14 August 2025
25.5
-11%
24.5m
Budget
22.7
Executive Summary
Total RevenueAll figures in AED M
Revenue by Division13.1
-38%
12.0m
Budget
+27%
4.0
10.7
8.0m
Budget
-3%
4.5m
3.9 Budget
8.1
8.4
Asset Management
Investment Banking
Real Estate
Q1-25
Q2-25
Q1-25
Q2-25
Q1-25
Q2-25
Q1-25
Q2-25
20.7
-14%
17.7
19.7m
Budget
56
8.6
57
Operating Expenses FTEs (Headcount and Expenses) Net Operating Profit
81%
78%
+4%
Cost to Income
4.8
5.0
4.8m
Budget
FTEs
-10%
7.7
8.8m
Budget
Q1-25 Q2-25
Q1-25 Q2-25
Q1-25 Q2-25
+50%
vs 0.5m
Budget
Net Profit (Core Business)0.8
1.2
Net Profit (Reported)18.6
(4.3)
1.2
21.8
Assets under ManagementQ1-25 Q2-25
5,238
-1%
5,164m
Budget
5,184
Net Profit (Core Business)
One-Off Income
One-Off Expenses
Net Profit (Reported)
Q1-25 Q2-25
Revenues stood at AED 23 million in Q2 2025, slightly lower compared to AED 26 million in Q1 2025. Mainly due to lower fees derived from Asset Management funds following a reversal of excess revenue in Q1 2025 based on estimated NAV. This was partially mitigated by steady growth in Investment banking income.
Operating income remained steady at AED 5 million, in line with the previous quarter, supported by stable fees and cost efficiencies.
The Group reported AED 19 million in Net Income. These results highlight robust growth prospects and a clear path toward sustainable profitability.
22% in operating margins compared to 19% in Q1 2025, supported by consistent revenue performance and effective cost optimization efforts, enhancing overall operational efficiency.
78% cost to income ratio, compared 81% in Q1 2025. Management is committed to achieving a target of 65% through strategic revenue-enhancing initiatives throughout FY 2025, building on the momentum of our recently implemented capital optimization plan
Revenues reached AED 48 million, a 2% increase from AED 47 million in H1 2024, driven by strong growth in investment banking income, reflecting the success of strategic initiatives.
AED 10 million in Operating Income, compared to AED 2 million in H1 2024, underscoring the effectiveness of cost-saving measures under our optimization strategy.
Over AED 9m in additional cost savings from ongoing headcount optimization initiatives
AED 214 million in Net Income, marking a turnaround from AED 117 million net loss in H1 2024. This result includes AED 240 million net gains, driven by the successful completion of the capital optimization plan.
Executive Summary (Cont'd)
Q2-25 Financial Measures
H1-25 Financial Measures
Q2-25 Key Metrics
Comments
Revenues stood AED 23 million, slightly lower compared to AED 26 million in Q1 2025. Mainly due to lower fees derived from Asset Management funds following a reversal of excess revenue in Q1 2025 based on estimated NAV. This was partly offset by consistent growth in Investment banking income..
Operating expenses decreased by AED 3 million due to lower staff costs and G&A.
Operating margins reached 22% for the quarter compared to 19% in Q1 2025, supported by steady revenues and reduced cost base.
Net profit (Core) achieved AED 1 million, in line with the previous quarter.
Non-recurring items in Q2 2025 mainly coming from Eshraq for AED 16 million and Al Ain plot valuation gains for AED 6 million.
Balance sheet optimization measures were taken in Q1 2025, including an increase in the company's share capital through the issuance of MCBs and the execution of settlement agreement with key creditor.
