2.789 billion, leaving approximately Dh2.221 billion in buybacks remaining under the buyback initiative is aimed at enhancing shareholder value and maintaining an efficient capital structure. At the time of launch, IHC's Managing Director, Syed Basar Shueb, described the move as part of the company's long-term commitment to generating value for its per previous disclosures, all repurchased shares are to be held as treasury shares without voting rights. If these shares are not resold within two years, they will be cancelled, and the board will pass a resolution to reduce IHC's share capital to the latest stock market data mentioned in the filing, IHC's market capitalisation stands at Dh881.8 billion. The company's free float of shares, as per the August 7 disclosure, is 38.48 Holding Company (IHC) has received approval to extend its share buyback programme until December 31, 2025, the company said in stock market filing on Monday. IHC, established in 1998 to develop Abu Dhabi's non-oil sectors, announced on November 14, 2024 that it had launched a Dh5 billion share buyback programme, set to take place in phases over a year. A first tranche of Dh1.8 billion buyback commenced on November 18 of the previous year. A second tranche buyback, worth Dh1.5 billion, began on March as the second phase of the buyback is in progress, the deadline for the progamme is extended until the year-end. In specific replies to Aletihad inquires, an IHC spokesperson said the third tranche of the share buyback programme will be launched as soon as the second tranche buyback is wrapped. He said a total of 6,955,602 shares were bought back so far without specifying their value. But going by the average price of Dh401 per share, the value of shares bought back amounts Dh2.789 billion, leaving approximately Dh2.221 billion worth shares to be bought back in the remaining period. According to an August 7 stock market filing, the free float of shares stands at 38.48%. The purpose of the buyback programme is to enhance shareholder value and maintain an efficient capital structure. Syed Basar Shueb, Managing Director of IHC, stated that the programme reflects the company's commitment to generating long-term value for shareholders at the time of the launch of the programme. According to a previous filing, all repurchased shares will be held as treasury shares without voting rights. If these treasury shares are not sold back within two years, they will be cancelled, and the board will pass a resolution to reduce the company's share capital accordingly. As per the latest data mentioned in the text, IHC's market capitalisation was Dh881.8 billion.
Khaleej Times
29-04-2025
- Business
- Khaleej Times
Abu Dhabi: Aldar reports 33 per cent rise in Q1 2025 net profit before tax to Dh2.2 billion
Aldar, Abu Dhabi's premier developer, on Tuesday reported a 33 per cent rise in first quarter net profit before tax to Dh2.2 billion, driven by strong demand for existing inventory and new launches. Total UAE sales increased 38 per cent year on year to Dh8.4 billion driven by strong demand for both new launches and existing developments. Aldar launched two new projects in Q1 2025: Manarat Living III on Saadiyat Island; and The Wilds in Dubai, the third development under a joint venture with Dubai Holding. The developer's projects created a strong appeal among international buyers, with UAE sales to overseas and expat resident customers rising to Dh7.4 billion, representing 87 per cent of total UAE sales. UAE revenue backlog at the end of March 2025 stood at a record Dh46.7 billion, up from Dh45.9 billion at the end of December 2024. With an average duration of 29 months, it provides significant visibility on revenue over the next 2-3 years. Cash collections remain strong, totalling Dh3.6 billion as the company pursues accelerated delivery of projects. Increasingly diversified group development backlog has reached a record Dh55.7 billion, with UAE backlog of Dh46.7 billion, driving revenue recognition over the next 2-3 years. Aldar Investment's adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 10 per cent year on year to Dh764 million — up 20 per cent excluding gains from disposals and divestments – and assets under management growing to Dh46 billion. Aldar strengthened its capital structure and financial resilience, issuing Dh3.7 billion hybrid capital notes and a Dh1.8 billion green sukuk, as well as securing a Dh9 billion syndicated revolving credit facility and a Dh1.8 billion hybrid capital solution from Apollo. Earnings per share rises 25 per cent year on year to Dh0.20 on the back of cross-platform earnings growth. Strong liquidity position supports prudent growth agenda with Dh10.2 billion in free and unrestricted cash, and Dh19.3 billion in undrawn committed credit facilities as at end of March. 'Aldar's strong start to the year demonstrates the depth and resilience of our diversified platform, and our ability to execute and grow with discipline against a clear strategy for long-term value creation. Looking forward, the UAE's sustained investment in strategic sectors and its commitment to a business-friendly environment and economic diversification provide a powerful foundation for stability and growth. In this conducive environment and with a development backlog reaching a record Dh55.7 dirhams, Aldar is well-positioned to deliver sustainable performance, deploying capital with care and reinforcing our role as a long-term partner in shaping the UAE's economic development,' said Mohamed Khalifa Al Mubarak, Chairman of Aldar. 'Aldar delivered a robust financial performance in the first quarter, with continued momentum across our core businesses driving a 33 per cent increase in net profit before tax to 2.2 billion dirhams. Our development sales remained extremely strong, rising 42 per cent to Dh8.9 billion, while our pipeline of new launches is on track amid continued demand from both local and international buyers. Meanwhile, our investment portfolio continued to perform positively, with recent acquisitions, increasing rental rates, and near-full occupancy levels driving revenue growth and income stability. In early 2025, we took proactive steps to reinforce Aldar's financial strength and resiliency, increasing liquidity through capital markets issuances and a syndicated loan. We have full confidence that our diversified platform, robust revenue backlog, and prudent capital deployment strategy position the company well to create long-term value for our stakeholders,' said Talal Al Dhiyebi, group chief executive officer of Aldar.
