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MLL Legal wählt Anaquas AQX-Plattform für verbessertes IP-Management und mehr Effizienz

BOSTON, Nov. 07, 2024 (GLOBE NEWSWIRE) — Anaqua, der führende Anbieter von Technologien für Innovation und IP–Management, gab heute bekannt, dass sich MLL Legal, eine der größten Kanzleien der Schweiz, für die Anaqua–Plattform AQX® Law Firm entschieden hat, um die Kapazitäten im Bereich IP–Management für Mandanten zu erweitern.

MLL Legal ist bekannt für Expertise in innovativen Bereichen wie Fintech, Blockchain, künstliche Intelligenz und Life Sciences. Mit über 250 Mitarbeitern, darunter 150 Anwälte, agiert MLL Legal aus Büros in Zürich, Genf, Lausanne und Zug sowie international in London und Madrid. Die Kanzlei wird regelmäßig in renommierten juristischen Publikationen und Rankings für ihr umfangreiches Wissen im Wirtschaftsrecht, ausgezeichnet. Im Bereich IP zählt MLL Legal seit Jahrzehnten zu den führenden Kanzleien der Schweiz.

Mit der Einführung der AQX Law Firm Plattform ersetzt MLL Legal ihr bisheriges IP–Management–System durch eine einheitliche, skalierbare Lösung. Diese integriert E–Mail–Archivierung, Dokumentenfreigabe und optimierte Workflows– alles mit besonderem Fokus auf Design– und Markenrecht. Die mehrstufigen Zugriffskontrollen der Plattform ermöglichen einen sicheren Umgang mit sensiblen Mandantendaten, während die kollaborativen Funktionen erleichtern eine nahtlose Zusammenarbeit innerhalb der Kanzlei und mit externen Mandanten ermöglichen.„Wir haben uns vor allem aus drei Gründen für Anaqua entschieden: das leistungsstarke Reporting–Tool, die benutzerfreundliche Oberfläche und die Out–of–the–Box Systemfunktionen“, sagte Franziska Schweizer, Leiterin des IP–Prosecution–Teams bei MLL Legal. „Das Reporting–Tool der AQX–Plattform ermöglicht es uns, schnell klare und verständliche Berichte ohne manuelle Bearbeitung zu erstellen. Durch die höhere Effizienz kann sich unser Team noch besser auf hochwertige Rechtsberatung konzentrieren.“

Bob Romeo, CEO von Anaqua, fügte hinzu: „Die Entscheidung von MLL Legal unterstreicht die wachsende Nachfrage nach innovativen IP–Lösungen im europäischen Rechtsmarkt. Die Fähigkeiten unserer Plattform sind darauf ausgelegt, Effizienz und Flexibilität zu steigern, sodass Kanzleien wie MLL Legal ihre IP–Portfolios besser verwalten und ihren Mandanten erstklassigen Service bieten können.“

Über Anaqua

Anaqua, Inc. ist ein führender Anbieter von integrierten Technologielösungen und Dienstleistungen für das Management von geistigem Eigentum (IP). Anaquas IP–Management–Lösungen AQX® und PATTSY WAVE® kombinieren bewährte Arbeitsabläufe mit Big–Data–Analysen und technologiegestützten Diensten, um eine intelligente Umgebung zu schaffen, die IP–Strategien unterstützt, fundierte Entscheidungen ermöglicht und Prozesse effizienter gestaltet. Heute nutzen fast die Hälfte der 100 größten US–Patentanmelder und globalen Marken sowie eine wachsende Zahl von Kanzleien weltweit die Lösungen von Anaqua. Über eine Million IP–Führungskräfte, Anwälte, Rechtsanwaltsfachangestellte, Administratoren und Innovatoren verwenden die Plattform für ihr IP–Management. Der Hauptsitz des Unternehmens befindet sich in Boston, mit weiteren Niederlassungen in den USA, Europa, Asien und Australien. Weitere Informationen finden Sie unter anaqua.com oder LinkedIn.

