(Excluding Fair value changes and Corporate Tax for Q1 2024)
Apex CEO, Mark Blackwell, said: “2023 was all about change. We undertook a holistic transformation across our Group of Companies to establish core foundations to ensure we continue to bring world class offerings to our Clients and the Market. This meant fundamental changes across every aspect of the business, requiring both bold and difficult decisions to be made, that have now established the foundation to accelerate growth and diversification and delivered outstanding results for Q1 2024.”
Abu Dhabi, UAE; 30th April 2024: Entering 2024, Apex (ADX: APEX), a leading diversified investment firm in the UAE and an associate of Ghitha (ADX: Ghitha), the Abu Dhabi headquartered conglomerate, now operates across three core verticals, Services (including catering, facility management, laundry & training), Structures (hospitals, energy projects, labour camps and RAKCC our cement factory) and Investments (equities, joint ventures, and M&A activities).
2024 registered strong growth in Revenues and Operating Profits for Q1:
- Revenue is up 32% vs the same period last year, at AED 195M, driven by Services and Structures, where the full impact of the 2023 optimization program can be seen.
- Gross profit margin increased from 13% in Q123 to 21.4% in Q124, equating to AED 42M, which puts Apex in the top quartile from a benchmarking perspective.
- There has been a significant shift in net operating profit % (before unrealized loss on share investments), moving from 3.5% in Q123 to 19% in Q124, equating to AED 37M which represents 625% value increase.
- Despite, our investment vertical, which has exposure to exogenous factors beyond management control, we report a positive Net profit before tax of AED 5.4M in Q1 24 vs a Loss of AED 190.1M in Q1 23
- Our balance sheet remains particularly robust with strong liquidity levels.
Mark concluded “From now until the end of 2024, we will continue to focus on the next phase of Apex’s Transformation, to grow both organically and through acquisition across all three of our verticals.”