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.
The National
19-04-2025
- Business
- The National
My Own Home: Family of five love ‘resort-style living' in Dh1.6 million Dubai Production City apartment
My Own Home takes you inside a reader-owned property to ask how much they paid, why they decided to buy and what they have done with it since moving in Long-term UAE resident Akther Arkate invested in his family's future by buying an off-plan property in Dubai after many years of renting. The engineer, who works for air traffic control in the emirate, lives in a three-bedroom apartment in Dubai Production City with his wife and three children – two of whom study abroad during term. The couple bought their home in 2017 and moved in during 2020, at the peak of the Covid-19 pandemic. While the family have settled in well, and they love the neighbourhood, they have bought a town house, again off-plan, and will move when it is ready, by 2028. Meanwhile, they plan to enjoy the only place in the UAE that has truly felt like home. The National takes a look around. It's a three-bedroom apartment with a good layout. It's a compact layout, but it's not too small. It's perfect for us. We have a living room, which is quite huge, where we can accommodate a lot of visitors or friends. The three bedrooms are just the right size for us. We enjoy living here. We had bought a house in India and we had spent a lot of money over there. Then something struck my mind: we have spent so much money in India, and we stay in that house once a year, yet we stay over here for the majority of our time. So, we thought: let's look at some places over here that we can call our own home, rather than a rented home. Deyaar [the developer] was running a fantastic payment plan at that time. Construction had just begun, so you could pay Dh10,000 per month until the completion, which was around three years away, and at the time of handover you could go into a mortgage. We paid it for around 33 months, and then we did the mortgage. The total price was around Dh1.6 million, all inclusive, with all the government charges and everything. Because the community opened in Covid, nobody really knew Dubai Production City. It's a wonderful community, but it has not appreciated on regular Dubai levels. It might fetch around Dh1.8 million or Dh1.9 million now. As long as it doesn't depreciate, it's good. If you consider you're paying whatever you were paying as rent before, and it was going down the drain, at least now the property is yours, the asset is yours. The payment plan was what attracted us, but then we saw the layout of the community. It's a 1km-long community with one level full of amenities. It's like resort-style living. The community has grown. It's well maintained, with lots of amenities. There are three swimming pools, three gyms. Anybody who has kids below 12, this is a perfect place for them to grow up, because you have a 1km podium, which is secure, so you drop your kids on level one and it's a closed environment. They cannot go anywhere. It's also adjacent to Jumeirah Golf Estates, which is one of the top-notch communities in Dubai. The reason it's called Dubai Production City is there is a production free zone in the middle of the community, so there are a lot of printing or storage warehouses and facilities. Then there is a City Centre mall as well. Before we moved in we'd wanted to renovate it as per our aspirations. But then during Covid everything was bust, so we were not able to do what we wanted to do. It's very difficult to renovate when you are occupying the house. We did some minor modifications, but nothing major. If I were to do it, I'd renew the kitchen, but otherwise there is not much renovation that is required. The space is underutilised. The NOC (no objection certificate) process is a pain, so that's what's kept us from doing it. Modern with a classical touch. It's a modern layout, with classical furniture. During Covid, we also bought a town house in Villanova and we thought we would move there when it was ready. But we got so used to this community and this place, that we didn't end up moving. Now we've sold that property and taken another property in Athlon by Aldar, just across from Global Village. It's our goal to move over there when it's ready in 2028, because the kids are growing. Do you want to see your home featured in our series? Email kgillett@ for more information.
