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.
2 min
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
Preparations have begun on the transformative UAE to Oman Hafeet Rail network, revealing significant construction details during a site visit.
3 min
The $3bn Hafeet Rail project between the UAE and Oman will feature 60 bridges and a 2.5km tunnel, making it an “architectural and engineering marvel,” according to CEO Ahmed Al Musawa Al Hashemi.
Hafeet Rail has announced that preparatory work is moving full speed ahead for constructing the transformative railway link between the UAE and Oman. This announcement was made during a site visit attended by key officials, members of the Asyad and Hafeet Rail executive management teams, project contractors, and consultants.
Key Highlights
During the visit, attendees were introduced to the main components of the project, including passenger, repair, and shipping stations, as well as major bridges and tunnel sites.
The Hafeet Rail project is set to play a very important role in enhancing local and regional trade, unlocking new opportunities in the infrastructure, transportation, and logistics sectors, and fostering economic diversification. It will also strengthen bilateral relations between the UAE and Oman.
The project will involve constructing 60 bridges, some reaching heights of up to 34 meters, and tunnels extending 2.5 kilometres. The Hafeet Rail team showcased the latest rail technologies and innovative engineering and architectural solutions designed to navigate the challenging geographical terrain and weather conditions while maintaining high standards of efficiency and safety.
The rail network will boost various industrial sectors and economic activities and significantly impact the tourism industry by facilitating easier and faster travel between the two countries.
Ahmed Al Bulushi, Asyad Group Chief Executive Asset, noted that the project’s rapid progress reflects the commitment of the UAE and Oman to developing and realizing the project’s multifaceted benefits.
Investment and Future Impact
Al Bulushi added that investments in developing local capabilities and expertise in rail-related disciplines over recent years have enabled the project to reach the implementation phase successfully under the leadership of highly efficient and professional national talent.
Hafeet Rail’s CEO Ahmed Al Musawa Al Hashemi emphasized, “The commencement of preparatory works for construction is a testament to the robust synergy between all parties involved in both nations, achieving this milestone in record time. We are confidently laying down the right tracks thanks to the shareholders of Hafeet Rail and the expertise of local companies in Oman and the UAE, alongside international partners.”
During the site visit, the visitors explored some of the key preparatory sites, including Wadi Al Jizi, where a 700-meter-long bridge towering 34 meters will be constructed. This ambitious project is envisioned as an architectural and engineering marvel in a complex geographical landscape.
Future phases will require more collaboration, with a continued focus on quality, safety, and environmental considerations in line with the international industry best practices.
The Hafeet Rail project represents the first-of-its-kind railway network linking two Gulf nations, marking a significant shift in regional goods transportation. This efficient and reliable transportation option will reduce dependence on slower and less sustainable road transport.
Hafeet Rail promises a 40% reduction in shipping costs and a 50% in transit times compared to traditional land transportation methods, as it will be connecting five major ports and several industrial and free zones in both countries.
This shift will reduce reliance on road transport by cars and trucks and promote more sustainable shipping practices. The establishment of the railway network will also create significant opportunities for SMEs in construction, engineering, and logistics support, acting as a catalyst for economic growth and innovation within the domestic economy.
By linking major ports, the Hafeet Rail project will enable local SMEs to import, export, and distribute their products more effectively, enhancing their market reach and global competitiveness.
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
