More 2Q earnings from Makhazen, Air Arabia, and Asyad Shipping

Makhazen posts a stronger 2Q

Trade infrastructure and investments helped Makhazen more than double its 2Q bottom line. The Kuwaiti firm’s net income jumped 114% y-o-y to KWD 18.6 mn, while its revenue slipped 1% y-o-y to KWD 35.6 mn, according to its financial release. The company attributes this quarter’s performance to robust contributions from its trade facilitation and infrastructure businesses, alongside its investment portfolio — which is anchored by Makhazen’s 25% stake in Agility Global.

But the clean 2Q net income doesn’t tell the whole half-year story. The firm still booked a KWD 206.8 mn loss from continuing operations attributable to shareholders in 1H 2026, while its revenue went down about 3% y-o-y to KWD 71.5 mn. The loss stems from one-off fair-value adjustments on certain investment properties recorded in 1Q.

The war hit Air Arabia’s 2Q earnings

Reduced operating capacity meant Air Arabia’s net income after tax came in at AED 87.9 mn in 2Q, down 74.9% y-o-y, according to its financials (pdf) and earnings presentation (pdf). Revenues saw a more muted 3.4% drop to AED 1.7 bn during the period, with higher direct and finance costs weighing on results.

For 1H, revenues dipped 1.1% y-o-y to AED 3.5 bn, as net income dropped by 48.7% to AED 336.1 mn. Net income before tax came in at AED 374.4 mn, down 51.4%. Passenger numbers for 1H were down 14% y-o-y to 8.7 mn, due to airspace closures and disruptions because of the regional war. Higher fuel prices also weighed on earnings.

Higher freight rates, new vessels lift Asyad’s bottom line

Stronger freight markets and new vessels powered Asyad Shipping’s first-half earnings. The Omani shipping major’s net income surged 92% y-o-y to OMR 38.9 mn in 1H 2026 — attributable to lower costs, stronger operating income, and vessel-sale gains, Muscat Daily reports, citing a disclosure to the Muscat Stock Exchange. Revenue rose a more modest 5% to OMR 172.3 mn, as growth across the crude, products, dry bulk, and liner segments outweighed a decline in gas shipping revenue tied to the planned sale of four older LNG vessels.

The order book points to where this is headed next. Asyad Shipping said it has locked in USD 2.24 bn of contracted revenue through 2030 and beyond, and expects nine more vessels to enter service in 2H 2026 as part of an 18-vessel newbuild program that includes six VLCCs and eight medium-range tankers.