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Ittihad announces Full Year 2023 Financial Results

Transformational year – well positioned for future growth

ABU DHABI, United Arab Emirates, May 17, 2024 (GLOBE NEWSWIRE) — Ittihad International Investment LLC (Ittihad), the leading industrial conglomerate in the UAE, today announces its Full Year 2023 Financial Results.

Financial Highlights

  • Group Revenue of $2.8 billion (AED10.4 billion)
  • Group Adjusted EBITDA* of $138.7 million (AED509.6 million)
  • Successfully launched a 5NC2 debut Sukuk, raising $350 million
  • Continued focus on deleveraging the business, with gross debt leverage of 5.3x at year end (down from 6.0x as of December 31, 2022), and adjusted net leverage* stood at 3.4x in 2023, down from 3.5x in 2022
    • Debt repayments for the year amounted to $119 million (AED436.6 million)
  • Strong balance sheet continues to provide capital allocation optionality
    • Net cash and cash equivalents of $153 million, with readily marketable inventories (RMI) of $107 million as at year end
    • $50 million of restricted cash was released in December 2023, with proceeds used to pay down working capital facilities
    • Ittihad is well-placed to continue to capitalise on a pipeline of strategic M&A opportunities to compound growth
  • Arranged $88 million of term loan and Export Credit Agency (ECA ) backed term financing for the tissue mill expansion project in Saudi Arabia. The facility is unsecured with a maturity of 12 years door-to-door

Operational Highlights

  • Infrastructure and Building Materials Manufacturing (IBMM): strong margin growth as a result of positive pricing performance and a significant shift in demand driven by the energy transition and long-term investments in infrastructure and real estate development across the region.
  • Consumer Goods Manufacturing (CGM): margin compression in the segment in the second and third quarter of the year due to destocking and a rapid correction in both raw material and finished goods prices.
  • Construction commenced on the new tissue mill in Saudi Arabia, a project that will ensure a more competitive logistics costs and improved price margins in the country.
  • Metropolic Paper Industries (MPI) became the main tissue supplier for Carrefour, a leading retail brand in the UAE.
  • Business Services: Double digit growth in EBITDA achieved across the waste collection, city cleaning, and sewage network services. Ittihad successfully penetrated a niche market in this segment by introducing robotic camera technology solution for sewage network inspection and repair, seeing strong levels of demand in the local market. Ittihad is well-placed to take advantage of potential opportunities for regional expansion with this technology.
  • The acquisition and expansion of a waste collection and city cleaning company in Saudi Arabia, effectively scaling up operations with new long-term projects valued at $40 million.

Outlook

  • Organic growth and sustainability will remain the primary focus over the next five years.
  • Plans to further expand into Saudi Arabia in consumer goods and business services segments.
  • The Company has a medium-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 capital raise.

* Note on adjustments:

“Adjusted EBITDA” is defined as net profit (loss) for the year / period from continuing operations plus finance costs, tax, depreciation, amortisation, impairment of goodwill, 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:

“The sustained and resilient EBITDA performance witnessed in 2023 highlights Ittihad’s ability to maintain the strong earnings achieved in the record-breaking year of 2022. This consistent long-term growth demonstrates a significant milestone in our expansion journey, emphasizing the resilience of our diversified portfolio amidst challenging economic and geopolitical conditions, both regionally and globally.”

“We take pride in Ittihad’s current contribution, accounting for over 4% of the UAE’s non-oil manufacturing sector exports, and our rapid progress aligns with the UAE’s ‘Operation 300bn’ strategy. Looking ahead, our focus remains on driving organic growth throughout our portfolio while maintaining our commitment to ongoing investment plans.”

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
investor.relations@ittihadinvestment.ae

MHP Group
James McFarlane / Charlie Barker / Veronica Farah
+44 7584 152665 / +44 7834 623818 / +44 7710 117517
Ittihad@mhpgroup.com

Overview

The headline figures of AED 10.4 billion in revenues and AED 509.6 million adjusted EBITDA for the 12-month period remained relatively consistent with the prior year. However, it’s important to recognize that 2022 marked a record year for the CGM segment, driven by customers replenishing inventories post-pandemic. Subsequently, as supply chain disruptions eased, customers scaled back on excess stock. Moreover, challenges such as higher interest rates, inflation, and geopolitical conflicts further complicated market conditions. Despite these obstacles, our ability to maintain the strong gains achieved in 2022 amid such challenges is commendable.

