Apex Investment turns to nearly $54.1mln losses in H1-23

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Apex Investment Company swung to net losses amounting to AED 198.81 million in the first half (H1) of 2023, against net profits worth AED 103.69 million in H1-22.

The ADX-listed firm posted an annual decline in revenue to AED 301.84 million during H1-23 from AED 440.99 million, according to the interim consolidated financial statements.

Basic loss per share hit AED 0.05 during the first six months (6M) of 2023, versus earnings per share (EPS) valued at AED 0.04 in the year-ago period.

Income Statements for Q2-23

In the second quarter (Q2) of 2023, the company also shifted to net losses standing at AED 8.63 million, compared to net profits worth AED 54.24 million a year earlier.

Revenues dropped to AED 154.10 million in Q2-23 from AED 277.47 million in Q2-22. Meanwhile, the loss per share reached AED 0.002, versus a profit per share of AED 0.015.

As of 31 March 2023, Apex Investment turned to net losses totalling AED 190.18 million, against net profits of AED 49.45 million in Q1-22.