Pressekontakt:
WORDUP PR
Achim von Michel
+49–89–2 878 878 0
[email protected]


GLOBENEWSWIRE (Distribution ID 9267069)

MLL Legal Selects Anaqua’s AQX Law Firm Platform to Enhance IP Management and Drive Operational Efficiency

BOSTON, Nov. 07, 2024 (GLOBE NEWSWIRE) — Anaqua, the leading provider of innovation and intellectual property (IP) management technology, today announced that MLL Legal, one of Switzerland’s largest law firms, has selected Anaqua’s AQX® Law Firm platform to enhance its IP management capabilities for its clients.

MLL Legal is known for its expertise in innovative sectors such as fintech, blockchain, artificial intelligence, and life sciences. With over 250 professionals, including 150 lawyers, MLL Legal operates from offices in Zurich, Geneva, Lausanne, Zug, as well as international locations in London and Madrid. The firm is consistently recognized in prestigious legal publications and rankings for its extensive knowledge in commercial law. MLL Legal has been one of Switzerland's leading law firms in the field of IP for decades.

By adopting Anaqua’s AQX Law Firm platform, MLL Legal will replace its current IP management system with a unified, scalable solution that integrates email archiving, document sharing, and workflow enhancements—all with an emphasis on design and trademark management. The platform’s multi–tiered access controls offer customizable security ensuring the safe handling of sensitive client data, while its collaborative features facilitate seamless teamwork both within the firm and with external clients.

“We chose Anaqua primarily for three reasons: its robust reporting tools, the intuitive user experience, and the out–of–the–box system functionality,” said Franziska Schweizer, head of the IP Prosecution Team at MLL Legal. “The AQX platform’s reporting tools enable us to quickly generate clear and comprehensible reports without the need for manual processing. This efficiency allows our team to focus more on delivering high–quality legal advice.”

Bob Romeo, CEO of Anaqua, added: “MLL Legal's decision underscores the growing demand for innovative IP solutions within the European legal market. Our platform’s capabilities are designed to ensure increased efficiency and flexibility, enabling law firms like MLL Legal to better manage their clients’ IP portfolios while providing exceptional service.”

About Anaqua

Anaqua, Inc. is a premium provider of integrated technology solutions and services for the management of intellectual property (IP). Anaqua's AQX® and PATTSY WAVE® IP management solutions combine best practice workflows with big data analytics and technology–enabled services to create an intelligent environment that informs IP strategies, enables IP decisions and streamlines IP processes. Today, nearly half of the 100 largest U.S. patent applicants and global brands, as well as a growing number of law firms worldwide, use Anaqua's solutions. Over one million IP executives, lawyers, paralegals, administrators and innovators use the platform for their IP management. The company is headquartered in Boston, with additional offices in the United States, Europe, Asia, and Australia. For more information, please visit anaqua.com or LinkedIn.

Company Contact:
Amanda Glagolev
Director, Communications
Anaqua
617–375–5808
[email protected]


GLOBENEWSWIRE (Distribution ID 9267069)

Integrated Power Services übernimmt Vermögenswerte des Geschäftsbereichs ABB Industrial Services

GREENVILLE, South Carolina, Sept. 05, 2024 (GLOBE NEWSWIRE) — Integrated Power Services (IPS), ein nordamerikanischer Marktführer für die Wartung, Entwicklung und Wiederaufarbeitung von elektrischen, mechanischen und Energiemanagementsystemen, hat die Übernahme des Geschäftsbereichs ABB Industrial Services mit Wirkung zum 31. August 2024 abgeschlossen. Mit Standorten in Arizona, Indiana, North Carolina, Alberta und Ontario bietet ABB Industrial Services Reparatur– und Vor–Ort–Service für Elektromotoren mit bis zu 50.000 PS und Nieder– und Mittelspannungsschaltanlagen von 480 V bis 15 kV in höchster Qualität. Diese Servicezentren führen auch Reparaturen an rotierenden Geräten wie Pumpen, Kompressoren, Gebläsen, Lagern, Getrieben und OHV–Antriebssträngen für den Bergbau durch.