Our robust performance underscores the diversified nature of our investment portfolio spanning four key verticals: Consumer Goods Manufacturing, Infrastructure and Building Materials Manufacturing, Business Services, and Healthcare and Other. Throughout 2023, this diversification strategy has proven effective, showcasing resilience across various sectors and geographic markets. While certain segments faced macroeconomic challenges like destocking in consumer goods, others enjoyed robust demand and predictable earnings streams, mitigating any negative impacts at the Company level.

Revenue decreased by AED 538.4 million, or by 4.9 per cent., to AED 10,427.9 million in the twelve months ended 31 December 2023 from AED 10,966.3 million in the twelve months ended 31 December 2022, primarily due to a cyclical correction in commodity prices including paper, copper, and chemicals.

Adjusted EBITDA decreased by AED 12.7 million, or by 2.4 per cent., to AED 509.6 million in the twelve months ended 31 December 2023 from AED 522.3 million in the twelve months ended 31 December 2022, primarily due to softening of EBITDA in the chemicals and paper businesses as a result of lower prices of raw materials and finished goods, largely offset by higher margins and volume in IBMM and Business Services divisions. As a percentage of revenue, Adjusted EBITDA margin decreased from 13.3 per cent. to 12.6 per cent.

Segmental Performance

Consumer Goods Manufacturing

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 12 months ended 31 December 2023, the Company’s three consumer goods products  accounted for 18 per cent of the Company’s revenue and 41 per cent of its adjusted EBITDA.

Revenue decreased by AED 220.8 million, or by 10.4 per cent., to AED 1,906.7 million in the twelve months ended 31 December 2023 from AED 2,127.5 million in the twelve months ended 31 December 2022, primarily due to a post COVID drop in demand and prices of chemicals from June 2022 onwards as a result of destocking and normalization in supply chain, and a cyclical correction in the prices of tissue and paper during the second and third quarter of 2023.

Adjusted EBITDA decreased by AED 125.1 million, or by 37.6 per cent., to AED 207.7 million in the twelve months ended 31 December 2023 from AED 332.9 million in the twelve months ended 31 December 2022, primarily due to softening of margins as a result of lower prices of tissue, paper and chemical driven by a significant correction in raw material prices on the back of easing of supply chain crunch. Some of the excess demand growth of 2022 caused paper inventories to swell, contributing to de stocking and thereby softening of demand during second and third quarter in 2023. The impact was more significant in the chemical business due to much lower post-pandemic demand for cleaning and disinfecting chemicals.

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 12 months ended 31 December 2023, IBMM accounted for 73 per cent of the Company’s revenue and 32 per cent of its adjusted EBITDA.

Revenue decreased by AED 444.3 million, or by 5.5 per cent., to AED 7,643.9 million in the twelve months ended 31 December 2023 from AED 8,088.2 million in the twelve months ended 31 December 2022, primarily due to a lower average price of copper during the period. Cement and steel business experienced healthy demand from the regional market on account of strong push for real estate and infrastructure projects, partly offset the decrease in copper.

Adjusted EBITDA increased by AED 90.7 million, or by 125.1 per cent., to AED 163.2 million in the twelve months ended 31 December 2023 from AED 72.5 million in the twelve months ended 31 December 2022, primarily due to higher margins and sales volume in the copper, steel and cement 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 12 months ended 31 December 2023, Business Services accounted for 6 per cent of the Company’s revenue and 28 per cent of its adjusted EBITDA.

Revenue increased AED 66.3 million, or by 12.8 per cent., to AED 585.4 million in the twelve months ended 31 December 2023 from AED 519.0 million in the twelve months ended 31 December 2022, primarily due to an increase in work orders in the sewage and infrastructure business.

Adjusted EBITDA increased by AED 20.4 million, or by 16.5 per cent., to AED 144.2 million in the twelve months ended 31 December 2023 from AED 123.8 million in the twelve months ended 31 December 2022, primarily due to improved margins in city cleaning and waste collection and an increase in work orders in the operation and maintenance of sewage networks.

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 12 months ended 31 December 2023, Healthcare and other accounted for 3 per cent of the Company’s revenue and 5 per cent of its adjusted EBITDA.

Revenue increased by AED 131.5 million, or by 83.6 per cent., to AED 288.7 million in the twelve months ended 31 December 2023 from AED 157.3 million in the twelve months ended 31 December 2022, primarily due to an increase in sales of medical lab equipment, operating theatres, hospital beds, office furniture and a revenue ramp up of the newly expanded operation in Egypt and Saudi Arabia.

