DUBAI AEROSPACE ENTERPRISE-

Dubai Aerospace Enterprise (DAE) saw its bottom line grow 82.3% y-o-y to USD 566.7 mn in 9M 2025, which management attributed to stronger operating performance and ins.-related recoveries, according to an earnings release (pdf). The firm’s revenues increased 25.6% y-o-y to USD 1.3 bn during the same period, driven largely by higher lease revenues from newly acquired aircraft.

Fleet expansion is a priority: The firm acquired 249 owned aircraft, managed 114, and sold 48 owned aircraft, according to the release. The total fleet size of its aircraft leasing division — DAE Capital — reached 726, with 34% of the fleet concentrated in the Americas, followed by 17% in Europe, and 13% in the Middle East.

A record year for DAE: DAE recorded a 195.9% y-o-y increase in its net income to USD 440.3 mn in 1H 2025, while its top line rose 24.2% y-o-y to USD 843.6 mn for the same period, which management attributes to rising maintenance returns and lease revenues from newly acquired aircraft.

BAHRI-

Bahri brings in steady 3Q earnings: The National Shipping Company of Saudi Arabia (Bahri) saw its bottom line edge up 0.9% y-o-y to SAR 513 mn in 3Q 2025, according to a Tadawuldisclosure. The company recorded a 9.6% y-o-y increase in its top line to SAR 2.5 bn, mainly driven by improved global shipping rates across most of its segments.

The breakdown: Bahri’s oil transportation segment carried the company’s top line growth, with the division’s revenue surging by SAR 311 mn y-o-y. Meanwhile, the shipper’s dry bulk revenues dropped by SAR 54 mn, and its chemicals division fell by SAR 29 mn due to weaker global shipping rates for these segments.

This is a reversal from last quarter's y-o-y performance, which saw the shipper’s net income plummet 44.4% y-o-y to SAR 407.5 mn in 2Q 2025, while its revenue fell 9.3% y-o-y to SAR 2.5 bn.

Making moves: Bahri recently added the last very large crudecarrier (VLCC) in its nine-vessel order earmarked at USD 1 bn — bringing its total operational fleet to 50 of the advanced vessel model. The firm also signed a SAR 762 mn agreement this month with International Maritime Industries to build six geared ultramax dry bulk vessels, scheduled for delivery in batches between 2028 and 2029.

NAKILAT-

Nakilat reports a strong 3Q: Qatar Gas Transport Company Nakilat recorded a 3% y-o-y increase in its bottom line to QAR 1.31 bn in 3Q 2025, largely driven by expanded earnings from wholly owned vessels and capped finance costs, according to an IR presentation (pdf). The Qatari firm’s top line grew 3.3% y-o-y to QAR 3.39 bn — buoyed by boosted performance on LPG vessels and shipyard activities. The firm’s total expenses dipped 0.3% y-o-y to QAR 2.16 bn.

Behind the numbers: The firm attributes its growth to fleet expansion — scheduled to hit 112 carriers once all new builds on order are delivered. The company currently has 27 174k-cbm LNG carriers on order, with deliveries set for 2026 and beyond, as well as nine 271k-cbm QC-Max carriers and four 88k-cbm LPG carriers.

Big expansions already in the works: Nakilat inked an initial financing agreement package with Export-Import Bank of Korea in July. Construction on 17 LNG carriers commissioned by Nakilat kicked off at South Korea’s Hyundai Heavy Industries shipyard in May. The vessels — whose capacities stand at 174k cbm each — were commissioned by QatarEnergy to expand its LNG-moving fleet and replace older vessels.

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