RAPCO Investment P.J.S.C.

Identity and transformation

As of: 2026-06-30 / 2026-07-21 / 2026-08-31

RAPCO Investment P.J.S.C is the ADX-listed issuer traded as RAPCO. Its former name was Ras Al Khaimah Poultry and Feeding Co.; the current investment business should not be described as an operating cement or poultry producer. The interim report links the company to the 1976 Emiri decree and states that operations commenced on 11 March 1978. The corporate website describes the shift to an investment company in 2023. The current principal activity is investing in commercial and institutional enterprises and managing those investments. The investment categories discussed below belong to this issuer’s accounts, not a consolidation of every business in which it owns shares.

How the company earns money

As of: 2026-06-30 / 2026-07-21 / 2026-08-31

The earnings mix consists of income from bonds and bond funds, dividends and securities trading or revaluation, rental income and gains or losses on asset disposals. This differs from selling physical output: reported total income can include valuation movements that have not produced cash. The website describes real estate, equities, capital markets and venture funding, with agricultural technology as an area of interest. Those strategic categories do not establish that a particular farm, factory or venture is a controlled operating subsidiary. The latest financial notes give a more concrete view of capital actually deployed.

Shareholders and governance

As of: 2025-12-31

At 31 December 2025 the disclosed shareholders with at least 5% were Falcon Investment Company FZ LLC with 43.95%, Al Hamra Group LLC with 22.36%, and the Government of Ras Al Khaimah with 5.44%. This is a dated ownership snapshot, not a live register or proof that these holdings form a single voting block. Their concentration makes governance and related-party transactions relevant to minority shareholders. The disclosed holding names should be preserved precisely rather than replaced with a presumed ultimate owner.

Equity holdings and portfolio perimeter

As of: 2026-06-30 / 2026-07-21

At 30 June 2026 investments measured through other comprehensive income were AED 155,747,421. The quoted holdings included Commercial Bank International, RAKBANK and RAK Ceramics; the unquoted category principally comprised Majan Printing & Packaging Co LLC. Investments measured through profit or loss were AED 165,993,922, including quoted shares and bond funds and an unquoted investment in AMI-Movenpick Hotel in the UAE. These are investment exposures, not grounds for attributing the investees’ full revenue, employees or industrial capacity to RAPCO. The interim report does not provide ownership percentages sufficient to reconstruct a complete subsidiary-control map.

Bonds, property and the former production footprint

As of: 2026-06-30 / 2026-07-21

Bonds carried at amortised cost reached AED 186,390,230 at 30 June 2026, of which AED 3,700,030 was current and AED 182,690,200 non-current. Investment property fell from AED 7,163,010 at year-end to AED 767,350 after the disposal of land. The bitcoin position reported at year-end was also disposed of during the half year, leaving no digital-asset balance at the reporting date. Property and equipment had a carrying value of only AED 1,567. Current production tonnage, poultry capacity and plant utilisation are therefore not appropriate company-level indicators for this investment model; historic operating capacity must not be presented as current.

Latest financial results

As of: 2026-06-30 / 2026-07-21

The table presents the issuer’s first-half results in whole AED, not thousands or millions. The 2026 interim financial information was approved on 21 July 2026 and received an unmodified limited-review conclusion from Kreston Menon; this is not an annual audit opinion. Income from bonds and bond funds increased, while income from securities and rental income declined. The combined result was lower total income and net profit. The six-month outcome should not be annualised as a forecast, and second-quarter figures must not be substituted for the six-month columns.

Annual context and comparability

As of: 2025-12-31 / 2026-03-02

For 2025 the audited statement reported total revenues of AED 36,041,078 and net profit of AED 29,912,260, against AED 34,594,692 and AED 31,631,331 in the restated 2024 comparative. Annual income included a property-disposal gain of AED 9,411,013 and unrealised gains on investments through profit or loss of AED 7,755,606. These components explain why total income is not interchangeable with recurring cash yield. Annual and interim presentations group income differently; the latest interim comparative is used for the half-year table rather than forcing unlike annual categories into the same rows.