Adjusted EBITDA improved to AED 27.4 million in the twelve months ended 31 December 2023 from AED 6.1 million in the twelve months ended 31 December 2022, primarily due to increased margin on account of increase in sales of medical lab equipment, operating theatres, hospital beds, office furniture and a revenue ramp up of the newly expanded operation in Egypt and KSA.

Outlook

Ittihad expects further growth at the EBITDA level, with revenues across verticals expected to organically expand. Moreover, improvements in margins are anticipated within the Consumer Goods vertical as the segment supply and demand dynamics normalize.

From an operational standpoint, Ittihad is strategically positioned to drive growth within its portfolio. In Q2 2024, the commissioning of our copper recycling plant is scheduled, along with additional expansion plans for the recently acquired 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 rns@lseg.com or visit www.rns.com.

GlobeNewswire Distribution ID 9119718

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Innovating to Impact: Dentsu Unveils New Global Brand Proposition Drawing Upon 120 Year Heritage

Dentsu, Innovating to Impact
Dentsu, Innovating to Impact

TOKYO, May 16, 2024 (GLOBE NEWSWIRE) — Dentsu, today announced the launch of its new global, client-facing, brand proposition, “Innovating to Impact”, marking a significant milestone in the company’s storied 120-year plus history. The new go-to-market brand encapsulates dentsu’s commitment to driving growth through innovation, leveraging the collective strengths of transformative creativity, media, data, and technology.

Created through a collaborative effort of many dentsu teams around the world, “Innovating to Impact” reflects dentsu’s dedication to delivering outcomes that not only drive business growth but also generate a positive effect on people, society and the world.

“Our new branding is a bold declaration of our unwavering commitment to innovate in pursuit of outcomes on behalf of our clients,” said Hiroshi Igarashi, President & Global CEO, dentsu. “At dentsu, we are not content with simply following trends; we aim to set them. ‘Innovating to Impact’ is our promise to our clients, our incredible people and the communities we serve, that we will continue to push the boundaries of what’s possible through experience and business transformation.”

The launch is the next stage in dentsu’s mid to long-term strategy and its positioning as an integrated growth and transformation partner to the world’s leading organizations. Dentsu brings the best of both worlds to clients: individual global leadership brands that can deliver deep expertise, and the ability to tie those services together to deliver a multiplier effect for clients as dentsu.

A Dentsu Creative team, headed by Riccardo Fregoso, Chief Creative Officer Dentsu Creative Italy, led development of the tagline “Innovating to Impact”, along with a new brand manifesto. The design look and feel of the new brand was produced by the multi-award winning Dentsu Inc. team in dentsu Japan, led by Executive Creative Director, Yoshihiro Yagi, one of Japan’s most internationally awarded, art-based creatives.

“For over 120 years, innovation has been a core tenet of dentsu’s offering; it is in our DNA and within the very culture of our teams around the world. Innovation for dentsu is both an open mindset as well as a systematic approach, helping clients approach their business transformation in new ways,” commented Jean Lin, Global President – Global Practices, dentsu. “Dentsu is truly unique in the market, sitting at the convergence of marketing, technology and consulting. When we combine innovation with a laser focus on driving outcomes, we bring together the best of our capabilities to deliver integrated growth for brands who want something different from the traditional model.”

Dentsu’s new brand will be further showcased at the Cannes Lions Festival in June 2024, with dentsu Beach House programming and design reflecting the principles and positioning of “Innovating to Impact”.

For more information about dentsu and the new GTM brand, please visit: Innovating to Impact

Team credits:

Dentsu Creative Italy

Riccardo Fregoso, Chief Creative Officer
Stefano Battistelli, Executive Creative Director
Francesco Epifani, Executive Creative Director
Cristiana Bregni, Art Director
Santiago Cancela, Copywriter

Dentsu Inc., Japan

Yoshihiro Yagi, Executive Creative Director
Tsubasa Adachi, Creative Director
Haruko Tsutsui, Creative Director
Hiroyuki Kato, Art Director
Natsuki Tomoda, Art Director
Miyuki Ito, Copywriter
Mariko Fukuoka, Copywriter
Shintaro Murakami, Digital Technologist

About dentsu

Dentsu is an integrated growth and transformation partner to the world’s leading organizations. Founded in 1901 in Tokyo, Japan, and now present in over 145 countries and regions, it has a proven track record of nurturing and developing innovations, combining the talents of its global network of leadership brands to develop impactful and integrated growth solutions for clients. Dentsu delivers end-to-end experience transformation (EX) by integrating its services across Media, CXM and Creative, while its business transformation (BX) mindset pushes the boundaries of transformation and sustainable growth for brands, people and society.

