Home Blog Page 49

Breitling launches the new Avenger collection

By
Sahfy Sahfy
-
Breitling launches the new Avenger collection
Breitling launches the new Avenger collection

The Avenger, updated and unstoppable. Breitling is meeting the demands of the skies with a rede pilotssign centered on sleek aviation detailing, wear-resistant materials, and the addition of the powerhouse Breitling Manufacture Caliber 01 to its chronograph models.

Breitling’s ties to flying date back to the 1930s, when third-generation founder Willy Breitling formed the HUIT Aviation Department, dedicated to creating precision aircraft instruments and pilots’ chronographs. Its expertise in the then-emerging field of military aviation carried through into the birth of commercial air travel and beyond, resulting in such renowned timepieces as the Navitimer, the AVI Co-Pilot, the Aerospace, the Emergency, and the Avenger. No other watch brand has a more impressive and enduring link to aviation.

“The Avenger was created to stand up to the relentless conditions of a jet cockpit and to support pilots in demanding aerial maneuvers. Its redesign demanded nothing less,” says Breitling CEO Georges Kern. “This collection pairs all the performance with sophisticated modern aviation style.”

The new range comes in three formats. A 44 mm chronograph, a 44 mm automatic GMT, and a 42 mm automatic. All pieces come with a choice of military leather strap with folding pin buckle or three-row stainless-steel bracelet with micro-adjustable folding clasp. Each has a 300 m water resistance. And whether you can pull off a barrel roll or not, you’ll appreciate their easy-grip functionality and corrosion-resistant construction. Let’s explore the models.

AVENGER B01 CHRONOGRAPH 44 AND NIGHT MISSION

The force behind the new Avenger chronograph is the Breitling Manufacture Caliber 01 that provides approximately 70 hours of power and comes with a five-year-warranty, as well as being a COSC-certified chronometer. To reveal the movement’s precise mechanics, the chronos are equipped with an open sapphire-crystal caseback.

Core models feature a colored dial (blue, green, black, or sand-colored) and rotating 60-minute bezel in stainless steel. Baton indexes streamline the dial, giving prominence to the red-tipped chrono hand. Note the grip pattern on the crown and bezel, and the new square pushers, designed for the smoothest timekeeping operation.

For those looking for an even bolder look, the Avenger Night Mission chronograph—with a vibrant yellow or carbon black dial—has a case and bezel constructed entirely of scratch-resistant ceramic. Its caseback, crown, pushers, and buckle, meanwhile, are crafted in solid titanium, providing the highest strength-to-weight ratio of any metal. Dial numerals provide superior legibility, particularly on the black dial, made specially out of resilient carbon fiber.

If you picked up on the fact that carbon fiber, titanium, and steel are also the stuff of aircraft design, it’s no coincidence. The Avenger is made to be light and tough, just like the jets they fly in.

AVENGER AUTOMATIC GMT 44

Prized by pilots as well as frequent flyers, a red GMT hand provides at-a-glance reading of Zulu time along a 24-hour rotating bezel. The diameter is equal to that of the chrono, with a more compact profile. The steel-cased Avenger Automatic GMT comes in a choice of black or naval-blue dials, with a military leather strap or three-row stainless-steel bracelet. It’s powered by the COSC-certified Breitling Caliber 32 that provides an approximate 42-hour reserve and is backed by a two-year warranty.

AVENGER AUTOMATIC 42

This well-balanced watch has all the robustness of its larger counterparts in a trimmer 42 mm diameter. Constructed in steel, the Avenger Automatic offers a choice of black, naval-blue, or camo-green dial, with the option of a matching military leather strap or three-row stainless-steel bracelet. Its engine is the COSC-certified Breitling Caliber 17 automatic three-hand movement, delivering up to 38 hours of power with a two-year warranty. 

Catch the Avenger in its just-released campaign on the wrists of Switzerland’s Patrouille Suisse aerobatics team. That’s where you’ll see the performance aviation watch in its element. A new design, ready for action-fueled adventure.

