ABU DHABI - Apex, an Abu Dhabi-based firm and an associate of Ghitha, today announced its financial results for the first quarter of 2024 for its three core verticals: Services (including catering, facility management, laundry, and training), Structures (hospitals, energy projects, labour camps, and RAKCC-cement factory), and Investments (equities, joint ventures, and mergers and acquisitions activities).

In a statement, the company said that revenue is up 32% compared to the same period last year, at AED195 million, driven by Services and Structures, where the full impact of the 2023 optimisation programme can be seen.

Gross profit margin increased from 13% in Q1 23 to 21.4% in Q1 24, equating to AED42 million, which puts Apex in the top quartile from a benchmarking perspective.

There has been a significant shift in net operating profit percentage (before unrealised loss on share investments), moving from 3.5% in Q1 23 to 19% in Q1 24, equating to AED37 million which represents 625% value increase.

Despite the company's investment vertical, which is exposed to exogenous factors beyond management control, Apex reported a positive net profit before tax of AED5.4 million in Q1 24 vs. a loss of AED190.1 million in Q1 23.

The company's balance sheet remains particularly robust, with solid liquidity levels.

Apex CEO Mark Blackwell commented, "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. We have now established the foundation to accelerate growth and diversification and delivered outstanding results for Q1 2024."

He added that until the end of 2024, the company will continue to focus on the next phase of Apex's Transformation, to grow both organically and through acquisition across all three of its verticals.