Dentsu, Innovating to Impact.

Find out more:

www.dentsu.com
www.group.dentsu.com

Contact:

Matt Cross
Email: matt.cross@dentsu.com

A photo accompanying this announcement is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/0b229c64-e587-4c92-80d2-8fb28b25ff1f

GlobeNewswire Distribution ID 1000951315

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Tealium unveils CDP integration with Snowflake’s Snowpipe Streaming API

The integration combines the powerful forces of the Snowflake Data Cloud and Tealium CDP to accelerate CX across the entire customer journey

San Diego, May 16, 2024 (GLOBE NEWSWIRE) — Tealium announced today that it is one of the first customer data platforms (CDPs) to seamlessly connect to Snowflake’s Snowpipe Streaming API, offering industry-leading customer data collection and activation capabilities. Tealium’s CDP, powered by Snowflake, streamlines the process of landing low latency customer behavior data into the Snowflake Data Cloud to power analytics, AI, and customer-360 initiatives, allowing enterprises to better serve and engage their customers.

“At the heart of any CX strategy, is your data. CDPs and cloud data platforms are powerful catalysts for managing, analyzing, and activating customer data successfully to achieve this. And although unique on their own, together, they become a powerful force. That’s why Tealium and Snowflake are truly better together, providing a centralized consented data hub combining the benefits of historical data, real-time behavior, and utmost flexibility,” says Bob Page, Chief Product Officer at Tealium.

Real-time access to customer data is crucial for organizations to stay competitive and deliver exceptional customer experiences. Tealium’s integration with the Snowpipe Streaming API enables businesses to capture, process, analyze, and activate data efficiently. This powerful combination allows organizations to unlock valuable insights, enhance personalization, and make data-driven decisions, ultimately driving growth and customer satisfaction.

The integration leverages the power of a real-time CDP coupled with Snowflake’s elastic performance engine to drive customer data capabilities, including:

  • Establish unified and actionable customer views to power real-time engagement, leveraging enhanced identity data in Snowflake
  • Fuel and activate AI initiatives across the entire data infrastructure 
  • Minimize wasted time on data wrangling for more strategic and higher-quality insights 
  • Reduce regulatory risk by enabling consented data collection and activation, honoring customer privacy preferences across the entire journey
  • Improve ROI and achieve business goals through enhanced measurement and data-driven decision making

“As third-party cookies phase out and privacy regulations intensify, the demand for secure, privacy-first, real-time data solutions has never been greater,” said Onil Gunawardana, Head of Product Management, Marketing Data Cloud, at Snowflake. “Tealium’s advanced CDP with consent management, integrated with Snowflake’s Snowpipe API, provides enterprises with immediate access to cleansed, high-quality, first-party data. This seamless connectivity not only speeds up data ingestion for AI and improves customer experiences, but also ensures that data usage remains compliant within Snowflake’s robust analytics environment, elevating customer data strategies with unmatched security and efficiency.”

The integration also equips teams with widened flexibility, allowing them to augment customer data with AI, fueling models with clean and consented data. With every business having an AI mandate, the biggest challenge being faced during initial adoption is access to AI-ready data. The Tealium and Snowflake integration enforces enhanced data quality and governance, which supports successful AI implementation across the enterprise.

Learn more about how Tealium and Snowflake are better together.

To keep up with the latest company news, visit Tealium’s Newsroom.

Join the Real-Time Revolution: Tealium is hosting its annual Digital Velocity conference in San Diego on June 10-12, 2024. Join industry leaders as they come together to discuss the latest innovations in customer data. On Tuesday, June 11, Patrick Crosby, Senior Alliance Manager for Technology Partners at Snowflake, will be speaking in a session on “Driving Growth through Data Integration: CDPs and the Snowflake Marketing Data Cloud in Concert.”  Learn more and register here. 

 

About Tealium 

As the most trusted CDP, Tealium connects data so businesses can better connect with their customers. Tealium’s real-time data infrastructure allows brands to power their AI models and activate data for enhanced in-the-moment experiences. Tealium’s turnkey integration ecosystem supports more than 1,300 built-in connections from the world’s most prominent technology experts. Tealium’s solutions include a real-time customer data platform with machine learning, tag management, an API hub, and data management solutions that make customer data more valuable, actionable, privacy-compliant, and secure. Named as a Leader in the Gartner® Magic Quadrant for Customer Data Platforms™, more than 850 leading businesses globally trust Tealium to power their customer data strategies. For more information, visit www.tealium.com.