„Diese Übernahme ermöglicht es IPS, Standorte hinzuzufügen, an denen Kunden uns aufgefordert haben, Dienstleistungen anzubieten“, so John Zuleger, President und CEO von IPS. „Diese fünf Standorte werden unsere Kapazitäten in den Bereichen erneuerbare Energien, Kupferabbau und industrielle Dienstleistungen im Bereich Energiemanagement auf dem Anschlussmarkt erweitern. Darüber hinaus wird IPS nun 115 weitere talentierte Mitarbeiter sowie die bewährte Technologie und das Know–how aus dem Portfolio von General Electric und ABB an diesen neu erworbenen Standorten beherbergen.“

Die Übernahme von ABB Industrial Services folgt der Übernahme des ABB–Geschäfts für die Reparatur von Wasserkraftgeneratoren und Transformatoren durch IPS im Juni 2022. Die fünf ABB–Servicecenter für Elektromotoren, Generatoren, Mechanik, Schaltanlagen und Leistungsschalter für die Industrie waren Teil einer Übernahme von General Electric Industrial Solutions durch ABB im Juni 2018.

„IPS ist auf 88 Standorte angewachsen und bedient die Vereinigten Staaten, Kanada, das Vereinigte Königreich, Europa und die Karibik“, so Zuleger. „IPS strebt danach, der einzige Ansprechpartner und vertrauenswürdige Berater für die kritischen Infrastrukturherausforderungen unserer Kunden zu werden. Mit einem Dienstleistungsangebot, das von der Stromerzeugung und industriellen Prozessen über Umspannwerke und Stromübertragung bis hin zu elektrischen Anlagen und Elektromotoren reicht, bietet IPS die breiteste Palette an Dienstleistungen und ist in der Lage, Probleme zu lösen, die nur wenige Anbieter bewältigen können. Wir sind bestrebt, die Zuverlässigkeit zu revolutionieren, indem wir unsere Vision und Fähigkeit weiterentwickeln, auf die größten Zuverlässigkeitsprobleme unserer Kunden zu reagieren, sie zu überdenken und zu lösen.“

Über Integrated Power Services (IPS)  
Integrated Power Services (IPS) ist ein führender Anbieter von Dienstleistungen, Entwicklung und Wiederaufarbeitung für elektrische, mechanische und Energiemanagementsysteme. Mit einem Schwerpunkt auf branchenspezifischem Fachwissen und einem umfassenden Leistungsspektrum unterstützt IPS kritische Infrastrukturen bei einer Vielzahl von Kunden. IPS hat seinen Hauptsitz in Greenville, South Carolina, und betreibt das größte Netzwerk der Branche mit Service– und Vertriebszentren, Außenstellen und strategisch günstig gelegenen Lagern in ganz Nordamerika, Großbritannien und der Karibik. Jeder Standort von IPS ist so ausgestattet, dass er komplexe Herausforderungen bewältigen, neu durchdenken und lösen kann. Er bietet Zugang zu einem umfangreichen globalen Talentpool und Ressourcen für nahtlose Lösungen aus einer Hand. Weitere Informationen finden Sie unter www.ips.us.

Zur sofortigen Veröffentlichung  
Medienkontakt: Casey Blevins, VP of Marketing 
[email protected] oder 864.451.5617

Ein Foto zu dieser Mitteilung ist verfügbar unter https://www.globenewswire.com/NewsRoom/AttachmentNg/d8d7aa53–e1c6–42e1–b5ef–dd18db565202


GLOBENEWSWIRE (Distribution ID 9225647)

Integrated Power Services fait l’acquisition des actifs de l’activité ABB Industrial Services

GREENVILLE, Caroline du Sud, 05 sept. 2024 (GLOBE NEWSWIRE) — Integrated Power Services (IPS), un leader en Amérique du Nord spécialisé dans l’entretien, l’ingénierie et la remise à neuf de systèmes électriques, mécaniques et de gestion de l’énergie, a finalisé le 31 août 2024 son acquisition de l’activité ABB Industrial Services. Depuis ses installations en Arizona, Indiana, Caroline du Nord, Alberta et Ontario, ABB Industrial Services offre des capacités de réparation et de service sur site de la plus haute qualité pour les moteurs électriques jusqu’à 50 000 HP et les équipements de commutation basse et moyenne tension de 480 V à 15 kV. Ces centres de service assurent également la réparation des équipements rotatifs, y compris les pompes, compresseurs, souffleurs, roulements, boîtes de vitesses et groupes motopropulseurs des véhicules hors route.

