Abu Dhabi-based port operator AD Ports Group saw its net income increase 16% y-o-y to AED 463.5 mn in 1Q 2025, according to an earnings release (pdf). The company’s revenues climbed 18% y-o-y to AED 4.6 bn during the same period, attributed to robust performance across its maritime and shipping division — the largest single contributor — port clusters, and its economic and freezones segment.

Behind the numbers:

  • Maritime and shipping grew 30% y-o-y to AED 2.28 bn, buoyed by increases across its three business segments — marine services, offshore and subsea, and shipping;
  • Revenues from the group’s port clusters rose 25% y-o-y to AED 703 mn due to the commercial launch of CMA Terminals Khalifa Port in Abu Dhabi, its solid bulk and general cargo business, and international container operations;
  • Economic cities and freezones saw a 14% y-o-y increase to AED 525 mn, attributable to new land leases and ramped up warehouse utilization

Steady amid rough waters: AD Ports believes it is positioned well enough to resist the uncertainty in the container shipping industry following the US’ blanket tariffs announced in early April — and their subsequent pause — which have exacerbated geopolitical tensions, the company noted. AD Ports expects that geopolitical conflict in the Red Sea will continue into 2026, making the return of global shipping to the waterway doubtful.

SAUDI ARAMCO-

Saudi Aramco reported a 4.6% y-o-y drop in net income to SAR 97.54 bn (USD 26 bn) in 1Q 2024, according to both an earnings release (pdf) and Tadawul disclosure. Revenue inched up 0.9% y-o-y to SAR 405.7 bn (USD 108.2 bn), supported by higher volumes of gas, refined and chemical products, and traded crude oil, though lower prices weighed on performance.

Steady as she goes: CEO Amin Nasser described Aramco’s financial performance as “robust,” crediting the company’s operational resilience and low-cost advantage amid global economic uncertainty and softer oil prices. He reaffirmed Aramco’s long-term growth strategy across upstream, downstream, and new energy sectors, including gas, hydrogen, and carbon capture.

Looking ahead: Aramco has capital investments of USD 52-58 bn slated for 2025, with Nasser expecting the launch of the Jafurah gas field to take place later in the year, along with expanding LNG and petrochemical projects.

Aramco expects global oil demand to surpass last year’s “historic” levels, AsharqBusiness quotes CFO Ziad Al Murshed as saying. Aramco has 3 mn barrels per day of spare capacity in its back pocket — with each mn capable of adding SAR 43 bn to annual income, Al Murshed told Al Ekhbariya.

EMIRATES GROUP-

Emirates Group posts record earnings, with Emirates becoming the most profitable airline: Emirates Group’s net income after tax rose 9.7% y-o-y to AED 20.5 bn in its fiscal year ending 31 March 2025, according to its annual report (pdf) released last week. The group’s topline climbed 5.9% y-o-y to AED 145.4 bn in the same period.

Flag carrier Emirates, saw its bottom line after tax grow 10.6% y-o-y to AED 19.1 bn, on the back of surging demand for cargo services and travel in several markets as well as reduced fuel costs. The carrier’s top line increased 5.5% y-o-y to AED 128 bn.

Boosted cargo deliveries: Air freight arm Emirates SkyCargo’s deliveries rose 7% y-o-y, reaching 2.3 mn tons amid robust demand, which was met with the addition of two Boeing 777 freighters to the fleet. The wet leasing of two Boeing 747Fs alone raised main deck capacity by 15%.

Dnata posted mixed results: Air services subsidiary Dnata saw its net income after tax drop 1.8% y-o-y to AED 1.4 bn, while revenues increased 9.8% y-o-y to AED 21.1 bn. Management attributed the topline growth to strong demand on travel and cargo transportation, particularly in the US, UK, Australia, Europe, and the UAE, according to its earnings release. Airport operations remains the subsidiary’s largest division, contributing AED 9.9 bn to revenues, a 12% y-o-y jump.

ARAMEX-

UAE-based freight forwarding and logistics outfit Aramex saw its bottom line attributable to shareholders drop by 63% y-o-y to AED 17.1 mn (USD 5 mn) in 1Q 2025, according to an earnings release (pdf) released last week. The firm’s topline remained stable — rising by only 1% y-o-y to AED 1.6 bn during the same time period.

Revenues across the board: Aramex’ courier service’s consolidated revenues across International and Domestic Express decreased by 3% y-o-y to AED 990 mn in 1Q 2025. Meanwhile, Freight Forwarding recorded a 9% y-o-y rise in revenue to AED 433 mn in 1Q 2025, and the Logistics and Supply Chain segment saw an increase in revenue by 21% y-o-y to AED 128 mn during the same period.

What they said: The reported financials are reflective of the company’s current strategy to achieve “a broader pivot toward more regionalized, service-intensive logistics, and Aramex’s investments to support this shift,” the company said in the release.

REMEMBER- Abu Dhabi sovereign wealth fund ADQ — through its wholly-owned subsidiary Q Logistics Holding — locked in a 63.26% stake in Aramex last month after shareholders offered acceptances for some 40.57% shares in the company. Aramex’s net income increased 10% y-o-y to AED 141.8 mn in FY 2024, while its revenues rose 11% y-o-y in the same period to AED 6.32 bn.

JAZEERA AIRWAYS-

Kuwaiti budget airline Jazeera Airways saw its bottom line surge 274.8% y-o-y to KWD 4.7 mn in 1Q 2025, according to a Boursa statement (pdf) released on Thursday. The firm’s top line hiked up 15.5% y-o-y to KWD 53.6 mn, which the firm attributed to a 7.7% gain in passengers and a 7.6% improvement in yield by 7.6z driven by improvement revenue management and route planning.

The breakdown: Jazeera’s cargo operations saw the biggest jump in revenue growth up 37.4% y-o-y to KWD 641k, while commercial passenger operations brought in the largest revenue portion at KWD 5.1 mn — up 29.1% y-o-y.

BAHRI-

Saudi national shipping company Bahri’s net income surged 18% y-o-y reaching SAR 533 mn in 1Q 2025, according to its financials (pdf) released on Thursday. Meanwhile, revenues flagged 6% y-o-y reaching SAR 2.2 bn for the same period, owing mostly to lower returns from Bahri’s Oil and Chemicals division, management said.

By the segment: Bahri’s Oil and Chemicals divisions saw their topline contribution dip by 11% and 13% y-o-y, respectively, amid weaker market rates. Meanwhile, the company’s Integrated Logistics division contributed SAR 266 mn to revenues, a 38% y-o-y jump, thanks to inking new contracts with companies like Ceer Motors and Tesla, as well as higher warehouse capacity and utilization. The Dry Bulk division contributed SAR 94 mn to topline—a 13% y-o-y increase—on the back of two new vessels added to its fleet, which stands at 13 vessels.

Bahri’s expectations for 2025: In light of Opec’s production acceleration hike, Bahri believes supply side fundamentals will remain strong, but expects volatility in the VLCC market and fallout from the ongoing US-led tariff war’s. Bahri is seeking to complete its Jeddah Islamic Port facilities this year, as well as acquire a second multipurpose vessel to bring its fleet.

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