Natalie Passarelli
Tealium Inc. 
3129650210
natalie.passarelli@tealium.com

GlobeNewswire Distribution ID 9118839

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Telecoming slated to join Telecoms World Middle East 2024

DUBAI, UAE – EQS Newswire – 16 May 2024 – Telecoming, sportech company specializing in developing and distributing mobile experiences for sports and entertainment, will take part, for the second year in a row at Telecom World Middle East 2024, scheduled for May 28-29. The company’s involvement in the event is part of a strategic initiative aimed at strengthening its presence in the region by partnering with mobile operators to offer digital services to sports enthusiasts.

This global event, which centers on innovation, connectivity, and technology, will feature Telecoming in a series of debates alongside key figures in the mobile entertainment industry. Patricia Peiró, Chief Strategy Officer at Telecoming, will discuss her expertise in technology-driven solutions for monetizing mobile entertainment. She will focus on the sports sector and explore how Direct Carrier Billing (DCB) is propelling the growth of the mobile economy in collaboration with telecommunications companies across two pivotal panels. Telecoming’s participation highlights the importance of this event, which brings together industry leaders and experts to discuss developments and challenges in mobile technologies across the Middle East.

“We are thrilled to return to Telecoms World Middle East, because the region is an incredibly dynamic market with a strong interest in sports and digital consumption. Telecoming is looking forward to explore new opportunities in close collaboration with telecom operators“, explains Ali Karaosman, MEA Director at Telecoming.

About Telecoming:
Telecoming is a sportech company specializing in developing and distributing mobile experiences for sports and entertainment. The firm has been deploying monetization technologies in partnership with telcos since 2008. Telecoming is currently present in 18 countries. Its portfolio includes the official licenses of the leading soccer clubs in Europe and Africa, as well as the main competitions of 12 sports disciplines. Leader in the digital content economy since its foundation, the company has been recognized by the London Stock Exchange as one of Europe’s most inspiring organizations. In addition, it is one of Europe’s fastest-growing companies, according to Morningstar’s 5000 Inc. ranking. For more information, please visit: www.Telecoming.com

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XTCC launches first Shariah-compliant investment ecosystem for high-integrity Carbon Credits

London, UAE, May 15, 2024 (GLOBE NEWSWIRE) — XTCC, the investment ecosystem specialising in high-integrity carbon credits, has launched the first Shariah-compliant multi-currency asset class of high-integrity carbon credits.  Sourced exclusively from validated projects (including renewable energy, nature-based solutions and blue carbon), XTCC gives investors seeking Shariah-compliant investments the ability to participate in the fast-growing carbon credit market.

This powerful combination of Shariah-compliant investments and high-integrity carbon credits enables the traditional Islamic finance market for the first time to participate in the potential significant growth in value of the global carbon credit market. Through XTCC, corporates, wealth managers, banks and investment funds can invest with certainty and encourage further development towards net zero goals.

In another capital markets first, XTCC for the first time provides a stock market quoted price for the most important asset for the net zero world.

Validated and certified for Shariah compliance by Yasaar Research Limited, and using the ISDA/IIFM Master Agreement, XTCC has established a robust framework for investment products structured to meet the highest Shariah-compliant standards. The Fatwa is the first for carbon as an asset class, and for the investment products issued by Al Waseelah, a world-leading, award-winning Sukuk issuance platform, creating a streamlined, transparent solution to re-engineer trust in this important asset class.

Under the requirements of the Fatwa, XTCC not only adheres to industry standard transaction documentation (ISDA/IIFM) but only includes  in the reference basket high-integrity carbon credits which conform to  IOSCO’s 21 Good Practices and ICVCM’s Core Carbon Principles; science-based principles for identifying high-integrity carbon credits that create real, verifiable climate impact.  XTCC also reports on alignment with UN Sustainable Development Goals and ISO14064 standards.

Dr Scott Levy, Founder, XTCC, said: “This is a significant breakthrough for global capital markets. We have created the first Shariah-compliant investment product to link Islamic finance directly with accelerating investor demand for high-integrity carbon credits.  In the same way that there ‘can be no compromise on Shariah compliance’, we do not compromise our ethos of operating to the highest standards of transparency and integrity with respect to all of our investment products. XTCC is the asset class for the net zero world.”

