Latest news with #Dh2.8
Al Etihad
13-05-2025
- Business
- Al Etihad
Salik reports Dh 751.6 million revenue in Q1 2025
13 May 2025 16:15 DUBAI (WAM)Salik Company, Dubai's exclusive toll gate operator, today announced its financial results for the three-month period ended March 31, 2025 (Q1 2025). Total revenue for Q1 grew by 33.7 per cent YoY to reach Dh751.6 for Q1 increased 37.9 per cent YoY to Dh519.6 million. In Salik's core tolling business, total chargeable trips reached 158.0 million following the introduction of variable pricing at the end of January 2025 and the launch of the two new toll gates in November margin reached 69.1 per cent in Q1 2025, compared to 67.1 per cent in Q1 2024, representing a 210 bps expansion YoY, supported by strong revenue growth in the period. The EBITDA margin also improved in comparison to 68.9 per cent in net profit before taxes totalled Dh407.2 million in Q1 2025, marking a strong 33.6 per cent YoY Al Tayer, Chairman of the Board of Directors of Salik, said, 'Our exceptional Q1 performance reflects a continued focus on delivering long-term value to shareholders and our ambition to become a global leader in providing smart and sustainable mobility solutions. Dubai's robust economic growth – driven by the visionary leadership of the emirate- has played a key role in fuelling our positive momentum and creating a strong foundation for long-term sustainable growth."He added that the company expects annual total revenue to grow by between 28 - 29 per cent, expressing optimism about diversifying its operations, expanding beyond the Emirate of Dubai, and exploring new partnerships aimed at enhancing customer experience — all of which are expected to contribute positively to both short- and long-term profit Sultan Al Haddad, Chief Executive Officer of Salik, commented, 'We've entered 2025 with strong momentum, with our core tolling business continuing to thrive, bolstered by the opening of two new toll gates in late 2024. We have also maintained progress in our ancillary revenue streams, with both the Dubai Mall and Parkonic parking partnerships seeing good traction with users in the first quarter.'Total chargeable trips, accounting for the new variable pricing, reached 158 million, with total revenue growth exceeding 30 per cent. Total revenue from Salik's parking partnerships with Emaar Malls and Parkonic reached Dh2.8 million in Q1 2025.
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.'
Khaleej Times
08-04-2025
- Business
- Khaleej Times
UAE economy likely to grow at 4.7% this year, central bank says
The UAE economy is expected to grow by 4.7 per cent this year, the Central Bank of the UAE said. According to statistics released by the country's apex bank, gross domestic product (GDP) expanded by 3.9 per cent last year, driven by the strong performance of the oil sector and other non-oil sectors. Non-oil foreign trade of goods also increased by 13.8 per cent, exceeding Dh2.8 trillion, supported by the prominent role of the Comprehensive Economic Partnership Agreements. According to the central bank's annual report, the banking system also continued to achieve exceptional strides in the UAE's financial indicators, with total banking sector assets reaching Dh4.56 trillion - a growth of 12.0 per cent. This places the UAE at the forefront in the Middle East in terms of banking assets, reinforcing its well-established foundations with strong fundamentals, reflected in high capitalisation levels, strong profitability, sufficient liquidity, and stable financial reserves. The insurance sector, for its part, recorded a notable increase in total gross written premiums, reaching a value of Dh64.8 billion. The report provides a comprehensive overview and in-depth analysis of financial, monetary, and economic developments at the local, regional, and global levels, highlighting the progress made in implementing initiatives aimed at reinforcing the UAE's leading position in driving global economic development and shaping a sustainable financial future. During 2024, the CBUAE supported capital buffers in the banking sector by increasing capital reserves, as a proactive step to address cyclical fluctuations, thereby enhancing long-term financial stability and contributing to building a strong and resilient banking system capable of adapting to global economic changes. As part of its prudential supervisory responsibilities to assess banks' ability to withstand various scenarios, the CBUAE strengthened stress tests and conducted assessments of potential risks to the banking sector due to climate change. As a result of a diligent endeavour to establish an effective framework for combating money laundering and terrorist financing, the CBUAE's efforts, in cooperation and coordination with federal and local authorities, contributed to the UAE's exit from the Financial Action Task Force's (FATF) jurisdictions under 'enhanced monitoring process'. As part of its leading initiatives to support the Financial Infrastructure Transformation (FIT) programme, the CBUAE launched the UAE's domestic card scheme 'Jaywan' and the instant payment platform 'Aani'. It also launched the world's first Open Finance regulation, as well as the licensing and supervision system for virtual stablecoins to enhance financial stability and keep pace with emerging changes in global markets, in addition to the