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Al Etihad
29-04-2025
- Business
- Al Etihad
FAB, Aldar Q1 results trigger ADX rally
29 Apr 2025 23:33 A. SREENIVASA REDDY (ABU DHABI)The Abu Dhabi Securities Exchange (ADX) continued its surge on Tuesday with its general index (FADGI) rising by 0.632% to reach 9,527.50, following positive earnings reports for the first quarter of 2025 released by the top lender FAB and property giant biggest bank FAB exceeded first-quarter estimates. It reported a net profit of Dh5.13 billion, beating analysts' average expectations of Dh4.24 billion. Abu Dhabi-based property giant Aldar reported a net profit after tax of Dh1.9 billion in Q1 2025, rising by 22% stocks traded higher and in bigger volumes after the positive earnings reports.A total of 25,618 trades were recorded, involving 808 million shares with a combined value of Dh2.251 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.927 other top gainers in the ADX included Abu Dhabi National Takaful (+14.86%), Emirates Insurance (+11.11%) and National Corporation for Tourism and Hotels (6.08%), while notable losers were Aram Group (-9.33%), NMDC (-3.40%) and Multiply (-3.21%) DFM DFM's general index (DFMGI) rose by 0.476% to reach 5241.3 points. Slight upticks in blue-chip stocks Emirates NBD, Emaar and Emaar Developments pushed the stock index higher.A total of 10,541 trades were executed at the DFM, involving 142 million shares with a combined value of Dh482 million. The prices of 23 companies rose, while 18 declined, and 12 remained unchanged. Among the top gainers were National General Insurance (+11.94%), National Cements (+5.76%) and National Industries Group (+5.61%). The most notable losers included National International Holding (-7.73%), Orascom Constructions (-3.70%), Aman Insurance (-2.26%) and DU (-1.80%).
Al Etihad
29-04-2025
- Business
- Al Etihad
Aldar reports robust Q1 2025 results with Dh2.2b profit before tax
29 Apr 2025 12:10 REDDY (ABU DHABI)Aldar Properties started 2025 on a strong note, delivering a 33% rise in net profit before tax to Dh2.2 billion for the first quarter of 2025. Details of the first quarter performance were posted on the website of Abu Dhabi Securities Exchange (ADX) on company reported a net profit after tax of Dh1.9 billion, marking a 22% year-on-year (YoY) increase. Revenue for the quarter surged by 39% to Dh7.8 billion, while gross profit climbed 37% to Dh2.8 billion. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached Dh2.5 billion, up 36% from the same period last year.'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,' said Mohamed Khalifa Al Mubarak, Chairman of sales remained a major growth driver, with group sales jumping 42% to Dh8.9 billion, supported by robust demand for new launches and existing inventory. UAE sales to overseas and expatriate residents grew sharply to Dh7.4 billion, representing 87% of total UAE company's backlog also hit a record, reaching Dh55.7 billion at the end of March 2025, with Dh46.7 billion from the UAE. This provides strong revenue visibility for the next two to three years.'Aldar delivered a robust financial performance in the first quarter, with continued momentum across our core businesses driving a 33% increase in net profit before tax to 2.2 billion dirhams,' said Talal Al Dhiyebi, Group Chief Executive Officer of Aldar. 'Our development sales remained extremely strong, while our pipeline of new launches is on track amid continued demand from both local and international buyers.'Meanwhile, Aldar Investment continued to deliver solid results. Revenue rose 15% YoY to Dh1.87 billion, and adjusted EBITDA increased 10% to Dh764 million. Excluding gains from disposals, adjusted EBITDA growth stood at 20%. Aldar's assets under management (AUM) expanded to Dh46 billion.'High occupancy and strong rental growth across the core investment portfolio underpinned solid performance, further supported by strategic acquisitions over the past two years, including Masdar City assets,' the results statement investment properties segment achieved a 96% occupancy rate, with Grade A commercial assets like the Abu Dhabi Global Market Towers and International Tower nearing full group also strengthened its capital structure significantly during the quarter, raising Dh16.3 billion through a combination of a sustainability-linked revolving credit facility, hybrid capital issuances, and green sukuk, all at record-low credit liquidity position remains robust, with Dh10.2 billion in free cash and Dh19.3 billion in undrawn committed credit the digital front, Aldar welcomed one million unique visitors to its platforms in Q1, a 20% year-on-year increase. The Live Aldar App achieved full digitisation of customer onboarding and agreement signing processes. Looking ahead, Al Dhiyebi said: '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.'
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.
Khaleej Times
22-04-2025
- Business
- Khaleej Times
'From 60 to near zero days': Emirates Group cuts down hiring time as AI helps streamline process
Artificial intelligence has helped Emirates Group to cut down the time taken to select a candidate from 60 days to near zero days and saved Dh1.9 million in recruitment costs, according to a senior officer. The technology helped streamline the procedure of hiring, cut down duplication and saved over 1100 days for recruiters. Manal Al Soori, Senior Vice President of HR Group Recruitment at the company revealed these figures during a session at the Dubai AI Week. She explained that it now takes the firm less time to select candidates because several parts of the recruitment process has been automated, using the software by a company called Hirevue. Several of the well-performing candidates are moved into a talent pool, who are then recruited when an opening comes up. 'For example, I know that starting June, our peak travel season begins and we will need additional check-in agents,' she said. 'So, we tap into the talent pool for previously vetted and selected candidates. That is how our selection time has gone down to zero.' She also added that last year, the company received 3.2 million job applications, of which roughly 14,000 people were hired. When a candidate applies to an open post, the system triggers and validates the applicant and a digital assessment is sent to the candidate. Once the assessment is complete, the candidate is put in three tiers: one that will progress, one that will require validation and one that has been rejected. She explained how the group puts checks and balances in place to ensure that there was no hiring bias. 'Recruiters go through the validate and reject tiers to ensure that the clients did not face any hiring or AI bias,' she said. 'If they find a suitable candidate who has been rejected, they will move them over to the progress tier.' The progressed candidates then receive the applicable 'Terms and Conditions' and then share their documents. If they are chosen, they then get an offer letter. Using the AI process, the company has vetted 333,851 applications so far, from which over 26,000 were shortlisted and 2,500 were given an offer letter. The company has a 65 per cent offer acceptance rate. Manal illustrated how prior to using technology, the company was losing time and efforts recruiting for similar jobs across the group. 'There were four jobs: Emirates airport check in agents, call center agent, Marhaba agents and Dnata customer service agent, all similar to each other with almost identical qualifications,' she said. She explained that candidates were applying for all four, duplicating the work of recruiters and causing long delays. 'We merged all four into one job description to simplify landing for candidates,' she explained. 'It immediately improved the quality of the number of applicants we were getting and translated into better candidate as well as recruitment experience.' This process has helped free up 4 out of 6 recruiters to focus on value-add activities, saving 8849 recruiter hours.