Majid Dawood, CEO of Yasaar, said: “We take pride in certifying the Shariah compliance of XTCC’s investment products, ensuring they meet the highest standards of Islamic finance. Our expertise guarantees that every investment decision upholds the ethical and financial principles necessary for true Shariah compliance, empowering investors to contribute positively to sustainable development initiatives with full confidence in their adherence to Islamic values.”

Renowned carbon market expert Kevin Iwanaga, co-founder of the UAE Carbon Alliance and CEO of KBI Advisory Group, said: “With global temperatures surpassing 1.5 degrees Celsius above pre-industrial levels for the first time, and a staggering $7.3 trillion in funding needed by 2050 to bridge the climate finance gap necessary to limit global warming to 1.5°C, we need every solution available to address these crucial challenges. XTCC is rising to this challenge with the introduction of its new Shariah investment products, engineered to scale global capital flows in carbon markets by tapping into existing market liquidity pools and new investors. This XTCC initiative is an excellent example of the type of creative financial solutions needed to keep 1.5°C alive.”

-ENDS-

About XTCC
XTCC is the world’s first stock market quoted investment ecosystem for high-integrity carbon credits sourced from verified, audited projects including renewable energy, nature-based solutions and blue carbon. XTCC has created financial instruments that, for the first time, establish fair market value as a reference for high-integrity carbon credits.  To bridge the multi-trillion-dollar gap in climate finance, investment is required. XTCC provides capital markets with an ecosystem of financial instruments to allow a river of liquidity to flow to communities where it is most needed. XTCC is the asset class for the net zero world.

For more details about XTCC and to explore its Shariah-compliant investment products, visit www.xtcc.investments or contact our Investor Relations team at ir@xtcc.investments.

About Al Waseelah 
Al Waseelah PLC is a world leading, award-winning Sukuk issuance platform which offers a flexible, quick-to-market solution for green and sustainable businesses, financial institutions, asset managers, corporates and family offices for their Islamic liquidity management and offers a wide range of investment opportunities. Al Waseelah PLC offers end to end solutions for Shariah structuring, arranging, originating, and the listing of Shariah compliant notes, providing a streamlined and cost-effective way of raising funding for businesses and projects.

Find out more here.

About Yasaar 
A premier Shariah advisory firm, Yasaar specialises in certifying and ensuring the compliance of financial products with Islamic law. Leveraging extensive expertise and a deep understanding of Shariah principles, Yasaar provides critical oversight and advisory services that enable investors to engage confidently in ethical and compliant investments. With a focus on integrating innovative financial solutions with traditional Islamic values, Yasaar empowers professional investors to achieve their investment objectives while adhering to the highest standards of integrity and compliance.

Find out more here.

Media Contact

Tina Kane
The Realization Group
tina.kane@therealizationgroup.com

Investor Relations
Muhammad Nasir
XTCC
+372-56997961
ir@xtcc.investments 

Tina Kane
The Realization Group
tina.kane@therealizationgroup.com

GlobeNewswire Distribution ID 1000950828

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Irdeto Features the ‘Irdeto Experience’ at CABSAT 2024

Expanding beyond security, this suite of solutions offers super aggregation capabilities, monetization features, an enriched user experience and actionable data and analytics

AMSTERDAM, May 14, 2024 (GLOBE NEWSWIRE) — Irdeto, the global leader in digital video platform experiences and security, is pleased to announce its participation at the prestigious CABSAT 2024 event, where it will feature its groundbreaking streaming aggregation platform ‘Irdeto Experience.’ This comprehensive suite of solutions enables pay-TV, telco and streaming operators to build, manage, control and enrich their video services. With a commitment to innovation and excellence, Irdeto continues to redefine industry standards, empowering the video industry in the Middle East and North Africa (MENA) region to thrive in an ever-evolving market landscape.

By leveraging the investment and innovation of open-source platforms and embracing diverse device ecosystems, Irdeto accelerates deployment processes while ensuring compatibility across various devices. With seamless integration across managed platforms like Android TV and RDK, as well as unmanaged ecosystems including Android, Tizen OS, WebOS, and iOS, Irdeto Experience guarantees speed, efficiency, and security, enabling operators to stay agile and responsive to evolving market demands.

