AD PORTS-

Abu Dhabi-based port operator AD Ports recorded a 42% y-o-y increase in net income to AED 439 mn in 2Q 2024, according to an earnings release (pdf). The company’s revenues more than doubled to AED 4.18 bn during the same period.

On a six-month basis: AD Ports’ bottom line jumped 25% y-o-y to AED 839 mn in 1H 2024, while the firm’s revenues climbed 108% y-o-y to 8.07 bn during the same period.

Recent acquisitions are paying off: Strategic acquisitions, including Noatum Logistics, Sesé Auto Logistics, and the Global Feeder Shipping back in January contributed to higher revenues during the quarter. “Looking ahead to the remainder of 2024 and beyond, we are on course for the profitable internationalization of the group,” group CEO Mohamed Al Shamisi said.

GFH GROUP-

ADX-listed GFH Financial Group saw its net income rise 14.7% y-o-y to USD 37.6 mn in 2Q 2024, according to the company’s financials (pdf). GFH’s investment banking earnings amounted to USD 42 mn, down 7.6% y-o-y, while its commercial banking earnings increased 16.5% y-o-y, reaching USD 33.8 mn during the period.

Growth drivers: GFH’s Dubai-based real estate management arm, GFH Partners, completed the placement of USD 165 mn in transactions across the US and UK markets and closed its USD 300 mn US Industrial and Logistics Fund during the quarter, according to a separate earnings release (pdf).

On a 1H basis: GFH’s net income increased 18.7% y-o-y to USD 67.9 mn in the first half of the year.

YALLA GROUP-

Yalla Group posted AED 115.3 mn in net income in 2Q 2024, up 10.9% y-o-y, according to an earnings release. The NYSE-listed social networking and gaming company’s revenues rose 2.5% y-o-y to AED 298.3 mn, on the back of improved operational procedures and technology utilization, and user acquisition strategies, which drove up average monthly active users 14.1% y-o-y to 39 mn during the quarter.

In 1H 2024, Yalla Group’s bottom line stood at AED 229.6 mn, marking a 29.7% y-o-y increase, on revenues of AED 587.3 mn, up 4.7% y-oy.

SALIK-

Dubai road-toll operator Salik’s net income inched down 1.9% y-o-y in 2Q 2024 to AED 267.5 mn, according to its financials (pdf). Salik attributed the modest decline to the recently-introduced 9% corporate tax in a separate earnings release (pdf). The toll operator’s revenues climbed 3.1% y-o-y to AED 532.7 mn.

On a six-month basis, Salik’s net income remained relatively flat at AED 544.8 mn in 1H, down 0.6% y-o-y. The toll operator’s revenues rose 5.6% y-o-y to AED 1.09 bn, driven by a 4.9% increase in toll usage revenue to AED 953.8 mn, which accounts for 87.1% of the total revenue.

Dividends: The company will pay 100% of 1H net income as interim dividends to shareholders, equivalent to AED 544.8 mn, the release said.

RAK CERAMICS-

Ras Al Khaimah (RAK) Ceramics’ net income dipped 32.1% y-o-y to AED 51 mn in 2Q 2024, according to the company’s financial statements (pdf). In a separate earnings release (pdf), the company attributed the decline to an AED 6.4 mn impact from the 9% corporate tax. RAK Ceramics saw its net revenues dip 10.9% to AED 777 mn in 2Q on the back of “ongoing geopolitical volatility, supply chain disruptions, and economic slowdowns in key regions,” the company said.

A look at 1H: The company’s bottom line fell 26.6% y-o-y to AED 113.9 mn in 1H 2024. Meanwhile, its revenues stood at AED 1.56 bn, falling 11.2% y-o-y during the period.

RAK Ceramics is paying out AED 99.4 mn in interim dividends for its 1H 2024 earnings.

AGILITY GLOBAL-

ADX-listed global logistics provider and Kuwait’s Agility subsidiary Agility Global saw its net income attributable to shareholders grow 757% y-o-y to USD 43.6 mn in 2Q 2024, according to its financials (pdf). Revenues from contracts with customers increased 16% y-o-y to USD 1.1 bn. The company’s subsidiaries — including Dubai-based energy logistics provider Tristar, Menzies Aviation, and Agility Logistics Park — all experienced double digit EBITDA growth, it said in its earnings release (pdf).

