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00:00 The company's results are continuously growing, thank God.
00:04 And of course, it's true that the first quarter of last year,
00:09 the company recorded unrecorded profits as a result of entering the general investment fund in Saudi Arabia
00:15 in the 30% share, and it had an unrecorded profit.
00:18 And also, one of the loans that was here in one of the assets,
00:24 we closed it before its due date, and it had the same unrecorded profit,
00:28 which is one of gain, for the mark to market that was recorded.
00:33 In addition, if we remove these unrecorded profits,
00:41 we have a quarter to quarter, before the tax calculation,
00:45 the new income that was applied for the first time for the company,
00:49 there is a growth of 4%.
00:52 Of course, in terms of wills and start-ups,
00:58 thank God, we have a growth,
01:02 there is a CPI, consumer prices indicator,
01:06 and we had a consolidation, the integration of financial institutions,
01:11 in the company, of course, the cooling, Dubai Pulse,
01:15 they entered with us, Dubai Holding, Dubai Al-Qabida,
01:18 a company with 50%.
01:19 So, when we removed the deconsolidation,
01:25 there is an increase of 7%.
01:30 So, the performance, which is the real performance of the company,
01:34 thank God, it is a good growth from quarter to quarter.
01:37 As I mentioned, there is a 9% effect on everyone,
01:41 which is 9% on companies, but the wills are still excellent.
01:46 Mr. Adel, we have a remark in the financial columns,
01:52 there was also a difference in the currency exchange rate,
01:55 which had an effect on the company's business results.
01:58 Nawad, if you tell us about the trading processes
02:01 for foreign currencies, and their effect, especially in the Egyptian markets.
02:07 Yes, of course, we are transparent,
02:11 as a leading company, we put all the numbers available,
02:14 but it did not affect the performance of the company.
02:17 We have a single station in Egypt,
02:20 with the Qatamiya Mall, with the Marrakesh company,
02:23 under the Saudi Hukair Fawaz Group.
02:26 And it has a very limited effect,
02:29 it did not affect the company's results, not even 1%,
02:32 but of course there are details in it.
02:34 On the contrary, the pressure of the currency difference,
02:37 we talked with our client, of course,
02:40 as a result of the changes that occurred in the market for the currency,
02:44 and our relationship is very excellent,
02:46 and the client started cooperating so that there is a change,
02:49 and it has an effect of modification to the knowledge that he agreed on at the beginning,
02:53 which is equivalent to the inflation that happened.
02:56 In India, of course, there are no differences,
02:59 there is a fixed currency issue,
03:01 there are no risk differences or limitations.
03:04 But, thank God, the performance, as I mentioned, from quarter to quarter,
03:07 is excellent, which is the sustainable business performance.
03:12 The interest rate is excellent, on the contrary,
03:15 the interest rate increased from 57% to 58%,
03:18 this is very healthy, excellent,
03:20 the interest rate also, if we remove the things that I mentioned,
03:23 the non-repeated, increased from 25% to 26%,
03:26 the interest rate has become zero.
03:29 And thank God, we continue,
03:31 we hope that next year it will be good.
03:33 We have seen it in your operations in the Egyptian market,
03:38 and your participation in the "Rais Al-Hikmah" project today.
03:42 Regarding this project, how will your contribution be,
03:45 and when can we start with some numbers,
03:48 and also start working on this project?
03:51 To correct the information,
03:54 we asked in advance if we are interested in the "Rais Al-Hikmah" project,
03:59 we said that every activity related to urban planning,
04:06 will be expected to be achieved,
04:08 but so far nothing has happened in this regard,
04:11 no contracts have been made with the government.
04:13 So, so far there are no official contracts on this matter?
04:17 No, no, just to clarify.
04:19 Regarding your work today in Egypt,
04:21 and your projects and expansion during this period,
04:24 what are your goals?
04:26 The Egyptian market is excellent,
04:29 and very promising,
04:31 as they say, the pipeline is full of our business team,
04:38 and business development,
04:40 we are busy there,
04:42 but the issue is the currency and its circulation,
04:46 where it will be proven, God willing,
04:48 with the incidents that happened in the past months,
04:51 announced by the government,
04:53 there has been a slight improvement,
04:55 and all investors in all sectors are waiting for it to stabilize to a certain level,
05:01 in a certain range.
05:03 How much did your investments today,
05:06 if we are talking about your intentions in the Egyptian market?
05:09 No, the current level is 10 million dollars,
05:17 but if the currency exchange and currency circulation has been established to some extent,
05:24 I think the market is very promising there.
05:26 Yes, regarding your work today,
05:28 and your expansion,
05:30 you have already talked about expansion in the Asian markets today,
05:33 these funds are also from new markets that you are targeting in 2024,
05:38 and how is your expansion funding going to be?