Key Benefits of Irdeto Experience Include:

  • Streamlined Operations: Simplifies video streaming back-ends, reduces fragmentation, and optimizes vendor interactions.
  • Enriched Offerings: Supports super aggregation of global and local apps, unified search and discovery, and offers editorial and personalized recommendations.
  • Enhanced Monetization Opportunities: Maximizes revenue streams through comprehensive advertising solutions, targeted campaign strategies, and versatile business model capabilities.
  • Accelerated Time to Market: Irdeto Experience facilitates quicker deployment through pre-integrated solutions with Android TV and RDK managed platforms.

Additionally, Irdeto Experience offers enhanced security features, including 360-degree content protection, support for managed and unmanaged devices, and certification. Furthermore, the platform provides advanced data & analytics tools, enabling businesses to gain valuable insights into consumer behavior and content performance. With the ability to utilize consumer insights and adapt strategies accordingly, Irdeto Experience empowers operators to optimize their video platforms and unlock revenue potential.

“Irdeto Experience capitalizes on the growing consumer demand by providing a cohesive and streamlined operational framework for video service providers. This goes beyond mere content delivery—it enhances the viewer experience with a contemporary UI/UX, seamless app integration for super aggregation, tailored recommendations, and stringent content protection,” stated Andrew Bunten, COO of Video Entertainment at Irdeto.

For further information on how Irdeto is shaping the future of media and entertainment in the MENA region, or to schedule a demo of Irdeto Experience, please visit the Irdeto Experience website.

About Irdeto
Irdeto is the global leader in digital video platform experiences and security, empowering major media and entertainment brands worldwide. With over 50 years of expertise, our comprehensive services prioritize video experiences delivery, content protection, and anti-piracy solutions, reducing costs and driving sustainable growth while delivering unmatched user experiences. As a trusted partner, Irdeto provides vital managed services, system integration and consultancy solutions, enabling customers to focus on audience engagement. With a global presence, we offer unwavering support for continued success and future-fit strategies. With a unique pay-TV operator heritage, Irdeto is the preferred partner to empower a secure world where people can connect with confidence.

For more information, please visit www.irdeto.com.

For more information, contact:

Sabrina Orlov
+1 343 997 7220
Sabrina.orlov@irdeto.com

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Nyxoah Reports First Quarter 2024 Financial and Operating Results

REGULATED INFORMATION

Nyxoah Reports First Quarter 2024 Financial and Operating Results
Announced DREAM U.S. pivotal study achieved primary endpoints
On track for FDA approval as early as end of 2024

Mont-Saint-Guibert, Belgium – May 14, 2024 10:05pm CET / 4:05pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today reported financial and operating results for the first quarter of 2024.

Recent Financial and Operating Highlights

  • Reported the DREAM U.S. pivotal study achieved co-primary endpoints on an intent-to-treat (ITT) basis and demonstrated strong AHI reductions in supine and non-supine sleep positions.
  • The DREAM study achieved a median AHI reduction of 70.8%, a 12-month AHI responder rate, per the Sher criteria, of 63.5% (p=0.002) on an ITT basis and a 12-month ODI responder rate of 71.3% (p<0.001) on an ITT basis.
  • Preparing the fourth and final PMA module for submission this quarter.
  • Appointed Dr. Maurits S. Boon, MD as Chief Medical Officer.
  • Advanced patient access strategy through partnership with the American Association of Otolaryngology – Head & Neck Surgery Foundation (AAO-HNSF).
  • Achieved quarterly sales of €1.2 million, showing 170% growth vs Q1 2023.
  • Total cash position of €44.3 million at the end of the quarter.

“The DREAM U.S. study achieving its primary endpoints is a pivotal milestone for Nyxoah and further differentiates Genio as the only HGNS therapy to demonstrate strong efficacy in supine and non-supine OSA. With the DREAM data in hand, our U.S. launch preparations are focused on attracting commercial talent to set us up for success when we introduce Genio,” commented Olivier Taelman, Nyxoah Chief Executive Officer. “With continued European commercial traction, positive DREAM data and a highly differentiated, patient centric HGNS solution, I could not be more excited for Nyxoah’s future.”