Cash flow and liquidity

As of: 2026-06-30 / 2026-07-21

Operating cash inflow for the first half was AED 17,277,452, including a AED 12,240,237 increase in trade and other payables. Investing activities used AED 49,615,923 and financing supplied AED 39,488,363. Cash and cash equivalents closed at AED 7,757,144. Thus positive operating cash flow does not by itself mean the portfolio expansion was internally funded. The interim comparative classifies the year-end AED 1,000,000 deposit as another current financial asset, leaving comparative cash of AED 607,252; the annual report’s broader AED 1,607,252 cash figure should not be mixed into this half-year cash bridge without that classification explanation.

Debt and pledged investments

As of: 2026-06-30 / 2026-07-21

Borrowings increased to AED 69,488,363 at 30 June 2026 from AED 30,000,000 at year-end. The latest amount comprises an overdraft of AED 52,963,363 and a term loan of AED 16,525,000, both presented within current liabilities. The term-loan rate is linked to three-month EIBOR plus 1.25% annually. Shares in RAKBANK and RAK Ceramics are pledged as security. Total assets were AED 517,460,140 and equity AED 432,125,092. Equity is an accounting buffer, not immediately available cash; refinancing, collateral values and the liquidity of investment positions remain important even when assets exceed liabilities.

Valuation, market and geopolitical risks

As of: 2026-06-30 / 2026-07-21

The fair-value hierarchy identifies AED 163,788,769 of financial investments valued using Level 3 inputs at 30 June 2026. Such positions depend on less observable valuation assumptions and may not be readily saleable at their carrying values. Quoted-market falls can affect both reported returns and pledged collateral. Bond investments add issuer-credit and interest-rate exposure. Management reported no material adverse impact from the regional geopolitical situation by the approval date, but could not reliably estimate future financial effects. That dated assessment is not a guarantee against subsequent losses.

Capital allocation and the right indicators

As of: 2026-06-30 / 2026-07-21

The first-half accounts show expansion of the bond portfolio, property disposals and greater borrowing. They also record the transfer of AED 80,000,000 from special reserve to retained earnings. This is an internal equity transfer: it creates neither profit nor cash and is not itself a dividend. Useful monitoring indicators are investment income by asset class, realised versus unrealised gains, cash distributions received, portfolio liquidity, Level 3 exposure and financing requirements. A manufacturing gross margin or capacity-utilisation ratio would describe the wrong business. The reports do not establish a guaranteed target return or a complete schedule of future investments.

Official public contacts

As of: 2026-06-30 / 2026-07-21 / 2026-08-31

The registered office in the latest interim report is Unit No. 201, Al Jazirah Al Hamra, Ras Al Khaimah, UAE. The corporate website is https://rapcoinvestment.ae/ and the general office telephone is +971 7 243 4477. Investor-relations enquiries can use the public functional email Compliance@rapcoinvestment.ae and the shareholder-services page. Named employees’ emails and mobile numbers are omitted. The Financial Information and Disclosures sections provide the issuer’s official reports and announcements.

Evidence and limitations

As of: 2025-12-31 / 2026-03-02 / 2026-06-30 / 2026-07-21

This original profile uses the 2025 audited statements and integrated report, followed by the official first-half 2026 report. Its selected financial tables and shareholder snapshot were checked against the source pages. The ownership date remains 31 December 2025; portfolio and debt figures are at 30 June 2026. Limited review is narrower than an audit, and this editorial work is not a full independent financial examination. Official PDFs are linked, not hosted or reproduced. Existing dated reviews remain separate articles. The profile offers business information, not a recommendation to buy or sell.

Sources

1. A · Source A · 2025-12-31; approved 2026-03-02
2. I · Source I · 2025-12-31
3. H · Source H · 2026-06-30; approved 2026-07-21
4. W · Source W · accessed 2026-08-31
5. C · Source C · accessed 2026-08-31