05:42 Yes, we really started in Asian regions,
05:48 and we made a partnership three years ago with the International Funding Institute,
05:54 under the International Bank,
05:56 and we have a 75% share in Singapore,
06:02 and we started with the Indian market,
06:06 we opened a library,
06:08 and we have the first plant,
06:10 and God willing, there will be expansions on the same plant project,
06:12 and there are other projects that are being studied.
06:15 There are new markets,
06:18 we mentioned the Indonesian market,
06:20 which is a promising market,
06:23 but it is still in the process of exploring opportunities in Thailand and Vietnam,
06:27 this is the initial stage,
06:30 we have here in the region,
06:32 we have Kuwait and Jordan,
06:34 we are trying to see if there are opportunities there,
06:36 and we are very ambitious and we are looking forward to it.
06:41 The funding, most of the markets I mentioned,
06:45 is the funding for the project,
06:49 it has a minority share,
06:52 which is the contribution,
06:54 to be included as equity,
06:56 as a property right,
06:58 and the rest is funding.
07:00 The company has a very strong financial position,
07:04 we closed a quarter in one,
07:06 we closed a quarter in 1.6 billion Dinars,
07:12 a company with an estimated value of 800,
07:15 which is the investment grade,
07:17 or the investment margin from Fitch and Moody's,
07:20 so thank God, our relationship with all financial institutions is very strong.
07:23 How much is the estimated capital flow available to the company,
07:25 and as for the funding costs,
07:27 how much was the impact,
07:29 and how much was the cost during this period,
07:31 for the first quarter?
07:33 We closed the first quarter in 1.6 billion Dinars,
07:37 as a financial capital flow,
07:39 which is very strong,
07:41 and as for the cost of financing the previous loans,
07:45 thank God, it did not affect us even 1%,
07:49 because we were doing a conversion on it,
07:51 100% conversion,
07:53 and this was the result of a competitive view,
07:56 how we try to deal with any future risks,
07:59 in a competitive way, as I mentioned.
08:04 As I mentioned, the flow is very strong,
08:07 any financial projects that will be in the future,
08:10 of course, will be taken into account,
08:12 at the current price.
08:13 How much is the flow, Mr. Adel?
08:15 The flow is 1.6 billion Dinars,
08:18 currently,
08:19 31/3.
08:20 Yes,
08:21 is there any intention to issue bonds or bonds,
08:23 in the later period, for the company?
08:26 We have, of course,
08:29 a bond issued in 2018,
08:31 500 million dollars,
08:33 its maturity ends in October 2025,
08:37 next year.
08:38 We have a second loan,
08:40 which we financed,
08:41 in order to acquire cooling stations,
08:43 in the central area of Dubai,
08:45 which is Downtown,
08:46 which is a little less than 700 million dollars,
08:50 also,
08:51 at the end of the first quarter of 2025,
08:54 we will finance the second loan,
08:57 next year, God willing.
08:59 God willing,
09:00 all options are available,
09:02 it is still too early to talk about them,
09:05 but, God willing,
09:06 if there is an issue of bonds or bonds,
09:09 the intention will be,
09:11 green bonds or green bonds,
09:13 God willing.
09:14 How much will be the amount you are aiming for,
09:16 if you issue this type of green bonds or bonds?
09:20 It is too early to talk about it,
09:23 but the amount will be exactly the same,
09:26 it will be a refund,
09:27 or it may be divided into stages,
09:30 between bonds and bonds,
09:32 or even other loans.
09:34 God willing,
09:35 we will start studying the opportunities
09:37 that will be available to us,
09:39 and we will take the appropriate decision.
09:41 Mr. Adel,
09:42 we were talking today about your work in Saudi Arabia,
09:45 especially after we saw an increase in the investment fund,
09:48 which was in the company.
09:50 How much do you estimate your work in the Saudi market,
09:52 and how do you feel about the Saudi market?
09:54 We currently have five plants in Saudi Arabia,
09:59 which provide services for 120,000 to 125,000 tons.
10:07 The Saudi market,
10:08 with its large projects,
10:10 is a very promising market.
10:12 The goal of the partnership with the ICC,
10:16 they saw and were confident that this field
10:19 and this company will have a promising future in the market,
10:22 and also in the sector,
10:24 in the cooling of the regions.
10:26 We expect that from now until 2030,
10:30 we are talking about 4 to 5 million tons of cooling,
10:33 which will be available in the market.
10:36 I think that we are the dominant player,
10:39 the main player and the main company
10:41 that started more than 10 years ago.
10:44 We expect to have at least 50% of the coming plants.
10:50 We wish you all the best, Mr. Adel Alwahidi,
10:53 the executive financial director of the ICC.
10:56 Thank you very much for being with us.