electronic 'Know Your Customer' platform to provide a secure financial infrastructure for verifying customer identities. Reflecting commitment to enhancing consumer protection and ensuring fair market conduct, the CBUAE also launched 'Sanadak', the MENA region's first independent ombudsman unit, aimed at resolving banking and insurance disputes efficiently and quickly, and enhancing consumer confidence. Emiratisation topped the CBUAE's strategic priorities in 2024, embodying the vision and directives of the wise leadership. Licensed financial institutions exceeded their targets, achieving a growth of 152.9 per cent by employing 2,866 UAE nationals. The number of UAE nationals in vital positions also increased to 7,886, representing a growth of 20.22 per cent compared to the previous year. In support of the national agenda aimed at promoting sustainable finance and solidifying the UAE's position as a leading hub for Islamic finance regionally and globally, the CBUAE launched the development phase of the sustainable monetary sukuk programme, with the first phase focusing on studying economic feasibility and market size. Khaled Mohamed Balama, Governor of the CBUAE, said: 'The CBUAE continues its efforts to enhance financial and monetary stability, develop regulatory and supervisory frameworks, and lead innovation in the financial services sector. Our transformative initiatives and projects, launched during 2024, have contributed to enhancing the efficiency and competitiveness of the financial sector, building a more resilient and sustainable financial system. We will continue our diligent work to strengthen the UAE's position as a global financial hub, and build a prosperous future for the financial sector, reflecting the world's confidence in our economy and our ability to innovate and excel, and affirming our commitment to achieving sustainable development for future generations.'
Al Etihad
07-04-2025
- Business
- Al Etihad
Central Bank 2024 Annual Report highlights UAE's leadership in strengthening financial sector
7 Apr 2025 16:30 ABU DHABI (WAM) The Central Bank of the UAE (CBUAE) on Monday released its 2024 Annual Report, embodying achievements and initiatives that have marked a transformative shift in its journey and strengthened its vital role in supporting the growth of the national economy, safeguarding financial stability, enhancing monetary and supervisory legislation, and contributing to the advancement of the financial, banking, and insurance report provides a comprehensive overview and in-depth analysis of financial, monetary, and economic developments at the local, regional, and global levels, highlighting the progress made in implementing initiatives aimed at reinforcing the UAE's leading position in driving global economic development and shaping a sustainable financial UAE's economic performance witnessed significant growth during 2024, with the nation's real GDP achieving a growth rate of 3.9%, driven by the strong performance of the oil sector and other non-oil CBUAE forecasts an acceleration of growth to 4.7% in 2025, reflecting the resilience of the national economy and its ability to achieve targeted diversification. Non-oil foreign trade of goods also increased by 13.8%, exceeding Dh2.8 trillion, supported by the prominent role of the Comprehensive Economic Partnership banking system also continued to achieve exceptional strides in the UAE's financial indicators, with total banking sector assets reaching Dh4.56 trillion - a growth of 12.0%. This places the UAE at the forefront in the Middle East in terms of banking assets, reinforcing its well-established foundations with strong fundamentals, reflected in high capitalisation levels, strong profitability, sufficient liquidity, and stable financial reserves. The insurance sector, for its part, recorded a notable increase in total gross written premiums, reaching a value of Dh64.8 2024, the CBUAE supported capital buffers in the banking sector by increasing capital reserves, as a proactive step to address cyclical fluctuations, thereby enhancing long-term financial stability and contributing to building a strong and resilient banking system capable of adapting to global economic changes. As part of its prudential supervisory responsibilities to assess banks' ability to withstand various scenarios, the CBUAE strengthened stress tests and conducted assessments of potential risks to the banking sector due to climate a result of a diligent endeavour to establish an effective framework for combating money laundering and terrorist financing, the CBUAE's efforts, in cooperation and coordination with federal and local authorities, contributed to the UAE exit from the Financial Action Task Force's (FATF) jurisdictions under 'enhanced monitoring process.'In its ongoing efforts to achieve its vision to be among the top central banks globally in promoting monetary and financial stability, the CBUAE made progress in implementing its innovative plans and initiatives, culminating in winning the Leading Federal Entity Award (500+ employees' category) at the Mohammed bin Rashid Government Excellence Award and the UAE's advancement in global Islamic finance rankings from sixth to third place. The country also earned the "Pioneering Model" title according to the Global Cybersecurity part of its leading initiatives to support the Financial Infrastructure