Apex Investments Secure MOUs For 1.5 GWh of Capacity

The Ras Al Khaimah based Apex Investments has secured Memoranda of Understanding (MOUs) covering 1.5 GWh of capacity and, through continuous battery storage technology (BESS) enhancements.

Significant commercial momentum continues, with proof-of-concept projects under discussion and deployment with key customers across Utilities, Industrial & Commercial sectors, and EV charging networks, Apex Investments said.

The company is now strongly positioned to offer market-leading price and cost efficiency and revenue generation from these projects is expected to commence in early 2026, it said in a disclosure with Abu Dhabi Securities Exchange (ADX) this morning.

Coming to financial performance, Apex recorded significant increase in profitability during H1 2025, with net profit reaching $19.5 million, compared with $6.26 million in H1 2024 representing a 211% y-o-y growth led by improved valuation of its investment portfolio. Core operating profit from business reached $20.69 million, as against $24.91 million in H1 2024.

However, due to planned investments in growth initiatives including start-up phase costs for Enercap and fixed development costs for Mawasiem, the monetisation programme, the net operating profit settled at $14.76 million. These investments represent strategic deployments for future revenue streams.

The monetisation plan is progressing actively. Key development vendors are currently finalizing technical concepts and associated costs, targeting project completion by the end of Q4 2026, Apex Investments said.

Management expects to recover a significant portion of the H1 operating profit variance during the remainder of 2025. This confidence stems from new business wins already secured and the execution of projects originally scheduled for H1 2025 but now progressing in H2.

Revenue and Gross Profit

Apex Group revenue reached $108.89 million, representing a marginal decline of 6% compared with $115.78 million for the corresponding period in 2024. This reduction was primarily driven by the deferral of a key shutdown contract in our Catering and Structures segment to Q3 2025 – a timing-related shift rather than a share loss.

The Group reported a gross profit of $21.73 million for H1 2025, compared with $28.56 million in H1 2024, reflecting a decline of approximately 24% y-o-y.

Expenses & Other Income Analysis

General & Administrative (G&A) expenses increased to $10.4 million in H1 2025 as against $8.03 million in H1 2024. This rise was entirely attributable to Enercap’s start-up phase costs and Mawasiem.

Other income for the period reached $3.51 million, down from $4.52 million in H1 2024, due to reduction in USD interest rates and a decline in Fixed deposit value to support Mawasiem and Enercap obligations

Profit from Operations

Apex reported $14.76 million in operating profit for H1 2025 versus $24.91 million in H1 2024. This decline is attributed to the absence of one-off income recognized in H1 2024 and strategic investments in Enercap’s start-up phase and Mawasiem’s development costs – both critical growth engines for future value creation.

Apex Group maintained a robust financial position, with total assets holding steady at $630 million as of 30th June 2025, which remained unchanged from 31 December 2024.

Net Working Capital

Apex’s net working capital increased by $5.99 million to $413.07 million as of 30 June 2025, and this was led by higher inventory in Cements to support volume growth and increased funding of working capital to Enercap.