Adnoc Gas-

Adnoc Gas’ net income fell nearly 7% y-o-y to USD 1.19 bn in 1Q 2024, according to the company’s earnings release (pdf). The company’s revenues rose 15% y-o-y to USD 6.01 bn during the quarter on higher production volumes. Total sales volumes also increased 15% y-o-y to 891 tn British thermal units (tbtu) in 1Q 2024, with gas production volumes increasing 12% y-o-y to 575 tbtu and LNG production rising 17% y-o-y to 72 tbtu.

Looking ahead: The company plans to invest some USD 2-2.5 bn in 2024, marking a “substantial increase” from investments in 2023. Sales volumes are also expected to be between 3395 and 3520 tbtu during the year, with improvements in domestic gas products driven by “market demand uplift, contractual escalations, and renewals of base rates for some customers.”

REMEMBER- Adnoc Gas plans to invest USD 13 bn over the next five years in both domestic and international markets to expand processing capacity and boost sales volumes by 20%. The company also plans to acquire the Ruwais LNG plant to help double its liquefied natural gas production capacity by 2028, as well as grow its global presence through new acquisitions in Europe, India, China, and Southeast Asia, Chairman Sultan Al Jaber previously said.

Americana-

Americana Restaurants’ income takes a hit amid regional tensions: F&B giant Americana Restaurants’ net income fell 51.8% y-o-y to USD 28 mn during 1Q 2024, affected by reduced sales due to geopolitical issues, Ramadan, and increased depreciation and rent expenses from opening new stores, the company said in its earnings release (pdf).

The KFC and Pizza Hut operator’s revenue fell 16.3% y-o-y to USD 493.5 mn during the quarter due to lower like-for-like sales.

Some respite: Americana saw benefits from reduced inventory and marketing costs, along with the addition of about 37 new stores, expanding its portfolio to 2.5k restaurants, with 37 more currently being constructed.

REMEMBER- Bloomberg reported earlier this year that the company has slashed nearly 100 jobs (most of them in Dubai) as it both restructures and faces the impact of a consumer boycott of its brands that came after the start of Israel’s war in Gaza.

Americana plans to open up around 200-225 new stores in 2024 in “markets which are less impacted by the current regional macro-environment.” The restaurant operator aims to ramp up revenue recovery efforts, emphasizing smart pricing, targeting, and promotions and marketing strategies to improve its margins in 2024.

Burjeel Holdings-

Burjeel Holdings posts 14% bottom line decline: Healthcare services provider Burjeel Holdings saw its net income fall 14% y-o-y to AED 104 mn during 1Q 2024, according to its earnings release (pdf). Excluding the impact of one-offs and taxes, net income improved 16% y-o-y to AED 141 mn.

The healthcare firm’s revenues grew 11% y-o-y to AED 1.21 bn during the three-month period, driven by an increase in patient footfall and yield before Ramadan.

Looking ahead: The company reiterated its guidance to deliver mid-teens revenue growth in 2024 and improve its Ebitda margin. The company will also “continue to evaluate various Capex-light opportunities in the Gulf, where we anticipate introducing new value-based products in KSA and additional advanced healthcare service lines in the UAE,” CEO John Sunil said.

Presight-

Data analytics firm Presight reported a 32.5% y-o-y increase in its net income after tax to AED 95.9 mn during 1Q 2024, according to its earnings release (pdf). The company turned in AED 262.1 mn in revenues for the quarter, up 15.9% y-o-y from the previous year. The firm attributed the growth to “an increasing proportion of multi-year contracts.”

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