Agthia Group to Accelerate Digital Transformation by Adopting Artificial Intelligence

By
Sahfy Sahfy
-
Agthia Group to Accelerate Digital Transformation by Adopting Artificial Intelligence
Agthia Group to Accelerate Digital Transformation by Adopting Artificial Intelligence

Agthia Group PJSC, one of the region’s leading food and beverage companies, has signed a Memorandum of Understanding (MoU) with Microsoft UAE, offering scope to revolutionise everything from customer service to production, procurement, and employee engagement, and marking a significant milestone in Agthia’s journey to become a regional digital leader in the consumer-packaged goods (CPG) industry. The MoU focusses on:

  • Revolutinizing Customer Experience with AI: One of the key initiatives under the MOU is the early adoption of Artificial Intelligence (AI) technologies in the UAE, the implementation of which into Agthia’s Water Home Delivery Contact Center is already improving our services to and interactions with customers.
  • Establishing Smart Retail Stores: Agthia will also aim to leverage MS Dynamics Retail and POS solutions to establish smart and best-in-class digital stores, starting with our healthy snacks and coffee brand Abu Auf prior to scaling across the group.
  • Enhancing Employee Engagement and Learning: Agthia has commenced the deployment of Microsoft Viva to improve employee experience, engagement, and continuous learning, helping to further strengthen the Group’s reputation as an innovative and engaging workplace. 

Alan Smith, Group Chief Executive Officer of Agthia commented, “Our work with Microsoft will play a pivotal role in Agthia’s ongoing digital transformation, utilizing new tools to navigate the digital landscape and identify opportunities for market expansion, operational excellence and commercial success, while accelerating innovation and responsible, sustainable business practices throughout the FMCG value chain”. 

Vanderlei Santos, Chief Digital Officer of Agthia added, “We are delighted to embark on this transformative journey with Microsoft that enables us to offer our customers a truly personalized experience, and we look forward to providing unparalleled value to our customers and employees, leveraging Microsoft’s experience and comprehensive suite of technologies. Consistent with our five-year growth strategy, this underlines our commitment to becoming a consumer data-driven organization through accelerating our digital agenda.”

Americana Restaurants reports growth in revenues and profits for the third quarter

By
Sahfy Sahfy
-
Americana Restaurants reports growth in revenues and profits for the third quarter
Americana Restaurants reports growth in revenues and profits for the third quarter

 Americana Restaurants International PLC (“Americana Restaurants” or the “Company”) (ADX symbol: AMR/ ISIN: AEE01135A222) (Saudi Stock Exchange symbol: 6015), the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa (“MENA”) and Kazakhstan, today announced its financial results for the nine-month period ended 30 September 2023.

Americana Restaurants’ reported revenues of $1,897.0 million and adjusted EBITDA of $446.5 million for first nine months of 2023, thus delivering 7.1% and 10.4% growth respectively vs. the same period in 2022. Revenue growth was supported by continuing like-for-like revenue growth and growing restaurants portfolio across countries of operation in the Middle East, North Africa and Kazakhstan. 

The Company reported 6.0% increase in like-for-like revenues for the nine months ended 30 September 2023 in comparison to 2022. This increase in revenues was driven by a robust performance of the Company’s three power brands – KFC, Pizza Hut, and Hardee’s.

The adjusted EBITDA margins improved by 0.7% to $446.5 million in the first nine months of 2023 compared to the corresponding period in 2022, supported by decreasing commodity inflation and continued focus on operational efficiencies.

Americana Restaurants’ nine months 2023 net profit (attributable to shareholders of the Parent Company) increased by 15.8% to reach $226.7 million. Net Profit growth has been driven by business growth and improved operational efficiency as well as the impact of one-off tax claim charges in Egypt of $24.9 million during the same period in 2022. Growth in net income despite higher depreciation charges related to accelerated new store openings of $6.5 million compared to same period last year and negative impact of hyperinflationary accounting for the Lebanon business and currency devaluation in Egypt of around $10.0 million compared to same period last year. 

In Q3 2023, the Company reported $655.5 million in revenues with a solid growth of 5.9% vs same period last year. 

Net profit (attributable to shareholders of the Parent Company) for the quarter increased to $81.9 million, a growth of 9.9% over same period last year. This growth is on account of revenue growth and improved operational efficiencies, with the support of normalizing commodity inflation. Net Profit increased by 21.5%, after adjusting for the negative impact of hyperinflationary accounting for the Lebanon business and currency devaluation in Egypt of around $8.7 million during Q3 2023 compared to Q3 2022 last year. 

The Company continued its restaurant expansion plans during the first nine months and added 184 gross new restaurants. Americana Restaurants’ portfolio stood at 2,338 restaurants as of 30 September 2023, with 92 new restaurants under construction and in line with the full year guidance of opening 250-260 net new restaurants for 2023. 

The Company has continued to maintain a healthy balance sheet and a strong overall financial position. With adjusted free cash flow of $195.0 million for the period ended 30 September 2023, and a cash conversion ratio of 66.3%, the Company is well positioned to cover capex requirements as well as to support its dividend policy.

