UAE: MBME Group posts robust HI net profit of $133mln

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UAE - MBME Group has posted a robust first-half (H1) net profit of AED487.7 million ($133 million) reflecting the group’s continuous efforts to expand its market presence and deliver exceptional value to its stakeholders.

The group's growth has been driven by a range of strategic endeavours such as entering new markets, increasing organic growth, fostering innovative technologies, building new partnerships, and widening its geographic presence. This aligns with its mission to globally introduce transformative solutions, encouraging innovation and addressing evolving customer demands.

Ali Mohamed Saeed Albadi AlDhaheri, Chairman of MBME Group, said: “As we continue on this trajectory, we remain focused on delivering value and maintaining our position as an industry leader and are confident in our ability to build upon this success in the coming quarters.”

Book value at AED7.34 billion

According to the data released by the MBME Group, the total book value stood at AED7.34 billion reflecting effective operational strategies and revenue generation. Meanwhile, the substantial accumulated retained earnings of AED963.9 million signify prudent financial management and sustained profitability over time. The Group also recorded a Price-to-Book Value ratio of 4 points while the half-year earnings per share stood at 0.19 during this period.

During the first half of 2023, MBME Group expanded its innovative self-service solutions beyond Abu Dhabi and Dubai to encompass government entities in other Emirates, bolstering digital interactions for businesses across the UAE and benefiting residents and enterprises alike.

Furthermore, the group is strengthening its position in GCC, Mena, and Southeast Asia. Its entry into nations like Indonesia, the Philippines, and Malaysia aligns with its commitment to innovative products, services, and proprietary technology.

Talented team

Saeed Mohamed Albadi Aldhaheri, Deputy Chairman of MBME Group, stated: “This achievement reflects the dedication of our talented team and the effectiveness of our strategic initiatives. The Group is committed to delivering sustained value to stakeholders and maintaining its position as the UAE’s leading online payment service provider.”

During this period, the group introduced an extensive range of new products, services, and technologies by utilising Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), redefining user experiences and interactions with its offerings. Additionally, MBME Group created an advanced solution, redefining real estate transactions by simplifying payments for greater efficiency in rent collection and property sales.

Similarly, the MBME Group’s blockchain-based fintech solution reinforces transaction security, engendering trust in both individuals and financial institutions. Leveraging blockchain's decentralised nature, the Group empowers secure transactions, reflecting its commitment to innovation and customer-centricity.

ADX listing

Abdelhadi Mohamed, Managing Director of MBME Group, stated: “In April 2023, we reached a significant milestone by successfully listing on the Abu Dhabi Securities Exchange (ADX) Growth Market. This move showcased our growth and potential, while offering new opportunities for investors to join us on our journey.”

He added: “We remain committed to delivering value to our clients, shareholders, and partners while maintaining the highest standards of quality and integrity, which also reflects our dedication to collaboration for strategic partnerships. This has been evident in recent strategic partnerships, notably, Royal Strategic Partners (RSP), alongside Naqd Group, SAP Fioneer GMBH, and MBME Group, signed an MoU to establish a digital innovation Hub in Abu Dhabi. This "Centre of Excellence" advances finance-related sectors across Mena and the Indian subcontinent.”

MBME Investment has also launched a new initiative with major local IT company - the Giga Immersive Service Centre of Excellence. The partnership showcases the joint commitment to innovation and exceptional stakeholder experiences.