Latest news with #UnitedCompany
Zawya
3 days ago
- Business
- Zawya
Egypt: United for Housing's Q1 consolidated profit up 203.71% YoY
Arab Finance: United Company for Housing and Development (UNIT) posted a 203.71% year-on-year (YoY) increase in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2025, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on May 29th. Consolidated net profit excluding minority interest amounted to EGP 37.380 million in Q1 2025, compared to a profit of EGP 12.307 million in Q1 2024. Sales and revenues hit EGP 60.159 million, down from EGP 138.997 million. As per the standalone financial statement, the company recorded a net profit after tax of EGP 37.072 million in the January-March period this year, up from EGP 11.364 million in Q1 2024. United for Housing is an Egypt-based company that operates in the housing and real estate investment sector. The company is primarily engaged in real estate investment activities in Alexandria and other governorates. It purchases, reclaims, and sells land and property, in addition to developing housing and construction projects and offering financial leasing services. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
09-04-2025
- Business
- Arab News
SAB launches first off-balance sheet digital Islamic supply chain transaction in KSA
Saudi Awwal Bank and United Pharmaceuticals, a retail pharmacy chain in the Kingdom, have successfully executed the first off-balance sheet end-to-end digital Islamic supply chain finance transaction in Saudi Arabia. A significant milestone in the realm of Islamic finance, this groundbreaking achievement enables automated discounted early payments for United Pharmaceuticals' strategic suppliers. Recently, SAB upgraded its supply chain platform to accommodate Islamic transactions by incorporating new Shariah-compliant features. This enabled United Pharmaceuticals to successfully upload their payment file and benefit from enhancements, including fully automated processes for recording and approval, and sales contract generation for Shariah compliance. This leading-edge solution drastically cuts down the manual processing time from hours to minutes. It has brought significant advantages to United Pharmaceuticals, including improved efficiency and control in supplier invoice processing and payments, reduced client operational tasks and risks, stronger supplier relationships due to timely Shariah-compliant payments, optimized working capital management with extended payment terms through non-recourse early discounting based on the buyer's creditworthiness, and improved pricing. Yasser Al-Barrak, chief corporate and institutional banking officer at SAB, said: 'We are thrilled to lead the way in providing innovative solutions that meet the needs of our clients while adhering to Islamic principles. This transaction showcases our commitment to enhancing the financial landscape in alignment with Saudi Vision 2030.' He added: 'The integration of technology and Islamic finance represents a significant step forward in supporting businesses and fostering economic growth in the Kingdom.' Khaled Yassin, CEO of United Company, said: 'We are proud to sign this agreement, which represents a strategic step in developing our financial operations and strengthening our relationships with our partners.' This initiative will significantly contribute to improving our liquidity management, enabling us to achieve higher operational efficiency and support our expansion plans with greater flexibility and effectiveness.' Dr. Mohamed Abdelwahab El-Mursi, CFO of United Company, added: 'This agreement will provide innovative financial solutions that help reduce operational complexities and enhance efficiency in payment processes and working capital management. We are extremely pleased with this partnership with SAB, which reflects our commitment to financial innovation and delivering added value to our suppliers and customers.' This Islamic platform enhancement underscores the importance of digitization and the immense potential of Islamic structured trade solutions in the Kingdom. SAB is dedicated to advancing its supply chain platform to deliver automated discounting solutions that serve both Islamic and conventional transactions effectively.
