News
Finesse drives ‘Digital Transformation’ at Al Najah Education Group
Al Najah Education, one of the leading educational groups in the MENA and Southeast Asia region, has chosen Finesse to drive their Digital Transformation journey over the coming months.
The Al Najah Education group had a vision of using cloud, analytics and mobility to bring about digital transformation within the group. Nrupaditya Singhdeo, CEO at Al Najah Education believes that to embrace the next level of growth, business and departments need to embrace digital transformation. Apart from getting insights into the various data points across the organization to give the actionable insights in real time, they need this to be available securely to every stakeholder across devices at all times.
Finesse, the leading IT System Integrator in the region has been signed up for their capabilities in enabling digital transformation and offering infrastructure as a service on a pay as you grow model with their cloud implementation, migration and support services. The group’s roadway towards Digital Transformation will include leveraging Finesse’s capabilities in Analytics and Mobility too.
Nrupaditya Singhdeo, CEO at Al Najah Education, said, “We look forward to bringing together more than 45 educational institutions and respective departments allowing for better decision making and management.”
Ashith Piriyattiath, Group IT Head, said, “Keeping in line with the vision of being market leaders in the respective lines of businesses; Al Najah, as a group was looking for a reliable partner to drive the digital transformation for us. The aim is to move from a federated way of operations to a centralized model to cater to future infrastructure needs. Our past experience of working with Finesse has given us the confidence that they can bring the transformation for us with their capabilities in cloud solutions, analytics and mobility.”
Anand Lakhwani, Practice Head – Infrastructure Services at Finesse, said, “Finesse brings in depth experience in consulting and system integration services, with immense capability in implementing on premise to cloud migration with advisory services. The objective is to enhance the end user experience and provide the IT team at Al Najah with more accessibility, scalability and availability from infrastructure point of view.”
Sunil Paul – COO and Co-Founder, Finesse, said, “Finesse has been a trusted leader in enabling digital transformation for our enterprise clients. We are delighted to assist Al Najah Education Group in their strategic digital transformation program.”
News
Dubai Humanitarian and University of Birmingham Dubai Forge Partnership to Innovate Humanitarian Research and Education
At the sidelines of GITEX Global 2024, Dubai Humanitarian and the University of Birmingham Dubai announced a strategic partnership aimed at advancing research and developing cutting-edge educational programmes focused on humanitarian action and sustainability in humanitarian supply chains.
This collaboration marks a pivotal moment in fostering educational, research, and practical ties between the two renowned institutions, aimed at addressing some of the world’s most pressing challenges through innovation and collaboration.
The partnership will unite the expertise of Dubai Humanitarian and the University of Birmingham Dubai to drive joint research initiatives in key areas such as sustainable supply chains, urban planning, innovative construction techniques, and food security. In addition, the two entities will co-develop Continuing Professional Development (CPD) programmes to enhance the capabilities of both organisations’ staff and students, ensuring that the latest knowledge and skills are applied in the field of humanitarian operations.
A key highlight of the partnership is the introduction of internship opportunities at Dubai Humanitarian for University of Birmingham Dubai students, with a special focus on UAE Nationals. These internships will provide hands-on experience in a fast-paced, real-world environment, equipping students with practical skills critical to their future careers in humanitarian work.
Giuseppe Saba, CEO of Dubai Humanitarian, said: “At Dubai Humanitarian, we believe in involving youth in humanitarian action. Our collaboration with the University of Birmingham Dubai is yet another step toward advancing research and education in the humanitarian sector. By combining our expertise, we can co-develop solutions that tackle global challenges, enhance sustainability, and improve the effectiveness of humanitarian operations. This partnership will allow us to expand our reach and deepen our impact.”
“Our partnership with Dubai Humanitarian marks a significant step in advancing a sustainable future for Dubai and the wider region. As a civic university, the University of Birmingham Dubai is committed to embedding responsible business practices and sustainability into its core values. Through collaborations that address pressing social and environmental challenges, we believe in empowering future leaders with the knowledge and skills to create lasting, positive change, fostering a more resilient and sustainable future for all,” said Professor Yusra Mouzughi, Provost of the University of Birmingham Dubai.
The partnership will also extend to hosting a range of collaborative events, including expert-led guest lectures, interactive workshops, and innovation-driven hackathons. These initiatives will create a platform for knowledge exchange, promoting dialogue on emerging trends and solutions in the humanitarian sector.
Financial
Phoenix Group Investment Strategy Delivers Impressive USD 47.6 Million Profit for Q3 2024
Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange has announced its Q3 2024 results, reporting core revenue of $35.9M and investment income of $68.5M. Core revenue is primarily generated from self-mining, with additional contributions from trading and hosting services. The investment income, drawn from digital assets and other diversified Web3 investments, reflects the company’s active capital deployment strategy.
Key financial highlights:
- Total assets saw a remarkable 148% year-over-year increase in the first nine months of 2024, rising to $977.6 million from $394.1 million.
- Total assets recorded a 6% quarter-over-quarter increase.
- The self-mining segment achieved significant growth, surging 285% year-over-year to $26.6 million in Q3 2024, up from $6.9 million in Q3 2023.
- Earnings per share for Q3 2024 were reported at $0.008.
