2Q earnings from DAE, SAL + NDMC Energy

A rougher quarter for DAE

DAE posts a softer quarter: Dubai Aerospace Enterprise’s net income slipped 75.7% y-o-y to USD 86 mn in 2Q 2026, according to its financial release (pdf). The firm’s total revenues declined 8.3% to USD 410.4 mn.

On a six-months basis: DAE’s bottom line declined 57.3% y-o-y to USD 188.2 mn, which it attributed to ins. recoveries recorded in the prior year. The firm’s top line rose 0.6% to USD 865.9 mn, driven by higher lease income from newly acquired aircraft, though partly offset by weaker engineering maintenance revenue.

SAL posts increases across the board

Stronger cargo ground handling and logistics activity boosted Saudi cargo handler SAL’s 2Q results. The firm’s net income rose nearly 18% y-o-y to SAR 191.4 mn, while its revenues jumped around 30% y-o-y to SAR 512.1 mn during the period, according to a Tadawul disclosure.

Behind the numbers: Cargo ground handling revenue increased 29.3%, driven by a 9% rise in volumes and a more favorable cargo mix, while logistics revenue grew 34.2% on expanded services, new customers, and stronger warehouse and contract logistics utilization.

In 1H terms: SAL’s net income increased 10.4% y-o-y to SAR 348 mn, while revenues rose 23.1% to SAR 957.9 mn. Cargo ground handling revenues grew 24.5%, supported by a 3.4% rise in volumes and enhanced service offerings, while logistics revenues increased 15.6%.

Tensions, capex weigh on NMDC Energy’s earnings

Rising costs and regional tensions weighed on ADX-listed NMDC Energy’s 2Q bottom line, leading to a 53% y-o-y drop in net income attributable to shareholders to AED 170 mn, according to an earnings statement (pdf) and press release (pdf). While contract revenues for the period logged a 2% uptick to AED 4.5 bn, the growth was dampened by operational challenges, cost overruns, and disruption due to regional tensions, the firm said.

It is a similar story for 1H: Net income during 1H 2026 fell 57% y-o-y to nearly AED 250 mn, despite a 16% increase in revenue to over AED 9.4 bn. Net income margins contracted sharply to 2.6% during the six-month period from 7.1% a year earlier.

Looking ahead: The contractor enters 2H with strong revenue visibility, backed by an unexecuted project backlog of AED 55.2 bn as of 30 June.