On a six-month basis, its net income grew more than 2000% to USD 60.3 mn, while revenues from contracts rose 11% y-o-y to USD 2.09 bn.

ICYMI- Agility — which owns Dubai-based energy logistics firm Tristar — listed its operations and assets management unit, Agility Global, on the ADX in a technical listing in May.

BAYANAT-

AI company Bayanat saw its net income decrease 83% y-o-y in 2Q 2024 to hit AED 8.8 mn, according to its financials (pdf). Revenues rose 22.6% y-o-y to AED 160.0 mn during the quarter on the back of contributions from smart operational and geospatial solutions, according to its earnings release (pdf).

On a six-month basis, the geospatial services provider saw its net income after tax fall 74.2% y-o-y to AED 19.1 mn in 1H 2024, while its revenues climbed 18% y-o-y to AED 273.3 mn.

INVEST BANK-

Sharjah-based Invest Bank reported a 28.5% y-o-y drop in net income to AED 16.3 mn in 2Q 2024, according to the company’s financial statements (pdf). The ADX-listed bank’s revenue rose 75% y-o-y during the quarter to AED 71.2 mn, with net interest income increasing 98% y-o-y to AED 47.1 mn.

On a six-month basis, Invest Bank saw its net income grow 2,343% y-o-y to AED 98.7 mn. The lender’s revenue reached AED 138.9 mn, up 77% y-o-y, mainly attributed to a 102% y-o-y improvement in net interest income, which made up 67% of total revenue, according to a separate earnings release (pdf).

SHARJAH CEMENT AND INDUSTRIAL DEVELOPMENT-

Sharjah Cement and Industrial Development’s net income dipped 25.3% y-o-y to AED 1.2 mn in 2Q 2024, according to the company’s financial statements (pdf). Revenues increased 18.9% y-o-y during the quarter to AED 170.3 mn, driven by improved sales, according to a separate earnings release (pdf).

The company turned to the black in 1H 2024, reporting a net income of AED 9.6 mn, compared to the AED 5.9 mn loss incurred during the same period last year. The turnaround is attributed to lower raw material and energy costs, along with higher investment returns, the release said. Revenues rose to AED 337.9 mn during the first half of the year, up 12.2% y-o-y.

WATANIA INTERNATIONAL HOLDING-

Watania International Holding turned to the black in 2Q 2024, recording a bottom line of AED 2 mn, compared with a loss of AED 1.1 mn in 2Q 2023 year, according to the company’s financial statements (pdf). Watania’s Takaful revenues decreased 3.3% y-o-y to AED 218 mn during the quarter.

On a six-month basis, Watania reported a net income of AED 7.9 mn in 1H 2024, up from a net loss of AED 3.9 mn in 1H 2023. The turnaround is attributed to higher underwriting earnings, which offset large one-time claims and losses incurred in the company’s motor and property segment due to unprecedented rains in the UAE in April, according to a separate earnings release (pdf). Revenues fell 17.4% y-o-y in 1H to AED 389.4 mn.

UNION INS.-

Union Ins.’ net income fell 38% y-o-y to AED 1.2 mn in 2Q 2024, according to its financialstatements (pdf). The company recorded AED 148.1 mn in revenue during the quarter, down 7% y-o-y. On a six-month basis, Union Ins.’ net income fell 4% y-o-y to AED 12.9 mn in 1H 2024. The company’s revenues also dipped 7% y-o-y to USD 297.7 mn.

GULF MEDICAL PROJECTS-

Gulf Medical Projects saw a 57% y-o-y jump in its bottom line in 2Q 2024, reaching AED 24.4 mn, according to the hospital operator’s financial statements (pdf). The company logged AED 164.2 mn in revenues for the period, marking a 23.5% y-o-y increase. In 1H 2024, Gulf Medical Projects reported a bottom line of AED 47.6 mn, up 47.5% y-o-y, on revenues of AED 331.2 mn, up 23% y-o-y.

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