MPS closed the first half of 2024 with a remarkable profit of 1,159 million euros, marking an impressive 87.3% increase compared to the same period last year. This surge can be attributed to a positive net tax effect of 457 million euros. The bank's fully loaded CET1 ratio, a key indicator of capital solidity, remains robust at 18.1%. Notably, the payout ratio has increased significantly from 50% to 75%, reflecting a commitment to return value to shareholders. MPS has also unveiled its new industrial plan for 2024-2028, projecting a steady rise in pre-tax profits, forecasting an increase from 1.3 billion euros in 2024 to 1.66 billion euros by 2028. The bank anticipates maintaining a CET1 ratio above 18% throughout this period, with over 2 billion euros in excess capital available for strategic initiatives aimed at enhancing value.
In a parallel development, ADNOC Drilling announced its financial results for the first half of 2024, reporting net profits of 2.1 billion dirhams, representing a 28% growth year-on-year. The company’s second-quarter net profit rose by 29%, driven by robust earnings before interest, taxes, depreciation, and amortization (EBITDA), which reached 1.7 billion dirhams, reflecting a 37% increase year-on-year. Revenues soared to 3.4 billion dirhams in the second quarter, contributing to a total of over 6.6 billion dirhams for the first half. The company’s CEO emphasized the strategic commitment to enhancing growth across all sectors, which has resulted in record results. ADNOC Drilling also announced an increase in its fleet size to 140 rigs and approved interim dividends worth 1.4 billion dirhams, reinforcing its dedication to shareholder value.