Financial Highlights 

$ millions Q3 2023 Q3 2022 Change % Period ended 30 September 2023 Period ended 30 September 2022 Change %
Revenue 655.5 619.1 5.9% 1,897.0 1,771.0 7.1%
Adjusted EBITDA 154.8 134.5 15.0% 446.5 404.6 10.4%
Adjusted EBITDA Margin (%) 23.6% 21.7% 23.5% 22.8%
Net Profit (attributable to the shareholders of the Parent Company) 81.9 74.6 9.9% 226.7 195.8 15.8%
Adjusted Free Cash Flow 84.1 1.9 NM 195.0 142.1 37.3%
Earnings per Share ($) 0.0097 0.0089 9.9% 0.0269 0.0232 15.8%

The Company expects to continue its expansion plan and add 250-260 net new restaurants during 2023, across its markets of operations with particular focus on Saudi Arabia.

The Company also looks to expand profit margins on account of improved operational efficiencies and normalizing commodity prices. While recent geopolitical developments may have some impact on short term performance, the Company remains positive about the general business environment and its outlook for long term performance.

ZAJEL Signs Agreement with DPWorld

By
Sahfy Sahfy
-
ZAJEL Signs Agreement with DPWorld
ZAJEL Signs Agreement with DPWorld

ZAJEL courier services, a leading courier and logistics service provider, has achieved yet another significant milestone with DPWorld. This agreement aims to enhance the efficiency and streamline the movement of shipments through the integration of advanced digital solutions.

Under the DF Alliance (DFA), ZAJEL signs an agreement with DP World for cutting-edge technology solutions by DP World as part of its forward-thinking vision. This transaction is centered on enhancing technology within the shipping industry, with the goal of improving and streamlining operations. This underscores Zajel’s commitment to harnessing advanced technology to significantly enhance the quality of shipping services, marking a pivotal step towards a more efficient and technology-driven processes

One of the key components of this agreement is the implementation of ERP integrated cargo flows solutions. This software solution will revolutionize processes by providing a unified platform to manage all operations. By increasing efficiency, effectiveness, and control, this integrated software solution will enable ZAJEL to minimize risks and disruptions, ensuring a seamless experience for their customers.

Present at the signing deal were, Mr. Ayaz Maqbool, Group VP of Digital Product Sales from DPWorld, and Nabeel Al Kharabsheh, General Manager of ZAJEL.

Speaking about this collaboration, Nabeel Al Kharabsheh stated, “We are thrilled to partner with DPWorld and integrate their advanced freight forwarding digital solutions into our operations. This collaboration will undoubtedly elevate our services and enable us to provide an unmatched experience to our customers.”

This agreement between ZAJEL and DPWorld marks an important step forward in the courier and logistics industry. By leveraging advanced digital solutions, both companies are poised to revolutionize logistical operations and set new benchmarks in efficiency and customer satisfaction.

Forbes Middle East’s Sustainability Leaders’ Summit Set to Shape the Green Agenda

By
Sahfy Sahfy
-
Forbes Middle East’s Sustainability Leaders' Summit Set to Shape the Green Agenda
Forbes Middle East’s Sustainability Leaders' Summit Set to Shape the Green Agenda

The Forbes Middle East Sustainability Leaders’ Summit 2023 will convene international leaders in sustainability, technology, finance, and policy at the Rixos Premium Saadiyat Island in Abu Dhabi from November 1-3, 2023. Under the theme: “Driving economic growth for a greener world,” the highly anticipated event will be chaired by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade for the U.A.E.

The Forbes Middle East Sustainability Leaders’ Summit 2023 will play a crucial role in the global push for environmental conservation and sustainable development. The summit is a timely demonstration of the potential and progress of energy transition in the region.

The gathering of international leaders in sustainability, technology, finance, and policy will serve as an invaluable platform for discussing, innovating, and driving global strategies toward sustainable living. Taking place before the United Nations COP28, it will set the tone for international and regional dialogue and decision-making, allowing the world’s leaders to approach the conference with informed perspectives, ambitious goals, and actionable strategies for combating climate change.

Participants can expect an engaging and comprehensive program featuring keynote addresses, panel discussions, interactive workshops, and networking opportunities. The agenda will cover a wide range of topics, including ethical global commerce and movement, strategies for decarbonizing industries, sustainable finance, impact entrepreneurship, sustainable tourism, climate-smart cities, mobility systems, sustainable consumption, and resource conservation.

“We are so excited to be bringing together some of the region’s most influential leaders in sustainability to debate the most pressing issues today and find solutions that will have a measurable impact on our transition to a greener economy,” said Khuloud Al Omian. “We all have a responsibility to protect our beautiful planet for future generations.”

