Regional disruptions weigh on NMDC Earning, Milaha’s earnings

NMDC Energy reports revenue growth despite regional tensions

NMDC’s EPC unit NMDC Energy saw its net income drop 63% y-o-y — based on our owncalculations — to AED 80 mn in 1Q 2026 as regional tensions hit, according to its earnings release (pdf). Its revenues, meanwhile, climbed 33% to AED 5 bn over the same period, supported by strong backlog execution.

The company did not face interruptions, however, and is in a good position for the remainder of the year, it said, adding that its backlog stands at AED 35.3 bn as of the end of March, while its project pipeline reached AED 67 bn. The UAE remained the dominant contributor, accounting for 74% of total revenue.

REMEMBER- The firm was planning to enter new markets, including Nigeria and Europe, CEO Ahmed Al Dhaheri said earlier, after rolling out new offices in Shanghai and Taiwan last year, according to its management and discussion analysis report (pdf).

Milaha’s 1Q earnings take the conflict hit

Regional conflict disruptions weigh on Milaha’s 1Q earnings: Qatari maritime and logistics firm Milaha saw its net income fall 20.6% y-o-y to QAR 297 mn in 1Q 2026, according to a press release. Meanwhile, the firm’s operating revenue rose 15.2% y-o-y to QAR 874 mn during the same period.

Logistics and offshore bore the brunt of the pressure: Maritime & Logistics earnings declined by QAR 15 mn, weighed down by reduced container shipping volumes and softer port activity amid conflict-related disruptions. Offshore net income fell by QAR 36 mn, reflecting lower EPCIC revenues, weaker vessel utilization, and elevated operating costs. Meanwhile, Gas and Petrochem earnings also eased by QAR 5 mn, following the sale of two VLGCs in 2025.