Equity of AED 621m, up from AED 41m in Q4 2024
Debt / Equity ratio of 0.6x, down from 24x in Q4 2024
Management remains committed to reducing the overall debt levels with a plan in place to manage remaining liabilities
Financial Summary
Q2 2025 Financial Performance
Q2-25 Actual | Q1-25 Actual | Q-o-Q Change | H1-25 H1-24 Y-o-Y Actual Actual Change | ||
8.1 | 13.1 | (5.0) | 21.2 | 37.3 | (16.1) |
10.7 | 8.4 | 2.3 | 19.1 | 4.7 | 14.3 |
3.9 | 4.0 | (0.0) | 7.9 | 4.3 | 3.5 |
0.0 | 0.0 | (0.0) | 0.0 | 0.7 | (0.6) |
22.7 | 25.5 | (2.7) | 48.2 47.1 1.1 | ||
(17.7) | (20.7) | 2.9 | (38.4) (45.4) 7.0 | ||
(7.7) | (8.6) | 0.8 | (16.3) | (25.1) | 8.8 |
(6.9) | (8.3) | 1.4 | (15.2) | (13.5) | (1.7) |
(2.3) | (2.3) | 0.0 | (4.7) | (4.7) | 0.1 |
(0.8) | (1.5) | 0.7 | (2.3) (2.1) (0.2) | ||
5.0 | 4.8 | 0.2 | 9.8 1.7 8.1 | ||
(7.0) | (7.5) | 0.5 | (14.6) | (39.4) | 24.8 |
3.2 | 3.5 | (0.3) | 6.7 7.5 (0.8) | ||
1.2 | 0.8 | 0.4 | 1.9 (30.2) 32.1 | ||
(1.7) | (3.3) | 1.6 | (4.9) (16.6) 11.7 | ||
19.5 | 220.8 | (201.3) | 240.3 (71.1) 311.3 | ||
(0.3) | (22.5) | 22.1 | (22.8) 1.2 (24.0) | ||
18.6 | 195.8 | (177.1) | 214.4 (116.7) 331.1 | ||
Income Statement (AED M) | ||||||||
Asset Management Real Estate Others | ||||||||
Total Revenues | ||||||||
Operating Expenses | ||||||||
Staff Expenses G&A D&A Others | ||||||||
Net Operating Income | ||||||||
Finance Cost Other Income & Expenses | ||||||||
Net Profit | ||||||||
Contribution from Subsidiaries | ||||||||
Non-Recurring Items | ||||||||
Corporate Tax | ||||||||
Net Profit to Common Shareholders | ||||||||
Key Metrics - Income Statement Operating Margin (%) excl. one-off items | 22% | 19% | 3% | 20% | 4% | 17% | ||
CIR (%) excl. one-off items | 78% | 81% | (3%) | 80% | 96% | (17%) | ||
Balance Sheet (AED M) Assets | 1,204 | 1,215 | (1%) | 1,204 | 1,375 | (12%) | ||
Liabilities | 583 | 619 | (6%) | 583 | 1,172 | (50%) | ||
Equity | 620 | 597 | 4% | 620 | 203 | 205% | ||
Net debt | 399 | 396 | 1% | 399 | 992 | (60%) | ||
Debt to Equity | 0.64x | 0.71x | (0.06)x | 0.64x | 4.89x | (4.24)x | ||
Return on Equity - Parent | 61% | 60% | 1% | 61% | NMF | NMF | ||
Investment Banking
Key Financial Highlights
AED M
18
17
23
25
Revenue
(4)
5
5
(5)
Operating Income
7
2
(6)
(2)
(10)
(4)
5
9
Q3-24 Q4-24 Q1-25 Q2-25
Q3-24 Q4-24 Q1-25 Q2-25
Run-Rate One-offs
19
196
(161)
(22)
Net Profit/(Loss) attributable to Owners of the Parent
D/E Ratio
0.6x
0.7x
24.4x
5.6x
Balance Sheet
1,375
1,196
1,197 1,156
1,215
1,204
619 597
583
620
179
41
Q3-24 Q4-24 Q1-25 Q2-25
Q3-24 Q4-24 Q1-25 Q2-25