Apex Investment PSC Reports Remarkable Growth in Q1 2024
Apex Investment PSC has reported a 625% year-over-year increase in net profit for Q1 2024.
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Mark Blackwell, CEO of Apex, highlighted the transformation undertaken in 2023 to lay the groundwork for future growth and diversification, which has significantly boosted their first quarter results this year.
Located in Abu Dhabi, UAE, Apex is a leading diversified investment firm associated with Ghitha, a conglomerate also based in Abu Dhabi. Apex now operates in three primary sectors: Services (including catering, facility management, laundry, and training), Structures (comprising hospitals, energy projects, labor camps, and their RAKCC cement factory), and Investments (covering equities, joint ventures, and M&A activities).
For Q1 2024, Apex reported a 32% increase in revenue compared to the same period last year, totaling AED 195M, mainly driven by their services and structures divisions. The gross profit margin improved significantly, from 13% in Q1 2023 to 21.4% in Q1 2024, equating to AED 42M and positioning Apex in the top quartile for benchmarking. The net operating profit, before accounting for unrealized losses on share investments, rose from 3.5% in Q1 2023 to 19% in Q1 2024, which translates to a monetary increase to AED 37M.
Despite challenges in the investment sector due to factors outside of management control, Apex reported a positive net profit before tax of AED 5.4M for Q1 2024, compared to a loss of AED 190.1M in the same period last year. The company’s balance sheet remains strong, with high liquidity levels.
Moving forward, CEO Mark Blackwell stated that Apex would continue focusing on growth through both organic means and acquisitions across all operational verticals through the end of 2024.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
