UAE Markets: Weekly Summary

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Good Morning, ☀️

Investcorp plans an IPO, Pure Health and Invictus profits plummet while Burjeel Holdings and Rak Properties' surge, Eshraq Investments swings to loss, TAQA's income more than doubles, and RedBird IMI's acquires All3Media for AED 5.33b.

Let’s dive in.

Markets 📈 

Money Brief 💰

A roundup of the biggest deals in the UAE this week.

IPOs:

• Investcorp to list a GCC portfolio company this year (GFB)

Earnings:

• ADNOC GAS' net profit slightly declined by -1.70% to AED 17.32b in 2023 (ADX)

• Invictus net profit fell by -53.00% to AED 213.67m in 2023 (ADX)

• Empower reported a -3.99% decrease in profit, totaling AED 960.1m in 2023 (DFM)

• ADNOC Drilling's net profits grew by 29% to AED 3.78b in 2023 (ADX)

• National Marine Dredging reported a 65.38% increase in net profit to AED 2.15m in 2023 (ADX)

• Pure Health's net profit plummeted by -77.45% to AED 965m in 2023 (ADX)

• Burjeel Holdings saw net income surge by 52.40% to AED 540.4m in 2023 (ADX)

• Abu Dhabi National Insurance Company's net profits rose by 12.2% to AED 401m in 2023 (ADX)

• EMSteel Building Materials' net profit increased by 18% to AED 601.92m in 2023 (ADX)

• Rak Properties' net profit soared by 555.19% to AED 201.8m in 2023 (ADX)

• Dubai Insurance's net profit rose by 57.66% to AED 141.89m in 2023 (DFM)

• Dubai Refreshment reported a 242.42% increase in net profit to AED 361.77m in 2023 (DFM)

• Eshraq Investments swung to a net loss of AED 394m in 2023, a change of -166.78% (ADX)

• National Cement turned around to a net profit of AED 56.3m in 2023 (DFM)

• Bank of Sharjah's net loss widened by 51.57% to AED 241m in 2023 (ADX)

• TAQA's net income more than doubled by 107.35% to AED 16.65b in 2023 (ADX)

• Alpha Dhabi Holding reported a 25.35% increase in net profit to AED 13.3b in 2023 (ADX)

• Emirates Telecom Group (e&)'s profit attributable rose by 3% to AED 10.3b in 2023 (ADX)

• Emirates Integrated Telecommunications (DU) saw a 36.89% increase in net profit to AED 1.67b in 2023 (DFM)

• Fertiglobe's net profit declined by -71.82% to AED 1.33b in 2023 (ADX)

• GFH Financial reported a 7.68% increase in net profit to AED 386.08m in 2023 (ADX)

• E7's operational net profit doubled, growing by 109.87% to AED 142.5m in 2023 (ADX)

• Air Arabia's net profit increased by 27.05% to AED 1.55b in 2023 (DFM) 

• National Corporation for Tourism & Hotels (NCTH) reported a 6.41% increase in net profit to AED 68.1m in 2023 (ADX)

• Al Ansari Financial Services' net profit decreased by -16.82% to AED 495.19m in 2023 (DFM)

• Waha Capital reports a 28% increase in net profit to AED 440m in 2023 (ADX)

• Gulf Cement reported a net loss of -5.15% to AED 51.6m in 2023 (ADX)

• Shuaa Capital announced a net loss increase of 540.61% to AED 866.1m in 2023 (DFM)

• Julphar reported a net loss increase of 225.24% to AED 103.1m in 2023 (JLP)

• GMPC profit attributable rose by 63.39% to AED 59.8m in 2023 (ADX)

• ADNOC L&S net profit surged by 138% to AED 2.28b in 2023 (ADX)

• ADPorts total net profit increased by 6% to AED 1.36b in 2023 (ADX)

• Agthia’s net profit grew by 9.91% to AED 299.6m in 2023 (ADX)

• Phoenix Group net profit rose by 47.00% to AED 811.4m in 2023 (ADX)

