Latest news with #Dh866
Al Etihad
12-08-2025
- Business
- Al Etihad
ADNOC L&S Q2 revenue up 40% YoY to $1,258 million
12 Aug 2025 11:01 ABU DHABI (WAM) ADNOC Logistics and Services plc (ADNOC L&S) on Tuesday reported record-breaking second-quarter (Q2) and first-half (H1) results for 2025, surpassing market expectations and demonstrating resilience and operational strength in a volatile L&S's Q2 revenue increased by 40 percent year-on-year (YoY) to US$1,258 million (Dh4,618 million) with EBITDA growing 31 percent YoY to $400 million (Dh1,470 million).Net profit for the quarter grew 14 percent YoY to $236 million (Dh866 million).In H1 2025, the company's revenue was $2,439 million (Dh8,957 million), a 40 percent YoY increase. EBITDA rose by 26 percent YoY to $744 million (Dh2,732 million), driven by robust performance across all business segments, sustaining EBITDA margin at 30 profit for H1 2025 was $420 million (Dh1,544 million), up 5 percent YoY, and up 18 percent compared to H2 L&S's diverse and resilient business model enabled the company to deliver strong net profit and operating cash flow despite challenging shipping charter rate environments in Gas, Tankers, and Dry by strong performance in its core business segments and improving margins, ADNOC L&S has upgraded its full-year guidance, expecting faster growth due to continued momentum and enhanced operational efficiency across key company continues to enhance value and streamline operations across its diverse asset portfolio, while advancing integration and innovation through its shipping and logistics subsidiaries, Navig8 and Zakher Marine International (ZMI).CEO of ADNOC L&S, Captain Abdulkareem Al Masabi, said, 'We are proud to report our highest-ever quarterly results, underscoring the strength of our growth strategy and our ability to capitalise on diversified opportunities across our Integrated Logistics, Shipping, and Services segments."He added that this record-breaking performance reflects ADNOC L&S's continued outperformance of market expectations, driven by robust cash flows, strategic partnerships, and operational Masabi said the integrated logistics segment delivered a solid performance, with revenues rising 22 percent YoY to $1,293 million (Dh4,748 million), reflecting strong demand and strategic growth in key areas. As a result, EBITDA rose by 27 percent YoY to $420 million (Dh1,542 million), highlighting the segment's significant contribution to the company's overall strong, profitable growth was mainly driven by continued strong utilisation and rates on Jack-up Barges (JUBs), improved profitability on the Integrated Logistics Solution Platform, and increased chartering activity beyond the ILSP. Additionally, Engineering, Procurement and Construction (EPC) projects, including the G-Island and Hail & Ghasha, contributed to strong revenue the shipping segment, it demonstrated exceptional growth, with revenues surging 89 percent YoY to $981 million (Dh3,602 million). This performance was primarily driven by the consolidation of revenue from the Navig8 tanker fleet, marking a key milestone in the company's strategic EBITDA increased by 25 percent YoY to $290 million (Dh1,067 million), despite substantially weaker market conditions than H1 2024, reflecting strong operational execution. A robust EBITDA margin of 30 percent reinforces ADNOC L&S's ability to generate strong value even in less buoyant services segment continues to extend ADNOC L&S's diversified business model, with revenues rising 4 percent YoY to $165 million (Dh607 million). EBITDA grew 22 percent YoY to $33 million (Dh121 million), primarily driven by higher volumes at the Borouge Container Terminal and the share of profit from Navig8's bunkering business (Integr8).
Khaleej Times
21-04-2025
- Business
- Khaleej Times
RAKBank profits rise 22.7% in first quarter of 2025
The National Bank of Ras Al Khaimah (RAKBank) on Monday announced that first quarter profit after tax rose 22.7 per cent to Dh70 million. Operating profit stood at Dh866 million, up 10.2 per cent year on year, on the back of strong growth in balance sheet and non-interest income. Operating expenses grew by 11.8 per cent vs last year driven by continued investments in technology, data, people and customer experience. Cost to income ratio (CIR) at 33.4 per cent vs. 33.1 per cent for the first quarter of 2024. Total assets have crossed Dh90 billion for the first time in the bank's history. Gross loans and advances surpassed Dh50 billion mark, reflecting a 16.7 per cent year on year increase. Growth driven by all segments, with wholesale banking loans growing by 30.1 per cent year on year, aligning with the bank's diversification strategy. Customer deposits reached Dh61.0 billion, up 18.2 per cent year on year, with a CASA1 ratio of 65 per cent, up 10.2 per cent year on year, one of the highest in the industry. Portfolio credit quality remains robust with cost of risk at 0.8 per cent as against 1.5 per cent during the same period last year, supported by a strategic shift in business mix towards secured, low risk assets. RAKBank's impaired loan ratio as at the first quarter of 2025 improved to 2.1 per cent against 2.6 per cent as at the first quarter of 2024 while provisions to gross loans ratio of 5.6 per cent compared to 6.0 per cent as of the first quarter of 2024, providing adequate coverage. Shareholder returns remained strong with return on equity (ROE) of 22.4 per cent against 21.4 per cent in the first quarter of 2024 and return on assets (ROA) of 3.2 per cent against 3.1 per cent in the first quarter of 2024. Capital adequacy ratio The bank remains well capitalised with capital adequacy ratio (CAR) at 18.6 per cent for the first quarter of 2025 against 17.2 per cent as at the first quarter of 2024. Strong liquidity position is reflected by an eligible liquid asset ratio of 17.1 per cent vs. 13.5 per cent at the first quarter of 2024 and advances to stable resources ratio at 76.4 per cent vs. 78.7 per cent at the first quarter of 2024. Total assets increased by Dh12.2 billion, reflecting a growth of 15.5 per cent compared to the first quarter of 2024, with an increase in gross loans and advances of Dh7.2 billion, investments by Dh1.9 billion and cash and balance with CBUAE by Dh4.1billion. Wholesale banking significantly contributed to the growth of the balance sheet, with segmental assets growing by Dh4.8 billion, a 12.3 per cent increase compared to the first quarter of 2024. Business banking assets grew by Dh589 million, a 5.8 per cent increase compared to Q1 of last year delivered primarily through growth in SME and commercial loans. Personal banking loans and advances rose by Dh2.8 billion to Dh23.1 billion compared to last year with mortgage and leverage loans driving growth, bringing in Dh2.0 billion and Dh728 million year-over-year respectively Customer deposits increased by 10.2 per cent to reach Dh61billion, while maintaining one of the industry's highest current and savings accounts (Casa) ratios at 65 per cent. 'Our Q1 2025 performance highlights the sustainability of our strategy, driven by strong growth across all business lines. We continue to invest heavily in our technology, data and experience capabilities whilst maintaining cost discipline,' said Raheel Ahmed, group chief executive officer, RAKBank. 'The global outlook remains uncertain as newly introduced U.S. tariffs raise concerns around trade flows and economic stability. Despite this, the UAE continues to demonstrate resilience, supported by strong economic measures. We remain confident in the UAE's solid foundation and are committed to supporting our customers through these uncertain times,' he added.
