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EMSTEEL Building Materials PJSC, previously known as Arkan Building Materials Company (Arkan) PJSC, has released its condensed consolidated interim financial statements for the three-month period ending on March 31, 2024.

The consolidated financial statements from Emsteel Building Materials PJSC, based in Abu Dhabi, United Arab Emirates, reveal a decrease in total non-current assets from AED 6,909,306 thousand in Dec 2023 to AED 6,746,048 thousand in Mar 2024. Total current assets increased from AED 4,119,506 thousand to AED 4,357,345 thousand within the same period. Total non-current liabilities and total current liabilities slightly increased, while total shareholders' equity rose from AED 8,332,436 thousand to AED 8,460,660 thousand. The income statement showed a decrease in total revenue from AED 2,405,550 thousand in Mar 2023 to AED 2,136,199 thousand in Mar 2024. Net profit before tax for the period decreased from AED 152,178 thousand to AED 140,424 thousand, with a net profit after tax of AED 128,224 thousand in Mar 2024 compared to AED 152,178 thousand in Mar 2023. The profit per share also decreased from AED 0.022 to AED 0.019. The statements were provided by Eng. Saeed G. Al Remeithi, Group CEO, and Stephen J. Pope, Group CFO of Emsteel Building Materials PJSC.

Emirates Steel Arkan, a leading steel and building materials manufacturer, has reported a revenue of AED 2.14 billion and EBITDA of AED 294 million for Q1 2024. Despite challenging global market conditions, the company maintained a strong performance due to a robust UAE domestic market. However, a slowdown in the Chinese economy and a lack of investor confidence in Europe affected steel prices and increased freight costs due to regional geopolitical challenges. This led to an 8% YoY decrease in net profit before tax. The company has also entered a memorandum with Omani counterparts to explore a green metal project and has been recognized as a 2024 Steel Sustainability Champion by the World Steel Association.

The Board of Directors of the Dubai Taxi Company P.J.S.C. held a meeting on May 07, 2024, at the company's headquarters. The meeting achieved quorum and two main agenda items were addressed and approved. These include the interim financial statements for the period ending on March 31, 2024, and other operational and internal matters. The information was relayed by the Board Secretary, Vicken Khochafian, to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market.

The text is a review report and interim condensed financial statements for the Arabian Scandinavian Insurance Company (PLC) - Takaful - ASCANA Insurance. The report, which is unaudited, is dated 31 March 2024.

The Arabian Scandinavian Insurance Company (Sukoon Takaful) PJSC, licensed by the Central Bank of the UAE, has informed the Dubai Financial Market that their Board of Directors passed a resolution on 7th May 2024. The resolution approved the company's financial statements for the first quarter of 2024. The information was conveyed by Dima Fakhoury, the Head of Compliance and Corporate Governance. A copy of the notice was also sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority in Abu Dhabi.

The GFH Financial Group has announced the purchase of 2,000,000 of its own shares (treasury shares) on May 7, 2024. This acquisition increases the total holding of treasury shares from 281,729,510 (representing 7.35% of the total issued shares) to 283,729,510 (representing 7.40% of total issued shares). The decision to purchase was made by the company's board of directors in September 2021, with approval from the authority in April 2024. The average purchase price was 0.283 USD per share, representing 0.052% of the issued capital. After this acquisition, 99,529,873 shares remain available for purchase.

The Director of Legal at Dubai Refreshment P.J.S.C, Karem Mahmoud, has informed the Chief Executive Officer of Dubai Financial Market, Hamed Ahmed Ali, about a Board of Directors meeting. The meeting is scheduled for 13th May 2024 at 10:30 AM. The agenda includes the discussion and approval of the company's unaudited interim condensed consolidated financial statements for the first quarter ended 31 March 2024, and other internal matters of the company.

Sukoon Insurance PJSC presented its Q1 2024 financial results, reporting a net profit before tax of AED 90.2 million, up 31% YoY, and insurance revenue of AED 1.23 billion, up 16% YoY. Net investment income reached AED 59.4 million, a 34% YoY increase. Total assets stood at AED 8.81 billion, and total shareholders' equity was AED 2.77 billion as of 31 March 2024. The company, formerly known as Oman Insurance Company P.S.C., has completed its rebranding process. It also successfully transferred the UAE life portfolio from Chubb Tempest Life Reinsurance Ltd and turned around its takaful subsidiary, Sukoon Takaful, which is now on the path to profitability.