• Amanat Holdings net profit increased by 38.92% to AED 155.1m in 2023 (DFM)

• Ajman Bank swung to a loss of AED 390.4m in 2023 from a profit in 2022 (DFM)

• GULF Navigation net profit increased by 406.38% to AED 23.8m in 2023 (DFM)

• Abu Dhabi Ship Building net profit nearly doubled by 97.56% to AED 40.4m in 2023 (ADX)

• Finance House swung to a net profit of AED 15.1m in 2023 from a loss in 2022 (ADX)

• Union Properties net profit soared by 2605.00% to AED 811.5m in 2023 (DFM)

• Dubai National Insurance and Reinsurance (DNIR) net profit slightly increased by 3.60% to AED 46m in 2023 (DFM)

• Abu Dhabi National Company for Building Materials (BILDCO) reduced its net loss by 37.72% to AED 18m in 2023 (ADX)

• Hayah Insurance swung to a net loss of AED 5.6m in 2023 from a profit in 2022 (ADX)

• Abu Dhabi National Takaful Company net profit rose by 48.64% to AED 103m in 2023 (ADX)

• United Foods net profit increased by 75.84% to AED 30.65m in 2023 (DFM)

• Al Buhaira National Insurance Company (ABNIC) reduced its net loss by 27.00% to AED 48.4m in 2023 (ADX)

• Orient Insurance net profits increased by 23% to AED 636.1m in 2023  (DFM)

• Earnings we’re watching this week: 

  • Emirates Telecom Group Company (e&)

M&A / Investments:

• RedBird IMI acquired Warner Bros Discovery's All3Media for AED 5.32b (RTR)

• Masdar explores acquiring a stake in Iberdrola's US renewable energy assets  (BBG)

• Phoenix Group to acquire Phoenix Technology Solutions for AED 2.13m (ADX)

• Mubadala and Petrobras to finalize refinery operation deal in Brazil by mid-2024 (RTR)

VC:

• Exverse, a Dubai-based free-to-play Web3 game provider, raised AED 11.01m in funding (CMC)

• RW3 Ventures secures AED 220.2m for blockchain and Web3 advancements, with funding lead by Mubadala (ICA)

• Kema, a UAE fintech startup, secures AED 7.34m in pre-seed funding to digitize accounts receivable, with backing from Speedinvest and the Dubai Foundation District Fund (ICA)

Partnerships / Projects:

• Presight AI partners with Kazakhstan and Samruk-Kazyna for an AI supercomputer and data center project (ICA)

• Bharat Mart, a marketplace for Indian businesses, to open in Dubai in 2026 (GFN)

• Titan Lithium and ADPORT’s KEZAD Group signed a 50-year land lease agreement for the establishment of a lithium processing plant in Khalifa Industrial Area (ARB)

• ADPorts Group signs agreements with Gujarat Maritime Board and Rites Limited to enhance trade, and infrastructure development (TVW)

• Emirates Telecom Group Company (e&) and Batelco signed a MoU for the landing of the 1,400km Al Khaleej subsea cable system in the UAE (GNS)

• ADNOC and BP to establish a natural gas-focused JV in Egypt (RTR)

Fundraising: 

• Al Manal Capital REIT announced a rights issue starting on March 4 to fund acquisitions in education and healthcare (ZWY)

Crypto / FX: 

• UAE's ZaraFX has partnered with Luxembourg's DHF Capital to use assets for CFD trading (ARB)

• Buna, a UAE-based cross-border payment system, plans to include Indian, Chinese, Pakistani, African and European currencies in 2024-25 (KJT)

Real Estate: 

• DAMAC Properties has announced the launch of ‘The Sapphire’ tower, the third instalment in its Safa series (ARB)

Meme Freshener

That’s all for now! 

See you in your inbox with more updates next week 👋🏾

DISCLAIMER: This information is prepared by Money Souk and uses public and reliable sources. Money Souk nor any of its directors, isn't liable for its content or use. It's not intended as investment advice or a solicitation to trade financial products.