Innovation is the key driver for developing and bolstering the local and regional green economy. Advancements in sustainable technologies and practices, ranging from renewable energy solutions to waste management systems, have the potential to dramatically reshape the economic landscape of the region. Not only can they replace or reduce reliance on traditional, environmentally harmful industries, but they can also create new avenues for job creation and economic growth.

By fostering entrepreneurship and attracting global investments, the U.A.E. and its neighboring countries aim to become leading hubs for green innovation. This transformation is not only crucial for regional sustainable development, but it also sets a precedent and provides a replicable model for similar regions around the globe. In turn, this boosts the global green economy and helps to meet the goals of the Paris Agreement and other international environmental commitments.

The Forbes Middle East Sustainability Leaders’ Summit promises to be an impactful event that will empower global leaders, industry experts, and stakeholders to address the most pressing environmental challenges of our time. By accelerating the transition toward a greener, more sustainable world, the summit aims to create a legacy of sustainable development and prosperity for future generations.

e& reports outstanding Q3 financial and operational results

By
Sahfy Sahfy
-
e& reports outstanding Q3 financial and operational results delivering 20 per cent growth in net profit
e& reports outstanding Q3 financial and operational results delivering 20 per cent growth in net profit

e& today announced its consolidated financial results for Q3 2023 reporting consolidated revenues of AED 13.4 billion with a YoY increase of 3.3 per cent while consolidated net profit was AED 3.0 billion, a year-over-year increase of 20 per cent.
At constant exchange rates, consolidated revenue increased by 8.0 per cent and consolidated EBITDA increased by 6.9 per cent , resulting in a resilient EBITDA margin of 51 per cent.

The number of etisalat by e& subscribers in the UAE reached 14.0 million in Q3 2023, representing an increase of 4.7 per cent over the same period last year, while aggregate group subscribers reached 167 million, a 3.3 percent increase.

Hatem Dowidar, Group CEO, e&, said: “e&’s strong performance this quarter is a testament to our resilience, and commitment to deliver value and growth to our customers and shareholders. We will continue our focus on championing innovation to enrich the lives of our customers and make a positive impact across the societies we serve. We remain committed to lead the change by taking our first steps in sustainable mobility and transforming our business with AI powered solutions while realising our vision of digitally empowering societies.

Looking ahead, we will continue to push the boundaries of technology and innovation, while our strong performance serve as a stepping stone toward a future where we continue to pioneer advancements and create even more value for all our stakeholders. Thanks to our talented teams, loyal customers and shareholders for their continued trust and support to our vision. Together, we are poised for even greater achievements to come in the near future.”

Key highlights and developments for Q3 2023

e&: A global technology pioneer pushing digital boundaries

The world’s first AI-empowered autonomous telecom store ‘EASE’ was introduced as part of the trajectory of innovation using ground-breaking technology to allow customers to seamlessly purchase products and services. e& also took a major step to support electric mobility in UAE with the soft launch of ‘Charge&Go’, an end-to-end holistic EV charging solution.

In line with e&’s commitment to climate action and sustainable community growth, the Group proudly became the ‘Principal Technology Partner’ for COP 28. It has also joined the World Economic Forum’s EDISON Alliance to promote global digital inclusion for more than 30 million people in markets the e& serves.

In addition, a collaboration with the UAE Ministry of Education aims to nurture a digital-first mindset among students using next-generation digital tools. Etisalat Academy partnered with Earthlink to launch a telecoms training academy in Iraq focusing on GPON FTTH network systems.

On the global front, e& has joined forces with international giants such as SK Telecom, Deutsche Telekom, Singtel and Indosat to launch a global alliance in AI for telecoms. This alliance will pave the way for new innovations and co-development of the Telco AI platform. A partnership with Indosat promises to improve voice communication between Indonesia and the UAE by providing high quality IDD services.

e&’s achievements were celebrated at the Carrier Community Global Awards 2023by being named: ‘Middle East Operator of the Year’ for the third consecutive year. Its network technology prowess was also recognised with the World Teleports Association’s Tier 4 certification for its Tawi al Saman and Jebel Ali teleports.