First Quarter 2024 Results

CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS (unaudited)
(in thousands)

For the three months ended March 31, 
2024 2023
Revenue € 1,221 € 441
Cost of goods sold (455) (175)
Gross profit € 766 € 266
Research and Development Expense (7,199) (6,157)
Selling, General and Administrative Expense (5,972) (5,551)
Other income/(expense) 192 46
Operating loss for the period € (12,213) € (11,396)
Financial income 1 408 625
Financial expense ( 991) ( 958)
Loss for the period before taxes € (11,796) € (11,729)
Income taxes ( 110) ( 182)
Loss for the period € (11,906) € (11,911)
Loss attributable to equity holders € (11,906) € (11,911)
Other comprehensive income/(loss)
Items that may not be subsequently reclassified to profit or loss (net of tax)
Currency translation differences 60 (28)
Total comprehensive loss for the year, net of tax € (11,846) € (11,939)
Loss attributable to equity holders € (11,846) € (11,939)
Basic loss per share (in EUR) € (0.415) € (0.460)
Diluted loss per share (in EUR) € (0.415) € (0.460)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)

(in thousands)

As at
March 31
2024		 December 31 2023
ASSETS
Non-current assets
Property, plant and equipment €4,379 €4,188
Intangible assets 48,501 46,608
Right of use assets 3,597 3,788
Deferred tax asset 134 56
Other long-term receivables 1 333 1,166
€ 57,944 € 55,806
Current assets
Inventory 3,418 3,315
Trade receivables 2,971 2,758
Other receivables 3,149 3,212
Other current assets 1,232 1,318
Financial assets 22,225 36,138
Cash and cash equivalents 22,077 21,610
€ 55,072 € 68,351
Total assets € 113,016 € 124,157
EQUITY AND LIABILITIES
Capital and reserves
Capital 4,927 4,926
Share premium 246,188 246,127
Share based payment reserve 8,440 7,661
Other comprehensive income 197 137
Retained loss (172,555) (160,829)
Total equity attributable to shareholders € 87,197 € 98,022
LIABILITIES
Non-current liabilities
Financial debt 8,616 8,373
Lease liability 2,933 3,116
Pension liability 22 9
Provisions 273 185
Deferred tax liability − 9
€ 11,844 € 11,692
Current liabilities
Financial debt 346 364
Lease liability 852 851
Trade payables 7,316 8,108
Current tax liability 2,091 1,988
Other payables 3,370 3,132
€ 13,975 € 14,443
Total liabilities € 25,819 € 26,135
Total equity and liabilities € 113,016 € 124,157

Revenue
Revenue was €1.2 million for the first quarter ending March 31, 2024, compared to €441,000 for the first quarter ending March 31, 2023. The increase in revenue was attributable to the Company’s commercialization of the Genio® system, primarily in Germany.

Cost of Goods Sold

Cost of goods sold was €455,000 for the three months ending March 31, 2024, representing a gross profit of €0.8 million, or gross margin of 62.7%. This compares to total cost of goods sold of €175,000 in the first quarter of 2023, for a gross profit of €266,000, or gross margin of 60.3%.

Research and Development
For the first quarter ending March 31, 2024, research and development expenses were €7.2 million, versus €6.2 million for the first quarter ending March 31, 2023.

Operating Loss
Total operating loss for the first quarter ending March 31, 2024 was €12.2 million versus €11.4 million in the first quarter ending March 31, 2023. This was driven by the acceleration in the Company’s R&D spending, as well as ongoing commercial and clinical activities.

Cash Position
As of March 31, 2024, cash and financial assets totaled €44.3 million, compared to €57.7 million on December 31, 2023. Total cash burn was approximately €4.5 million per month during the first quarter 2024.

First Quarter 2024
Nyxoah’s financial report for the first quarter 2024, including details of the consolidated results, are available on the investor page of Nyxoah’s website (https://investors.nyxoah.com/financials).

Conference call and webcast presentation
A webcast of the call will be accessible via the Investor Relations page of the Nyxoah website or through this link: Nyxoah’s Q1 2024 earnings call webcast. For those not planning to ask a question of management, the Company recommends listening via the webcast.

If you plan to ask a question, please use the following link: Nyxoah’s Q1 2024 earnings call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.

About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah’s lead solution is the Genio® system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio® system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company is currently conducting the DREAM IDE pivotal study for FDA and US commercialization approval.

For more information, please visit http://www.nyxoah.com/.

Caution – CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

Forward-looking statements
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or managements’ current expectations regarding the Genio® system; planned and ongoing clinical studies of the Genio® system; the potential advantages of the Genio® system; Nyxoah’s goals with respect to the development, regulatory pathway and potential use of the Genio® system; the utility of clinical data in potentially obtaining FDA approval of the Genio® system; and the Company’s results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. Additionally, these risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2024, and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Contacts:
Nyxoah
David DeMartino, Chief Strategy Officer
IR@nyxoah.com

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