Al Etihad
18-03-2025
- Automotive
- Al Etihad
Sanad achieves strong results, surpassing Dh4.92 billion in revenues for 2024, marking a 40% surge
Abu Dhabi (Aletihad) Sanad, the global aerospace engineering and leasing solutions leader wholly owned by Abu Dhabi's sovereign investor Mubadala Investment Company PJSC (Mubadala), has announced exceptional financial results for 2024, surpassing the $1 billion milestone for the first time in its history. The company reported Dh4.92 billion ($1.34 billion) in revenue, a 40% increase from Dh3.4 billion ($925 million) in 2023, underscoring its rapid expansion and strategic market positioning. Sanad's exceptional performance was fueled by unprecedented global demand for engine MRO services, expansion into key global markets, and transformative strategic agreements with leading airlines and global Original Engine Manufacturers (OEM). Sanad's Leasing division witnessed significant achievements, executing five major transactions exceeding Dh1.8 billion ($490 million) in combined value, positioning the division to develop its new long-term growth strategy. The company's Dh33 billion order book was bolstered by major partnerships with Air Mauritius, Deucalion Aviation, Asiana Airlines, and Lion Air, propelling its contracted business by an additional Dh4 billion in 2024. Additionally, Sanad's global expansion strategy was reinforced by establishing a dedicated sales presence in Singapore, further strengthening its footprint in the high-growth APAC region and enhancing its global sales network. Amer Siddiqui, Group Chairman of Sanad, stated, 'Sanad's record-breaking performance in 2024 is a testament to our resilient strategy, operational excellence, and long-term investment plans. This achievement reinforces our pivotal role in Abu Dhabi's vision of becoming a global aviation hub which solidifies Sanad's position as a leader in the global aviation market. Our continued growth underscores the strength of our business model and our unwavering commitment to delivering world-class solutions to our partners from our home base in Abu Dhabi.' Mansoor Janahi, Managing Director and Group CEO of Sanad, said, '2024 was a transformational year for Sanad. Surpassing $1.34 billion in revenue reflects the strong market demand for our services, our advanced engine MRO and leasing capabilities, and the dedication of our exceptional teams. With strategic expansions, new partnerships, and an unwavering focus on innovation and service-delivery, we are well-positioned to sustain this momentum and drive the future of the aerospace sector in Abu Dhabi.' Scaling MRO Capabilities to Meet Unprecedented Demand Sanad further solidified its position as a leading independent engine MRO service provider, recording 161 engine inductions, a 29% increase from 2023. This surge was fueled by soaring demand for Trent 700, V2500, and LEAP engine maintenance. To accommodate this demand, Sanad invested over Dh100 million to expand its MRO infrastructure, ensuring state-of-the-art engine repair and maintenance capabilities. As part of its continued growth, Sanad marked the first anniversary of its LEAP Engine MRO Center which was inaugurated in 2023, expanding its expertise to include both LEAP-1A and LEAP-1B capabilities. This milestone reinforces Sanad's commitment to capability development and service excellence in the global aviation industry. To strengthen its market presence, Sanad has also established a dedicated sales presence in Singapore, complementing its existing sales teams in Europe and the Middle East. This expansion reinforces its global sales network and positions the company closer to key customers in the high-growth APAC region. In 2024, Sanad's MRO division processed 54 V2500 engines, 40 Trent 700 engines, 28 GEnx engines, and 21 LEAP engines, performing over 43,000-part inspections and 19,000 in-house repairs. Additionally, Sanad welcomed seven new customers in 2024, bringing its total customer base to over 40, including leading airlines and OEMs worldwide. This expansion of capacity and capabilities, combined with growing global air travel, positions Sanad as a preferred partner for airlines and OEMs worldwide. Driving Financial Strength Through Strategic Asset Monetization Sanad's Leasing division played a pivotal role in revenue growth executing a total of five strategic deals, with a combined capital value exceeding Dh1.8 billion. These deals underscored Sanad's ability to optimize its asset portfolio and enhance financial strength through strategic monetizations. Among the division's standout achievements was the sale of 16 engines to Etihad Airways, valued at nearly Dh1.5 billion. Additionally, high-value CFM56 engine transactions with CFM Materials and component sales to AerSale, further bolstered Sanad's financial position, demonstrating its ability to extract maximum value from its leasing assets. Sanad also completed the sale of a GE90 engine and key component transactions with AerCap, executed the sale of two CFM56-7B26 engines to CFM Materials. These strategic asset monetization efforts further enhanced Sanad's financial position and supported its long-term growth strategy. Human Capital Investments: Strengthening the Future Workforce Sanad's workforce saw a 20% expansion in 2024, with over 130 new hires joining the company. Emiratization remained a core focus, with UAE Nationals now comprising 32% of the workforce, a 19% increase from 2023. The company accelerated talent development through apprenticeship programs and leadership initiatives, investing in over 3,109 training hours in upskilling programs. Strategic collaborations with global OEMs such as Rolls-Royce and leading academic institutions, including Embry-Riddle Aeronautical University and Khalifa University further underscore Sanad's commitment to developing the next generation of aerospace leaders. These programs span multiple levels, covering technical training, leadership development, and specialized upskilling initiatives to ensure a highly capable and future-ready workforce. Commitment to Quality and Safety Sanad continued to uphold the highest safety and quality standards, securing a new certification from the European Aviation Safety Agency (EASA) and implementing an advanced Safety Management System (SMS). The company's compliance with 23+ global aviation authorities, including EASA, FAA, and the Chinese aviation authority, reaffirms its commitment to regulatory excellence and global operational reliability. Looking Ahead: Innovation and Expansion Sanad is strategically poised for further global expansion, with plans to increase engine MRO capacity within the UAE while targeting global growth in emerging markets in Africa, India, and Southeast Asia. The company is strengthening its human capital development, forging strategic industry collaborations, and continues to invest in cutting-edge MRO solutions, automation, and AI-driven initiatives to drive efficiency and innovation. Strengthening its global partnerships remains a priority as Sanad reinforces its leadership role in the aviation industry. Looking ahead, Sanad remains focused on delivering long-term stakeholder value, driving industry innovation, and further establishing Abu Dhabi as a global aviation hub.