For its excellence in governance and best practice, the Group’s legal and compliance team won ‘Middle East In-House Legal Team of the Year’ and ‘Technology, Media and Telecommunications In-House Legal Team of the Year’ at the Thomson Reuters ALB Middle East Law Awards 2023.

etisalat by e&: Revolutionising the telecom and digital sectors
etisalat by e& strengthened its market position through technological advances and strategic alliances by continuing to expand its 5G services, introducing 5G Stand-Alone for mobile users, following the launch of the 5G SA service for Fixed Wireless Area (FWA) users. Collaborations have extended to Microsoft, resulting in a new AI-powered virtual assistant. Its commitment to cyber security has resulted in an alliance with the UAE Cyber Security Council. The first batch from Etisalat Academy’s Cyber Sniper Programme graduated, a program designed to fortify UAE government employees’ cybersecurity skills.

Furthermore, etisalat by e& introduced a groundbreaking social cloud-gaming platform ‘the Arena Challenge’, powered by OnMobile Global’s ONMO. Innovations such as ‘uTAP’ and bespoke commercial offerings reinforced its technology-driven philosophy.

etisalat by e& has launched tailored solutions packages for start-ups and micro-enterprises this quarter, as well as Wi-Fi as a service to improve business connectivity.

Underlining its leadership during the third quarter, etisalat by e& achieved TM Forum Silver certification for Open API compliance, a first in the MENA region. Its pioneering spirit shone through with the world’s first successful trials of high-capacity transmission networks and 5G milestones, such as a breakthrough with a successful mmWave pilot deployment over 10km and a record downlink speed of over 13Gbps in partnership with Ericsson.

It’s commitment to HR innovation earned it the title of ‘Employer of the Year’ at the GCC GOV HR Awards 2023. A partnership with the Emirati Talent Competitiveness Council (ETCC) has resulted in exclusive offers for Emiratis in the private sector enrolled in the Nafis programme.

e& international: building digital brands and expanding the partner network

Launched the digital brand ‘Onic’ in Pakistan as part of its partnership with Circles to elevate digital experiences for digital-native customers of Mobile Network Operators (MNOs). Sudatel and Pakistan based Perfectum mobile joined the partner network programme that supports the growth of global telecom operators, offering access to market best practices, cutting-edge services, and the benefits of e&’s scale to telecom operators around the world.

Strategic partnerships during the quarter also included but not limited to a collaboration with Vodafone Business that resulted in the acquisition of a major customer, to develop a software-driven network. The two companies plan to work with existing multi-national enterprise customers that would benefit from their combined offerings, operational scale, and complementary geographic footprint.

e& life: Redefining entertainment and digital financial services

e& life made significant progress in the third quarter, enhancing its offerings by redefining media, entertainment and digital financial services in the region. evision with STARZPLAY continued to pioneer and innovate in the MENA entertainment market with strategic developments on original productions and acquisition of exclusive key sport rights for MENA (such as Cricket ICC World Cup or Rugby World Cup). The financial sector saw the launch of the e& money prepaid card and the introduction of rewards on prepaid card spends. Customers can earn 1 per cent cash rewards with every purchase, the most competitive prepaid card offering in UAE. e& money’s remittance service saw a spike in transactions with their highest peak achieved in Q3.

e& enterprise: At the forefront of digital transformation

e& enterprise continued its success in the third quarter, pioneering digital transformation across various sectors. The company’s strategic initiatives and partnerships have positioned it as a leader in driving innovation and sustainable practices.

The company moved forward with milestones such as the launch of the e& enterprise Innovation Centre. In line with the objectives of the Abu Dhabi Industrial Strategy (ADIS), e& enterprise collaborated with the Abu Dhabi Department of Economic Development (ADDED) to enhance and share experiences in the areas of Industry 4.0 and sustainability manufacturing. e& enterprise’s fintech blockchain platform, UTC had Al Masraf join as a new member of its banking consortium.

The digital payments horizon has been expanded through the collaboration with Tap Payments, and the commitment to providing cutting edge digital infrastructure has been strengthened through the partnership with Informatica to accelerate data modernisation and governance in the UAE.

e& capital: Spearheading investment and tech innovation

e& capital demonstrated strategic foresight in the third quarter via driving innovation and investments in promising startups enabling cutting-edge technologies. At the forefront of technology innovation, the firm participated in the $25 million Series A funding round for Ikigai Labs, a startup committed to bringing generative AI to tabular data. e& capital also led a $5 million Series A funding round for Maxbyte, driving the industry 4.0 revolution in the MENA region. Additionally, e& capital led the $60 million Series B funding round for Airalo, the global eSIM marketplace enabling travelers with seamless connectivity

Al Baraka Group is the Strategic Sponsor of the 2nd Al Baraka Summit in London

By
Sahfy Sahfy
-
Al Baraka Group is the Strategic Sponsor of the 2nd Al Baraka Summit in London
Al Baraka Group is the Strategic Sponsor of the 2nd Al Baraka Summit in London

To further solidify its commitment towards the support and development of the Islamic banking sector in the Kingdom of Bahrain and internationally, Al Baraka Group (“ABG” or the “Group”) was the Strategic Sponsor of the 2nd Al Baraka Summit. The event was held at JW Marriott Grosvenor House, in London on October 28-29, 2023 under the theme ” Islamic Economy in The United Kingdom: Reality and Opportunities”, where London has long been recognized as a global centre for various financial activities, insurance, fund management, Islamic finance and consultancy, making it an influential hub with a rich historical legacy. 