« Cette acquisition permettra à IPS d’élargir son offre dans les régions où les clients nous ont demandé des services », a déclaré John Zuleger, Président et PDG d’IPS. « Ces cinq sites renforceront nos capacités dans les domaines des énergies renouvelables, de l’extraction du cuivre et des services industriels après–vente de gestion de l’énergie. De plus, IPS accueillera désormais 115 employés talentueux supplémentaires, ainsi que la technologie et l’expertise issues de l’héritage de General Electric et d’ABB sur ces sites récemment acquis. »

L’acquisition d’ABB Industrial Services fait suite à l’acquisition par IPS de l’activité de réparation d’hydrogénérateurs et de transformateurs d’ABB en juin 2022. Les cinq centres de services industriels d’ABB pour les moteurs électriques, les générateurs, la mécanique, l’appareillage de commutation et les disjoncteurs faisaient partie de l’acquisition de General Electric Industrial Solutions par ABB en juin 2018.

« IPS a développé son activité dans 88 sites, couvrant les États–Unis, le Canada, le Royaume–Uni, l’Europe et les Caraïbes », a ajouté John Zuleger. « IPS aspire à devenir la seule référence, le conseiller de confiance auprès de nos clients pour relever les défis qu’ils rencontrent en matière d’infrastructures critiques. Avec une offre de services qui couvre la production d’énergie et les processus industriels, les sous–stations et la transmission, l’équilibre électrique de l’usine et les moteurs électriques, IPS fournit la gamme de services la plus large et peut ainsi résoudre des problèmes que peu de fournisseurs sont capables de traiter. Nous sommes déterminés à révolutionner la fiabilité en faisant progresser notre vision et capacité à relever, repenser et résoudre les plus grands défis de nos clients en matière de fiabilité. »

À propos d’Integrated Power Services (IPS)  
Integrated Power Services (IPS) est un leader spécialisé dans l’entretien, l’ingénierie et la remise à neuf de systèmes électriques, mécaniques et de gestion de l’énergie. En privilégiant une expertise propre à l’industrie et une gamme complète de compétences, IPS soutient les infrastructures critiques de clients très variés. Avec son siège à Greenville, en Caroline du Sud, IPS exploite le plus grand réseau du secteur, avec des centres de service et de distribution, des bureaux locaux et des entrepôts stratégiquement situés en Amérique du Nord, au Royaume–Uni et dans les Caraïbes. Chaque site IPS est équipé de manière à relever, repenser et résoudre des défis complexes, offrant un accès à une vaste réserve de talents et de ressources à l’échelle mondiale pour des solutions intégrées, provenant d’une source unique. Pour en savoir plus, consultez notre site sur www.ips.us.

Pour publication immédiate  
Contact médias : Casey Blevins, VP du marketing 
[email protected] ou 864.451.5617

Une photo accompagnant ce communiqué est disponible à l’adresse suivante : https://www.globenewswire.com/NewsRoom/AttachmentNg/d8d7aa53–e1c6–42e1–b5ef–dd18db565202


GLOBENEWSWIRE (Distribution ID 9225647)

Ittihad announces Half Year 2024 Financial Results

ABU DHABI, United Arab Emirates, Sept. 04, 2024 (GLOBE NEWSWIRE) — Ittihad International Investment LLC (“Ittihad”; the “Company”), the leading industrial conglomerate in the UAE, today announces its Half Year 2024 Financial Results.

Financial Highlights – H1 2024 vs H1 2023

  • Group Revenue of $1.6 billion (AED6.0 billion) vs $1.5 billion (AED5.4 billion)
  • Group Adjusted EBITDA* of $73.6 million (AED270.4 million) vs $67.9 million (AED249.4 million)
  • Accelerated deleveraging towards short term leverage target, with gross debt leverage of 5.0x at H1 2024 (down from 5.3x as of December 31, 2023), and adjusted net leverage* 3.0x as of H1 2024, down from 3.4x as of December 31, 2023.
  • Healthy H1 2024 free cash flow generation of $49.4 million after funding $17.0m of capital expenditure, out of which $10.6 million was used towards growth capex and the balance towards maintenance capex.
  • Stronger balance sheet with net cash and cash equivalents of $146.8 million, and readily marketable inventories (RMI) of $135.4 million as at half year 2024.
  • On July 15th 2024, Ittihad successfully completed a $100 million tap on its original $350 million sukuk certificates. The proceeds from this new issuance were utilized to refinance existing debt, thereby extending the Company's debt maturity profile and enhancing its financial flexibility.

