TECOM GROUP-

Business district developer Tecom Group posted AED 310.5 mn in net income in 2Q 2024, up 35% y-o-y, according to the company’s financials (pdf). Its top line rose 9% y-o-y to AED 584 mn, primarily fueled by high occupancy rates, with commercial and industrial portfolios seeing 92% occupancy, and industrial lands seeing 96%, according to a separate earnings release (pdf).

On a 1H basis: Tecom Group saw its net income reach AED 603 mn in 1H 2024, marking a 24% y-o-y increase. Its revenues for the period rose 9% y-o-y to AED 1.15 bn, bolstered by ongoing increases in rental and occupancy rates across all business segments, along with robust retention figures.

Dividends: Tecom approved AED 400 mn in interim dividends for 1H 2024, set to be distributed in September 2024.

EMIRATES STEEL ARKAN-

Emsteel’s income falls 64%: Emirates Steel Arkan (Emsteel) saw its net income fall 64% y-o-y to AED 46.3 mn in 2Q 2024, according to its financials (pdf). The company’s revenues also fell 10% y-o-y to AED 1.82 bn in revenues. The company attributed the drop in performance to pressure on international steel markets as a result of geopolitical tensions and a slowdown in the Chinese economy that has impacted both export and domestic markets,” according to its earnings release (pdf).

On a six-month basis, Emsteel’s bottom line dipped 38% y-o-y to AED 174.5 mn in 1H 2024. Revenues were down 11% y-o-y, falling to AED 3.96 bn during the period.

Looking ahead, Emsteel plans to “remain vigilant in monitoring market dynamics to

stay agile, continue to collaborate closely with downstream customers to meet their needs for value-added and low-carbon products… [and] maintain [its] commitment to supplying premium steel products, to landmark projects in the region, such as [Emsteel’s] latest agreement with Eversendai for the construction of the NEOM Trojena Ski Village,” said Group CEO Saeed Ghumran Al Remeithi.

ORIENT TAKAFUL-

Orient Takaful’s net income fell 21% y-o-y to AED 11.2 mn in 2Q 2024, according to the company’s financials (pdf). The company’s revenues rose 33% y-o-y to AED 198.2 mn. Orient’s bottom line grew 18% y-o-y to AED 24.3 mn in 1H 2024, while revenues grew 33% y-o-y to AED 385.1 mn.

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