Transformation (FIT) programme, the CBUAE launched the UAE's domestic card scheme "Jaywan" and the instant payment platform "Aani". It also launched the world's first Open Finance regulation, as well as the licensing and supervision system for virtual stablecoins to enhance financial stability and keep pace with emerging changes in global markets, in addition to the electronic "Know Your Customer" platform to provide a secure financial infrastructure for verifying customer commitment to enhancing consumer protection and ensuring fair market conduct, the CBUAE also launched "Sanadak', the MENA region's first independent ombudsman unit, aimed at resolving banking and insurance disputes efficiently and quickly, and enhancing consumer topped the CBUAE's strategic priorities in 2024, embodying the vision and directives of the wise leadership. Licensed financial institutions exceeded their targets, achieving a growth of 152.9% by employing 2,866 UAE nationals. The number of UAE nationals in vital positions also increased to 7,886, representing a growth of 20.22% compared to the previous support of the national agenda aimed at promoting sustainable finance and solidifying the UAE's position as a leading hub for Islamic finance regionally and globally, the CBUAE launched the development phase of the "Sustainable Monetary Sukuk" programme, with the first phase focusing on studying economic feasibility and market Mohamed Balama, Governor of the CBUAE, said, "The CBUAE, driven by the vision of the wise leadership and the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the CBUAE, continues its efforts to enhance financial and monetary stability, develop regulatory and supervisory frameworks, and lead innovation in the financial services transformative initiatives and projects, launched during 2024, have contributed to enhancing the efficiency and competitiveness of the financial sector, building a more resilient and sustainable financial system. These efforts culminated in winning the Leading Federal Entity Award at the Mohammed bin Rashid Government Excellence Award.' He added, 'We will continue our diligent work to strengthen the UAE's position as a global financial hub, and build a prosperous future for the financial sector, reflecting the world's confidence in our economy and our ability to innovate and excel, and affirming our commitment to achieving sustainable development for future generations.'
Khaleej Times
24-03-2025
- Business
- Khaleej Times
Majid Al Futtaim posts Dh2.5 billion net profit for 2024
Majid Al Futtaim, a leading diversified group in the region, reported on Monday a net profit of Dh2.5 billion, down 6.0 per cent year on year, 'a result of currency devaluation, anticipated tax changes and one-off items.' The Dubai-based player in shopping malls, communities, retail, and leisure pioneer posted consolidated revenue of Dh33.9 billion, down 2.0 per cent, while Ebitda grew 1.0 per cent at Dh 4.6 billion, 'through growth in key business areas across the portfolio and prudent financial discipline.' The group generated Dh2.8 billion in free cash flow, marking a staggering 270 per cent increase compared to the previous year. The Group also successfully reduced its net debt by Dh1 billion, reaffirming its BBB credit rating with a stable outlook. Total assets grew to Dh68.8 billion, with an improved net debt-to-equity ratio of 41 per cent, indicating a solid financial foundation. Ahmed Galal Ismail, CEO of Majid Al Futtaim, said 2024 was a year of extraordinary achievement for Majid Al Futtaim. 'Despite complex macroeconomic factors, we delivered strong financial performance, with significant growth in free cash flow reinforcing our focus on long-term value creation.' The group's properties division performed exceptionally well, with net revenue increasing by 25 per cent to Dh8.7 billion, driven by strong tenant sales and the successful launch of the Ghaf Woods residential development, which sold out within a week. The overall occupancy rate across Majid Al Futtaim's malls remained high at 97 per cent, showcasing continued consumer interest. In a statement, the group said the retail sector faced challenges, yet it reported Dh22.2 billion in revenue. The division has initiated a turnaround program aimed at revitalizing its brick-and-mortar operations while also expanding its digital presence. Online revenue grew by 14 per cent, reaching Dh2.7 billion, aided by the success of the Carrefour Now platform. The lifestyle division also showed promising growth, with revenue up 26 per cent to Dh1.3 billion, supported by the introduction of popular brands such as lululemon and Shiseido. In the Entertainment sector, net revenue reached Dh1.7 billion, with VOX Cinemas experiencing a 2.0 per cent increase in admissions. In 2024, the group achieved 95 per cent of its sustainability targets, including significant reductions in carbon emissions. Notably, 27 of its shopping malls received LEED Gold or Platinum certifications, with ongoing efforts to achieve net-zero status by 2050. Ismail said the launch of Precision Media, the group's first AI-enabled business, signifies its dedication to innovation and enhancing customer experiences. Ismail noted, 'Our focus on sustainability and local talent development is integral to our strategy, with Emiratisation levels reaching a record 13 per cent this year.'