Operational Highlights

  • Consumer Goods Manufacturing (CGM): Recovery in EBITDA margin resulted in a 11.4% increase in H1 2024 compared to H1 2023 and 33% increase compared to H2 2023 ($34.3m vs $25.8m). This improvement was driven by a favorable price–volume mix and a gradual improvement in market conditions, where inventory levels, particularly in paper and chemicals, became more balanced after the significant corrections in H2 2023. However, despite the significant EBITDA growth, margin recovery was still partially constrained by rising shipping costs in certain global markets due to geopolitical tensions in the Red Sea region. As these issues ease, there is potential for further margin improvement.
  • Infrastructure and Building Materials Manufacturing (IBMM): Bolstered by strong market fundamentals and robust demand driven by the energy transition, as well as sustained investments in infrastructure and real estate development across the region, the Company successfully built on the 74% EBITDA growth achieved in H1 2023 compared to H1 2022. The positive outlook for this segment continued, with an additional 10% growth in H1 2024 compared to H1 2023, reaching $22.8 million, up from $20.7 million.
  • Commercial operations started at the newly established copper upcycling facility. This strategic initiative is set to enhance the company's margins and operational efficiency. The manufacturing facility is aligned with Ittihad's commitment to sustainability by increasing the use of recycled materials in its copper rod production, contributing to a greener environment while simultaneously driving financial growth.
  • Business Services:. EBITDA grew by 8% in H1 2024 compared to the same period in 2023 ($20.9 million vs. $19.4 million). This increase was primarily driven from securing new long–term contracts in infrastructure and operation and maintenance of the sewage network, totalling $64 million.
  • Healthcare and other: The Healthcare segment is navigating an increasingly competitive market, leading to pressures on margins across the board. However, the company is strategically adapting to this challenging landscape by shifting focus from capital equipment sales to a more sustainable revenue model centered around recurring healthcare consumables. This transition not only aligns with evolving industry demands but also enhances cash flow stability through shorter cash cycles, ensuring a more resilient business model in the future.
  • As part of our ongoing commitment to not only achieving strong financial performance but also contributing positively to the environment and society, the company has made a significant progress in the implementation of its ESG program. Further details on this important initiative will be provided in our inaugural sustainability report, which is scheduled for release in the coming weeks

Outlook

  • Organic growth and sustainability will remain the primary focus areas over the next five years.
  • The Company has a short–term leverage target of 2.5x – 3.0x (net of bank balances and cash and RMI) and is focused on meeting this leverage target in the short to medium term.
  • Ittihad is well–placed to capitalise on strategic M&A opportunities and is strategically positioned to expedite its investment plans while exploring additional avenues for raising capital.

* Note on adjustments:

“Adjusted EBITDA” is defined as net profit (loss) for the year / period from continuing operations plus finance costs, tax, depreciation, amortisation, and changes in the fair value of derivative financial instruments

“Adjusted net leverage“ is defined as gross debt minus cash balances and readily marketable inventories (RMI) to adjusted EBITDA

Amer Kakish, Chief Executive Officer of Ittihad, said:

“I am proud of our company's sustained growth and resilience as we continue to navigate a dynamic business environment. Our performance reflects not only the strength of our market position in key sectors, but also our commitment to seizing new opportunities that drive long–term value for our stakeholders.

We remain focused on delivering higher returns through expansions and innovation, while maintaining rigorous financial discipline. By balancing growth with a strong financial foundation, we ensure that our company is well–positioned to capitalize on future opportunities, creating lasting value for our shareholders and partners.”