This year’s edition brought together those interested in the Islamic economy from various sectors, including policymakers, industry leaders, specialists, and scholars coming together who shared their valuable insights and innovative ideas, contributing to the shaping of the unprecedented future of the Islamic economy.

The purpose of the summit is to revive the understanding of the Islamic economy in the United Kingdom. It aims to expand the reach of the Islamic economy to various governments and institutions and increase its impact on different organizations and the government, as well as highlight the thriving Islamic banking and investment sectors in Europe and the UK. 

The first day of the Second Al Baraka Summit in London covered diverse aspects of the Islamic economy and finance. These sessions included discussions on the Emergence of Islamic Finance and Banking, The Legacy of Islamic Economy, Islamic Investment Solutions, Islamic Banking Sector’s role in Sustainability and Fulfilling Societal Responsibility, and The Islamic Non-Profit Organisations in the UK. 

On the second day of the Summit, a professional workshop titled “The Executive Program for the Effective Regulation and Supervision of Takaful Institutions” was held in collaboration with the Islamic Financial Services Board (IFSB). The workshop covered various topics related to Takaful, including its concept and contemporary frameworks, principles, objections to traditional insurance, modern structures, governance, Sharia compliance, fiduciary responsibilities, capital adequacy, and future opportunities. 

According to Saleh Kamel Islamic Economy Database, the UK is a leading centre for Islamic finance in the Western world. It has five Islamic banks, which account for about 30% of the total Islamic banks in Europe. The UK also has a significant number of Islamic windows in traditional banks which are estimated to be more than 50% in the continent, and 53 growing fintech companies account for 65% of Europe and 11% of the whole world diversify between trading and investment companies, alternative finance, digital banks, social finance

Emirates Integrated Telecommunications Company PJSC Reports its Q3 2023 Results

By
Sahfy Sahfy
-
Emirates Integrated Telecommunications Company PJSC Reports its Q3 2023 Results
Emirates Integrated Telecommunications Company PJSC Reports its Q3 2023 Results

 Emirates Integrated Telecommunications Company PJSC (“EITC”) announced its financial results for the quarter-ended 30 September 2023, with Net Profit that soared by a remarkable 57.7% to AED 504 million, its highest quarterly level over the last three years. The sustained demand for postpaid mobile and fixed services resulted in service revenues growth of 5.5%, pushing the total quarterly revenues to AED 3.3 billion. EBITDA rose by 13.8% to AED 1.48 billion and Operating cash flow increased by 65.1% to AED 956 million.

Operating highlights 

  • Our mobile customer base grew 9.4% year-over-year to 8.1 million subscribers, demonstrating our ability to retain and attract new customers through the provision of innovative products, services and solutions. The rising demand from the enterprise sector for mobile services coupled with steady growth in the consumer segment delivered a ninth consecutive quarter of postpaid net-additions (32,200) with total postpaid subscribers reaching 1.6 million. Our prepaid customer base grew 9.2% year-over-year closing at 6.5 million customers, driven by attractive and unique offerings. 
  • Our fixed customer base continues its double-digit growth reaching 573,000 broadband customers. Our broadband strategy built around offering various means of access consistent with our customer needs supported a 12.4% year-over-year growth and an addition of over 13,000 customers over the quarter. 

