The Finance World Magazine| Edition: March 2023

Corporate Results
RAKBANK
Q4’22 Net Profit: AED
205.3M
RAKBANK, one of the leading banks
in the UAE, has reported a strong
performance in Q4 2022 with record
profits and a significant increase in
customer deposits. The bank’s net
profit for the quarter was AED 205.3M
($55.8M), up by 12.9% compared to
the same period last year. Customer
deposits grew by 27% to AED 42.7B
($11.6B), driven by increased demand
for the bank’s digital products and
services. RAKBANK’s CEO, Peter
England, attributed the bank’s success
to its continued focus on customercentricity,
digital transformation,
and prudent risk management. The
bank remains optimistic about its
growth prospects and is committed to
enhancing its offerings to meet evolving
customer needs.
Aldar Properties
Q4’22 Net Profit: AED 1B
Aldar Properties, a UAE developer,
has reported a net profit of AED 1B
($272M) for Q4-2022, which is 28%
higher than the previous year and
has surpassed the expectations by
a significant margin. The full-year
net profit for 2022 increased by 35%
to AED3.1 billion, according to the
developer’s statement at the Abu Dhabi
Securities Exchange. The company’s Q4
profit estimates of AED 699M and AED
2.70B for the fiscal year, as compiled
by Refinitiv, were exceeded. Aldar
Development’s sales doubled year-onyear
to AED 14.3B for the fiscal year,
driven by high demand for new property
launches and existing inventory in the
UAE. The company has recommended
a cash dividend of AED0.16 per share
for the fiscal year.
Shuaa
Q4’22 Net Profit: AED
59.3M
Dubai-based investment bank Shuaa
Capital reported impressive financial
results for the fourth quarter of 2022. The
company’s net profit more than doubled
from AED 24.5M in Q4 2021 to AED
59.3M in Q4 2022, a remarkable increase
of 142%. The company attributed
this strong performance to higher
revenues from its core businesses,
including investment banking, asset
management, and capital markets.
Shuaa Capital’s total assets under
management increased by 13% yearon-year
to AED 15.4B. The company’s
robust financial results are a testament
to its strong business model and the
resilience of the Dubai financial sector
amidst challenging global economic
conditions.
AD Ports Group
2022 Net Profit: AED 1.3B
AD Ports Group, globally renowned
logistics, industry, and trade enabler, has
released its financial outcomes for the
12 months concluded on December 31,
2022, declaring a robust operational and
financial performance. The company’s
revenue expanded by 41% YoY to AED
5.5B, an organic growth of 23% YoY
to AED 4.8B. The group’s impressive
outcome was mainly powered by
its successful Maritime and Ports
Clusters, in addition to acquisitions
and new partnerships. The company
also reported a 37% YoY increase in
EBITDA to AED 2.2B in 2022, and its
net profit surged to AED 1.3B, up by
53% YoY.
Emirates Steel Arkan
2022 Net Profit: AED
506.8M
Emirates Steel Arkan, one of the leading
steel manufacturers in the Middle East,
has reported a net profit of $138M for
the year 2022, marking a significant
turnaround from the previous year’s
losses. The company’s success can be
attributed to several factors, including
a recovery in global steel demand,
the successful implementation of
cost-saving measures, and the
introduction of new products and
services. Emirates Steel Arkan’s
impressive financial performance
is a testament to its commitment
to innovation, sustainability, and
operational excellence. The company
has invested heavily in technology and
research and development to enhance
its product offerings and reduce its
environmental footprint. With a strong
balance sheet and a focus on customer
satisfaction, Emirates Steel Arkan is
well-positioned for continued success
in the highly competitive global steel
industry.
ADNOC Distribution
2022 Net Profit: AED 2.7B
ADNOC Distribution, the UAE’s largest
fuel and convenience store retailer, has
reported a 22% increase in its net profit
for 2022, reaching AED 2.75B ($748M).
The rise in profits can be attributed to
the company’s ability to adapt to the
challenges presented by the COVID-19
pandemic, as well as its ongoing
expansion efforts both domestically and
internationally. ADNOC Distribution’s
total fuel volumes also increased by 1%
to 9.9B litres, while its non-fuel retail
revenues increased by 10% to AED
2.7B. The company has attributed its
success to its robust business model and
continued investment in infrastructure
and digital technologies.
86 www.thefinanceworld.com March 2023