For further information please contact:

Ittihad International Investment
Zahi Abu Hamze
Chief Financial Officer
+971 506128603

Wasfi Al Tayara
Corporate Finance and Investor Relations Manager
+971 501307449
[email protected]

MHP Group
James McFarlane / Veronica Farah / Hugo Harris
+44 7584 152665 / +44 7710 117517 / +44 7593 391044
[email protected]

Overview

The Company achieved a record revenue and an adjusted EBITDA of AED 11.0 billion and AED 530.6 million respectively for the twelve month period ending June 30, 2024, despite facing macroeconomic challenges, including geopolitical conflicts that disrupted supply chains. This success was driven by a recovery in CGM margins, supported by a favorable price–volume mix and lower input costs, as well as sustainable EBITDA in the IBMM and Business Services segments, thanks to strong market fundamentals and a solid market position.

Our ability to generate long–term recurring revenues, attract new customers, and diversify our sales globally without relying heavily on a single market enabled us to navigate challenging market conditions and consistently meet our financial targets.

Revenue increased by AED 561.4 million, or by 10.3 per cent., to AED 6.0 billion in the six months ended 30 June 2024 from AED 5.4 billion in the six months ended 30 June 2023, primarily due to increase in commodity prices including paper, copper, and chemicals.

Adjusted EBITDA increased by AED 21.0 million, or by 8.4 per cent., to AED 270.4 million in the six months ended 30 June 2024 from AED 249.4 million in the six months ended 30 June 2023, primarily due to recovery of EBITDA in the chemicals and paper businesses as a result of higher prices of finished goods.

Segmental Performance

Consumer Goods Manufacturing (CGM)

CGM comprises three product lines: Printing and writing paper, tissue, and chemicals used in detergents and personal care products. The nature of the products the Company manufactures are fast moving essential goods which enables its Consumer Goods margins to remain relatively resilient during economic downturns. In the six months ended 30 June 2024, the Company's three consumer goods products accounted for [15] per cent of the Company's revenue and 46.5 per cent of its adjusted EBITDA.

Revenue decreased by AED 96.3 million, or by 9.7 per cent., to AED 899.7 million in the six months ended 30 June 2024 from AED 996.0 million in the six months ended 30 June 2023, primarily due to lower prices of paper and tissue driven by a lower pulp price.

Adjusted EBITDA increased by AED 12.9 million, or by 11.4 per cent., to AED 125.8 million in the six months ended 30 June 2024 from AED 113.0 million in the six months ended 30 June 2023, primarily due to increased sales volumes as a result of recovery in demand from downstream sectors of chemicals following a period of destocking and significant correction in raw material prices in 2023.

Infrastructure and Building Materials Manufacturing

IBMM division comprises three product lines: Refined copper rods, steel bars, and cement. The copper business enjoys a positive outlook due to strong demand propelled by the increasing adoption of alternative energy sources and electric vehicles, aligned with global trends favoring energy transition initiatives. Similarly, the overall building materials segment has experienced a surge in sales and improved margins, fuelled by substantial infrastructure investments and heightened construction activity in key markets such as the UAE and Saudi Arabia. In the six months ended 30 June 2024, IBMM accounted for [77.5] per cent of the Company's revenue and 31 per cent of its adjusted EBITDA.

Revenue increased by AED 626.2 million, or by 15.6 per cent., to AED 4,647.5 million in the six months ended 30 June 2024 from AED 4,021.3 million in the six months ended 30 June 2023, primarily due to higher price and demand for copper, cement and steel from global and regional markets on account of a strong push for energy transition, digitalisation, real estate and infrastructure projects.

Adjusted EBITDA increased by AED 7.6 million, or by 10.0 per cent., to AED 83.8 million in the six months ended 30 June 2024 from AED 76.2 million in the six months ended 30 June 2023, primarily due to higher sales volume in the copper and steel business, followed by improved margins across all division businesses.

Business Services

The Company's business services division provides: Long–term procurement, maintenance, and operation of radiology departments in Government–owned hospitals; Operation and maintenance services for infrastructure networks, wastewater treatment plants, sewage network and sewage treatment plants; and city cleaning and municipal waste collection. In the six months ended 30 June 2024, Business Services accounted for [5.6] per cent of the Company's revenue and 28.4 per cent of its adjusted EBITDA.

