2024-09-04 10:30:33
Industrial stocks saw revenue growth of 4.2% in the second quarter of this year alone
yield: According to recent analysis by BMCE Capital Global Research, these revenues were mainly driven by the commercial dynamism of the financial sector, which recorded double-digit growth (+12.7%) in net banking income (NBI) to AED46.3 billion.
The investment of listed companies in the first half of the year was consolidated. BMCE Capital Global Research, in its publication Earnings in the First Half of 2024, noted an increase of 18.9%, equivalent to AED 8.6 billion mobilized in the first six months of the year. The main reason for this development is that Managem’s CAPEX (capital expenditure – investment expenditure) jumped 2.3 times to AED 2.684 billion, following the implementation of an important development strategy. In addition to this, IAM provided investments of AED 3.232 billion (+9.7%), in line with the group’s investment strategy to strengthen service performance and quality.
We also note that the total budget of Urmes has increased by 33% to AED 286 million, earmarked for strengthening production and logistics capacities to guarantee the sustainability of its operations. “Looking at the main contributors, the historic telecommunications operator IAM consumed 38% of capital expenditures, followed by mining companies with 33% (of which the management allocated 68% to the group’s development projects, in particular the construction work of the BOTO gold mine and the Tizet copper project),” explains BMCE Capital Global Research. These investments are made against the backdrop of positive behavior in all listed companies. The analysis of the various financial results shows an increase in the total revenues of listed companies. In the first six months of the year, the latter grew by 4.3% to AED 153 billion. “These revenues were mainly driven by the commercial dynamism of the financial sector, which achieved double-digit growth (+12.7%) in net banking income (NBI) to AED 46.3 billion,” we can read from the publication. And it points out that “the industrial sector stagnated, with an almost stagnant overall turnover of AED 93.8 billion (+0.6%)”. In the second quarter of this year alone, industrial stocks saw revenues rise 4.2%, BMCE Capital Global Research said in its newsletter.
“This recovery could herald a sustained acceleration in business activity in the second half of the year, despite an unfavourable calendar, with the negative impact of Eid al-Adha being eliminated in the first half,” the publication noted. Specifically, the double-digit growth in the Financial NBI (+12.7%) mainly included additional contributions from Attijariwafa Bank (+AED2.424 billion), BOA (+AED1.208 billion) and BCP (+AED1.057 billion). This was mainly due to the strong growth in revenue from marketing activities. In addition, the Insurance and Brokerage sector recorded a 4.2% increase in turnover in the first half of the year. This performance takes into account the achievements of Wafa Assurance (+451 MDH), benefiting from the performance recorded by all damage branches and the good performance of the Savings and Protection business. In terms of the balance sheet, the net debt of listed companies (excluding financial companies) fell slightly by 1.9% to AED57.8 billion compared to the outstanding debt at the end of 2023.
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