MBME Group reports AED487 million net profit for first half of 2023

MBME Group reports AED487 million net profit for first half of 2023

MBME Group today announced its financial results for the six-month period ending 30 June 2023.  In the first half of the year, the group recorded a net profit over AED 487 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 endeavors such as entering new markets, increasing organic growth, fostering innovative technologies, building new partnerships, and widening its geographic presence. This aligns with the company’s mission to globally introduce transformative solutions, encouraging innovation and addressing evolving customer demands.

Ali Mohamed Saeed Albadi AlDhaheri, Chairman of MBME Group said, “We are pleased to announce our impressive half-yearly financial results, which showcase the dedication and hard work of our entire team. These results have been driven by the strategic direction of the Board of Directors and our unwavering commitment to innovation, customer satisfaction, and operational excellence. We extend our gratitude to our dedicated employees, customers, and supportive stakeholders who have contributed to our success. 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.”

According to the data released by the MBME Group, the half-year net profit reached an impressive AED 487,746,759.57 while total book value stood at AED 7,344,854,782, reflecting effective operational strategies and revenue generation. Meanwhile, the substantial accumulated retained earnings of AED 963,894,761.54 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.

Commenting on the results and the Group products innovation, Saeed Mohamed Albadi Aldhaheri, Deputy Chairman of MBME Group, stated, “We are delighted to announce our financial results for the last six months, which demonstrate substantial growth and robust performance across key metrics. 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 utilizing 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 decentralized nature, the Group empowers secure transactions, reflecting its commitment to innovation and customer-centricity.

Abdelhadi Mohamed (pictured), Managing Director of MBME Group stated, “These exceptional half-year results are a testament to the dedication, hard work, and innovation of our entire team. We extend our heartfelt gratitude to our talented and committed staff, whose unwavering efforts have been instrumental in achieving these outstanding results. Additionally, 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.”

Abdelhadi Mohamed 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 Center of Excellence. The partnership showcases the joint commitment to innovation and exceptional stakeholder experiences. The Giga Immersive Service Center of Excellence reimagines service delivery and experience creation, merging digital and tangible realms for limitless innovation.