Revenue increased AED 41.2 million, or by 13.9 per cent., to AED 336.7 million in the six months ended 30 June 2024 from AED 295.5 million in the six months ended 30 June 2023, primarily due to an increase in work orders and O&M contracts across all businesses of the division.

Adjusted EBITDA increased by AED 5.7 million, or by 8.0 per cent., to AED 76.8 million in the six months ended 30 June 2024 from AED 71.1 million in the six months ended 30 June 2023, primarily due to newly set–up city cleaning and waste management operation in KSA and an increase in work orders in the operation and maintenance of sewage network and landscaping businesses.

Healthcare and other

The division comprises of healthcare, fund management, logistics and transportation, and interior design services for government and the private sector. These businesses, in alignment with our Business Services division, have minimal asset requirements and operate in sectors with promising growth prospects. In the six months ended 30 June 2024, Healthcare and other accounted for [1.9] per cent of the Company's revenue and –1 per cent of its adjusted EBITDA.

Revenue decreased by AED 7.9 million, or by 6.7 per cent., to AED 111.4 million in the six months ended 30 June 2024 from AED 119.4 million in the six months ended 30 June 2023, primarily due to a softening in demand for medical lab equipment, operating theatres, hospital beds and office furniture.

Adjusted EBITDA reduced to a loss of AED 2.8 million in the six months ended 30 June 2024 from a gain of AED 3.9 million in the six months ended 30 June 2023, primarily due to softer demand for medical and lab equipment.

Outlook

Ittihad expects year–over–year EBITDA growth to be sustained throughout 2024. Moreover further margin improvements can be anticipated in the Consumer Goods segment once geopolitical tensions ease and Red Sea shipping constraints are resolved.

From an operational standpoint, Ittihad anticipates further efficiencies in the value chain mainly driven from a capacity ramp up in the copper upcycling plant, and the revenue increase from additional contracts in the city cleaning and waste collection operation in Saudi Arabia.

Looking ahead, the Company's primary focus over the next five years will be on organic growth and sustainability. Expansion into Saudi Arabia will remain a key priority, alongside ongoing investments in human capital development and the advancement of our ESG program.

About Ittihad

Ittihad is a privately owned business founded in 2008 and headquartered in the United Arab Emirates (UAE), with investments in the UAE, Saudi Arabia, and Egypt. The Company exports products and services to over 50 countries worldwide. It has a talented team of more than 8,000 members from over 57 nationalities with sector–wide expertise and a commitment to operational excellence.

Since 2015, Ittihad has pursued a strategy of investing in businesses with leading domestic positions in the UAE and the Gulf Cooperation Council (GCC), as well as strong international export potential. The Company focuses on long–term investments, all structured for business–to–business (B2B) export and designed to capture the unique value proposition offered by the UAE and the region.

Ittihad is committed to powering wealth creation through assets that balance profitability with sustainability and generate positive outcomes for stakeholders, society, and the planet.

This information is provided by Reach, the non–regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com. 


GLOBENEWSWIRE (Distribution ID 9225285)

Integrated Power Services Acquires Assets of ABB Industrial Services Business

GREENVILLE, S.C., Sept. 03, 2024 (GLOBE NEWSWIRE) — Integrated Power Services (IPS), a North American leader in the servicing, engineering, and remanufacturing of electrical, mechanical, and power management systems, has finalized the acquisition of ABB’s Industrial Services business, effective August 31, 2024. With locations in Arizona, Indiana, North Carolina, Alberta, and Ontario, ABB Industrial Services provides the highest–quality repair and field service capabilities for electric motors up to 50,000 HP and low– and medium–voltage switchgear equipment from 480V to 15kV. These service centers also perform rotating equipment repair of pumps, compressors, blowers, bearings, gearboxes, and OHV mining drivetrains.   

“This acquisition will permit IPS to add locations where customers have urged us to offer services” said John Zuleger, IPS President and CEO. “These five locations will enhance our capabilities in renewables, copper mining, and power management aftermarket industrial services. Additionally, IPS will now be the home of 115 additional talented employees, and the legacy technology and expertise from the General Electric and ABB heritage of these newly acquired sites.”   