Financial highlights 

  • Revenues grew 3.7% to AED 3,291 million. Mobile service revenues continue to grow at a steady pace, recording a 5.7% growth to AED 1,525 million. Fixed services revenues were at AED 939 million, registering another quarter of consistent growth at 5.3%. In aggregate, service revenues increased 5.5% to AED 2,464 million. Other revenues recorded a slight decline of 1.5% to AED 827 million due to lower hubbing and handset revenues partially offset by the growth in roaming and ICT service revenues. 
  • EBITDA was at 1,483 million, representing an increase of 13.8% year-over-year. The important growth in EBITDA was primarily driven by higher service revenues and an improved gross margin resulting in particular from a better revenue mix and the favorable impact of optimizing our content strategy. EBITDA improvement was also the result of our ongoing commitment to cost optimization and operational efficiency, which led to a 2.8% reduction in Opex.
  • Net Profit jumped 57.7% to AED 504 million primarily due to higher EBITDA, higher interest income and one-off reversal. 
  • Capex spend was at AED 527 million (capital intensity of 16.0%). We continue to direct the majority of our spend towards 5G deployment to enhance indoor coverage, our ongoing IT transformation and the expansion of our fibre network.
  • Operating free cash flow (EBITDA – Capex) was up 65.1% at AED 956 million following EBITDA growth and the normalization of Capex. 

Financial summary

AED million Q3 2022 Q3 2023 change
Revenues 3,175 3,291 3.7%
EBITDA 1,303 1,483 13.8%
Net Profit 319 504 57.7%
 
Capex -724 -527 -27.1%
Capital intensity 22.8% 16.0% 6.8pp
Operating free cash flow 579 956  65.1%
 

Fahad Al Hassawi, CEO said:  “We were able, once again, to deliver an excellent quarter recording growth on all our financial and operational KPIs and to report the highest quarterly net income over the last 3 years. This outstanding financial and operational performance reflects the disciplined execution of our strategy, our commercial dynamism and the continuous innovation that we have been bringing to the market.

During this quarter, we have been very active pushing further the deployment of our 5G network which reached 98.5% coverage and is now transporting significant part of our traffic. We continued innovating through the products and services we offer, which now includes the Business Starter offering and Esaad promotions. We also continued expanding our partnerships with the government and private sectors, such as MOHRE and GoDaddy. By end of the quarter, we added 85,700 mobile customers, 32,200 postpaid and 53,500 prepaid, and 13,800 fixed customers.

The growth of our quarterly service revenues at 5.5%, coupled with a rigorous management of our cost base allowed us to register a double-digit growth on all our major profitability KPIs: 13.8% on EBITDA, 65.1% of Operating cash flow and 57.7% on Net Profit. We continue to invest in our IT infrastructure and 5G rollout to enhance our customer experience and to create and unlock shareholder value while conducting our transformation journey towards a leading digital telco.”

 

Mitsubishi Power and Egypt Ministry of Electricity and Renewable Energy Sign Agreement

By
Sahfy Sahfy
-
Mitsubishi Power and Egypt Ministry of Electricity and Renewable Energy Sign Agreement
Mitsubishi Power and Egypt Ministry of Electricity and Renewable Energy Sign Agreement

Mitsubishi Power, a power solution brand of Mitsubishi Heavy Industries, Ltd. (MHI) today announced a contract agreement with the Egyptian Ministry of Electricity and Renewable Energy, for the upgrade and reliability of the Sidi Krir and El-Atf power plants, extending the previous agreement signed in 2021.

The agreement extension was signed at a ceremony which took place at the St Regis Almasa Hotel in Egypt’s New Administrative Capital in Cairo and was attended by H.E. Dr. Mohamed Shaker, Egyptian Minister of Electricity and Renewable Energy, Eng. Gaber Desouki, Chairman of the Egyptian Electricity Holding Company (EEHC), Mr. SHIMIZU Kazuhiko, Counsellor, Embassy of Japan in Egypt, Mr. KATO Ken, Chief Representative of Japan International Cooperation Agency (JICA) Egypt Office, and Dr. Javier Cavada, President and CEO of Europe, Middle East and Africa at Mitsubishi Power, Khalid Salem, President at Mitsubishi Power MENA, accompanied by high ranking officials and representatives from the Ministry of Electricity and Renewable Energy, EEHC which leads the power generation and transmission operations in Egypt, the Embassy of Japan in Egypt (EoJ), JICA Cairo Office, and senior executives from Mitsubishi Power.

This JICA-financed agreement extension, follows the successful ongoing execution of a long-term service agreement (LTSA) signed in May 2021 for six M701F Gas Turbines at Cairo North, Sidi Krir and El-Atf power plants, which extended the power plants’ lifespan, improved power supply stability, reduced maintenance downtime and costs, and positively contribute to recovering performance, resulting in fuel savings and lessening the effects of climate change.

H.E. Dr. Mohamed Shaker, Egyptian Minister of Electricity and Renewable Energy, commented on the agreement with Mitsubishi Power saying: “Egypt and Japan celebrate strong bilateral relations across multiple sectors. Our longstanding partnerships have not only strengthened bonds of friendship and alliance, but have propelled growth, particularly in the power and critical infrastructure sectors; thus, contributing to the socio-economic development of our nation. Our partnership with Mitsubishi Power enables us to harness the power of innovation, technology, and expertise of our Japanese partners to enhance power generation and efficiency to ensure energy security and availability to power Egypt’s growing demand for electricity.”