Q3 2024 revenue came in at $35.9M, with a decline in trading and hosting revenue due to the company’s strategic shift towards deploying more inventory into self-mining. Self-mining revenue has shown resilience, with only a 7% quarter-over-quarter decrease despite the full impact of the halving, increased mining difficulty, and lower BTC prices. Phoenix Group anticipates improvements in mining economics as early indicators of a new bull market begin to emerge.
The company achieved robust returns from investments, marking a 16% quarter-over-quarter growth driven primarily by gains from new digital asset investments. Phoenix Group has demonstrated a strong ability to generate value across diverse Web3 investments, with some assets, such as Solana tokens, achieving over 4x returns. The company is actively pursuing a strategy to increase capital deployment into foundational deals and incubation projects. Despite a challenging quarter for the industry, Phoenix Group has shown notable resilience and a strong bottom line, outperforming many peer mining companies.
“Our Q3 results reflect the effectiveness of our adaptive investment strategy, particularly within the self-mining sector and across digital assets. Phoenix Group remains committed to capitalizing on emerging opportunities within Web3 and digital assets, ensuring we continue to lead with innovation and resilience. As we expand into foundational projects and incubation deals, we are well-positioned to provide significant value to our shareholders and support growth in the region’s tech landscape.” said Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group.
Phoenix Group’s Q3 2024 performance underscores the impact of its forward-thinking investment approach and adaptive strategy within a challenging market. With the company’s continued focus on innovative growth, the coming quarters are poised to build on Phoenix’s success, leveraging the strong momentum gained within digital assets, self-mining, and diverse Web3 investments.
“Our Q3 achievements underscore Phoenix Group’s dedication to proactive and sustainable growth, especially within the self-mining and digital asset sectors. By leveraging market dynamics and focusing on foundational investments, we continue to unlock new value streams that fortify our resilience and enhance our market leadership. We remain committed to aligning our strategies with shareholder interests, building a robust platform that stands resilient against market volatility while advancing the UAE’s tech landscape.” said Munaf Ali, Co-Founder and Group Managing Director of Phoenix Group
Financial
Americana Restaurants announces nine months 2024 results, reports $1.61 billion in Revenue
Americana Restaurants International PLC today announced its financial results for the nine-month period ended 30 September 2024.
Year-on-Year Performance
Americana Restaurants reported revenues of $1.61 billion in the first nine months of 2024, a decline of 15.2% compared to the same period in 2023. Topline growth continued to be impacted by lower like-for-like sales due to the evolving regional geopolitical situation and slowness in consumer demand observed in some markets, despite support from new store openings.
The company registered a year-on-year improvement in gross margins, supported by favourable commodity trends and procurement initiatives.
Further, the Company reported adjusted EBITDA of $350.6 million, resulting in 21.8% margin. The adjusted EBITDA margin for the first nine months of 2024 were impacted by lower revenue base; partially supported by various cost mitigation efforts.
Net profit (attributable to the shareholders of the Parent Company) for the first nine months of 2024 was reported at $117.4 million, a decrease of 48.2% year-on-year. In addition to impact from lower EBITDA, net income declined due to incremental depreciation charges on account of new store openings during the period, as well as the implementation of corporate tax in the UAE.
Americana Restaurants reported $555.0 million in revenues in Q3 2024, which was marginally down by 0.8% compared to Q2 2024, reflecting business resilience amidst continued conflict.
In Q3 2024, the Company witnessed a noticeable recovery in average daily transactions as well as average daily sales per store compared to Q2 2024.
Americana Restaurants expanded its regional footprint by adding 113 gross new stores in the first nine months of 2024, bringing its total restaurant count to 2,504 as of 30 September 2024.
Financial Highlights
$ millions | Q3 2024 | Q3 2023 | Change % | 9M 2024 | 9M 2023 | Change % | |
Revenue | 555.0 | 655.5 | (15.3%) | 1,607.8 | 1,897.0 | (15.2%) | |
Adjusted EBITDA | 117.9 | 154.8 | (23.8%) | 350.6 | 446.5 | (21.5%) | |
Adjusted EBITDA Margin (%) | 21.2% | 23.6% | 21.8% | 23.5% | |||
Net Profit (attributable to the shareholders of the Parent Company) | 37.4 | 81.9 | (54.3%) | 117.4 | 226.7 | (48.2%) | |
Adjusted Free Cash Flow | 12.1 | 84.1 | (85.6%) | 56.2 | 195.0 | (71.2%) | |
Earnings per Share ($) | 0.0044 | 0.0097 | (54.3%) | 0.0139 | 0.0269 | (48.2%) |
Balance Sheet & Cashflow
For the period ending 30 September 2024, Americana Restaurants continued to maintain a healthy balance sheet with no leverage and strong cash reserves. With an adjusted free cash flow of $56.2 million, the Company is adequately positioned to meet its capex requirements.
Management Outlook
Americana Restaurants is focused on building transaction momentum through various strategic initiatives such as everyday value offers across markets to increase order frequency, targeted promotional activities aimed at driving engagement, and competitive deals to attract new customers.
In addition, the Company is implementing a strategic blend of revenue enhancement initiatives, store expansion program, cost-saving practices, and technology integration to enhance its operational performance.
Americana Restaurants remains committed to consistently monitoring its operations across various markets to adapt and navigate through current challenges efficiently. The Company remains flexible and strategic in response to the evolving market conditions.
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