The acquisition of ABB Industrial Services follows IPS’s acquisition of ABB’s hydrogenerator and transformer repair business in June 2022. The five ABB electric motor, generator, mechanical, switchgear, and circuit breaker industrial service centers were a part of a General Electric Industrial Solutions acquisition by ABB in June 2018.  

“IPS has grown to 88 locations, serving the United States, Canada, the United Kingdom, Europe, and the Caribbean,” said Zuleger. “IPS aspires to become the single source, trusted advisor for our customers’ critical infrastructure challenges. With service offerings that span from power generation and industrial processes, to substations and transmission, to electrical balance of plant and electric motors, IPS delivers the widest range of services and is able to solve problems few providers can. We are committed to revolutionizing reliability, as we advance our vision and ability to respond, rethink, and resolve our customer’s biggest reliability challenges.”      

About Integrated Power Services (IPS)  
Integrated Power Services (IPS) is a leading provider of service, engineering, and remanufacturing for electrical, mechanical, and power management systems. With a focus on industry–specific expertise and a comprehensive range of capabilities, IPS supports critical infrastructure across a wide range of customers. Headquartered in Greenville, South Carolina, IPS operates the largest network in the industry, with service and distribution centers, field offices, and strategically located warehouses across North America, the United Kingdom, and the Caribbean. Each IPS location is equipped to respond, rethink, and resolve complex challenges, offering access to an extensive global talent pool and resources for seamless, single–source solutions. To learn more, visit www.ips.us. 

For immediate release  
Media contact: Casey Blevins, VP of Marketing 
[email protected] or 864.451.5617 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8d7aa53–e1c6–42e1–b5ef–dd18db565202


GLOBENEWSWIRE (Distribution ID 9224874)

Successful Completion of $100m Tap Issue

Ittihad Successfully Completes $100 Million Tap Issue of Initial $350 Million Sukuk:

ABU DHABI, United Arab Emirates, July 15, 2024 (GLOBE NEWSWIRE) — Ittihad is pleased to announce the successful completion of a $100 million tap issue of its $350 million sukuk, originally issued in November 2023. The sukuk, which carries a coupon interest rate of 9.75%, will mature in November 2028.

The tap issuance was placed at an issue price of 102.1, resulting in a yield of 9.0%. This yield reflects an improvement over the original terms.

The proceeds from this new issue will be utilized to refinance existing debt, thereby extending the company's debt maturity profile and enhancing its financial flexibility.

The tap issue garnered strong interest from international investors, who accounted for 70% of the new issue (34.5% from the US Offshore accounts, 22% from the UK and 13.5% from Europe), with the remaining 30% from regional asset managers. This significant international participation underscores the growing confidence in Ittihad's strong financial profile and enhances the diversification of its investor base, serving the company's long–term strategic goals. The demand from investors is a testament to Ittihad's enduring success story and its ability to attract and retain the confidence of regional and international investors. The company remains committed to its strategic objectives and will continue to pursue initiatives that strengthen its financial position and drive sustainable growth.

J.P. Morgan acted as sole lead manager and bookrunner on this transaction.

For further information, please contact:

Wasfi Al Tayara
Corporate Finance and Investor Relations Manager
+971 2 6581888
[email protected]

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN OR INTO THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)) OR ANY OTHER JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO.

ENDS

About Ittihad
Ittihad is a privately owned business founded in 2008 and headquartered in the United Arab Emirates (UAE), with investments in the UAE, Saudi Arabia, and Egypt. The Company exports products and services to over 50 countries worldwide. It has a talented team of more than 8,000 members from over 57 nationalities with sector–wide expertise and a commitment to operational excellence.

Since 2015, Ittihad has pursued a strategy of investing in businesses with leading domestic positions in the UAE and the Gulf Cooperation Council (GCC), as well as strong international export potential. The Company focuses on long–term investments, all structured for business–to–business (B2B) export and designed to capture the unique value proposition offered by the UAE and the region.

Ittihad is committed to powering wealth creation through assets that balance profitability with sustainability and generate positive outcomes for stakeholders, society, and the planet.

This information is provided by Reach, the non–regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.


GLOBENEWSWIRE (Distribution ID 9177963)