H.E. Dr. Shaker added: “We are also very looking further for more collaboration with Mitsubishi Power and Japan in the field of decarbonization and green hydrogen infrastructure development.”

Sidi Krir and El-Atf plants power hundreds of thousands of homes and businesses in the western Alexandria and middle Delta regions via the reliable Egyptian unified electrical grid. Upon completion of the plants upgrades, the gas turbines efficiency improved by +2.5% on average with an increase in the power generation capacity of +6% (MW).

Dr. Javier Cavada, President and CEO of Europe, Middle East and Africa at Mitsubishi Power, said: “We are proud to be here today with our Egyptian partners to celebrate the success and continuation of our collaboration to support the critical power sector in Egypt, which is a pillar of the country’s economic development. This latest agreement harnesses Mitsubishi Power’s heritage in Egypt, built on delivering our industry-leading, reliable technology and service excellence and ensure the availability of power for the people of Egypt.”

Dr. Cavada added: “We are committed to continue supporting the growth and advancement of Egypt’s energy sector, as it pursues its ambitious energy transition and fulfill its vision to build a hydrogen ecosystem and regional decarbonization hub, with our cutting-edge and comprehensive carbon neutral technologies.”

Mr. KATO Ken, JICA Chief Representative Egypt Office said: “Relations between JICA and the Government of Egypt have strengthened in recent years, and we have made significant progress towards expanding cooperation on sustainable development and Climate Change, particularly in the field of energy. In pursuit of the Paris Agreement and towards the fulfillment of Egypt’s Climate Strategy and Nationally determined contributions, this latest project with Mitsubishi Power adds to the successful projects JICA has had with the Government of Egypt, reflecting Japan’s continued support for this crucial sector, and the sustainability and reliability of Japanese technology.”

Munjz Prop-Tech Platform Unveils Innovative New Features

By
Sahfy Sahfy
-
Munjz Prop-Tech Platform Unveils Innovative New Features
Munjz Prop-Tech Platform Unveils Innovative New Features

Munjz, the leading Saudi-based prop-tech cloud platform, is thrilled to have recently unveiled a range of innovative new features at MEFMA – Riyadh, revolutionizing the property management landscape. These innovative additions will empower users to streamline their property management operations, enhance the customer journey, and gain critical insights into maintenance and finances.

One of the key highlights of the live new update is the introduction of the In-House Technician Management SAAS module, which allows users to add their own technicians, enhancing the customer journey and user experience. It empowers companies to manage their technician teams and facilitates the connection between customers and technicians, all within the Munjz comprehensive platform. Users can now build their own service catalog, track order workflows, and communicate efficiently with stakeholders through the app.

Munjz is introducing Asset Management, a feature that enables users to gain insights into the life of maintenance. It will track how many times services have been called, the number of issues resolved, details on what was fixed, when and at what cost, and whether any components needed replacing. Helping track how many times services have been called on a certain asset. The new feature provides a comprehensive overview of maintenance history, helping users make informed decisions.

The Wallet Update is a major enhancement to the financial tracking aspect of Munjz as it improves the visibility of transactions within the app. Also enabling finance teams to easily read transactions and document all invoices and financial activities on the platform to streamline financial management and provides a clear record of transactions.

The updated dashboard will provide users with more data and key performance indicators (KPIs) in a user-friendly and visually appealing format. Decision-makers will be able to easily monitor and analyze performance metrics, making data-driven decisions more accessible.

Munjz is also introducing Pay & Subscription Fees, designed to offer flexible pricing based on the number of units and industry. Munjz’s software focuses on affordability, helping clients plan for their future expenses as they grow. This simplifies cost tracking, making it easier for property owners and managers to forecast their expenses accurately.

Abdullah AlDaij, Founder and CEO of Munjz, expressed his excitement about the new features at MEFMA – Riyadh, stating, “We are committed to providing property owners and managers with the most comprehensive and user-friendly property management platform. These new features will not only enhance the user experience but also empower our clients with powerful tools to manage their properties effectively.”

With these features, Munjz continues to set new standards for efficiency and growth within the property management sector. Patrons can now access these enhancements as the platform further revolutionizes property management in Saudi Arabia.

1...484950...64Page 49 of 64

EVEN MORE NEWS

POPULAR CATEGORY

©