Earnings season is kicking into gear, with fresh full-year earnings reports from Abu Dhabi Islamic Bank, ESG Emirates Stallions Group, and Sukoon Ins.

ADIB-

ADIB wraps 2024 on a high note despite 4Q dip:Abu Dhabi Islamic Bank (ADIB) posted AED 1.5 bn in net income after zakat and tax for 4Q 2024, down 2% y-o-y, according to its latest earnings report (pdf). Revenues for the quarter edged up 1% y-o-y to AED 2.6 bn.

In the full year: ADIB’s 2024 net income rose 16% y-o-y to AED 6.1 bn, with revenues climbing 14% to AED 10.6 bn. The bank credited strong performance across all segments and products, as well as robust fee-based business activity.

Key drivers included a 7% y-o-y bump in funded income (AED 6.6 bn), fueled by solid transaction volumes, and a 28% y-o-y increase in non-funded income (AED 4.1 bn), driven by fees and commissions.

Total assets and deposits also grew: ADIB’s total assets rose 17% y-o-y to AED 226 bn in 2024, driven by a 22% jump in gross financing and a 20% rise in investments. Customer deposits grew 16% y-o-y to AED 183 bn, with current and savings accounts—now making up 61% of total deposits—rising 9% y-o-y.

Dividends: The bank’s board is proposing a dividend payout of AED 3 bn, equivalent to 50% of the company’s net income in 2024.

Emirates Stallions Group.-

IHC subsidiary and construction and real estate firm Emirates Stallions Group reported a net income of AED 230.9 mn in 2024, marking a 66.1% y-o-y decline compared to 2023, according to the company’s financials (pdf). The conglomerate’s revenue rose by 109% y-o-y to AED 1.3 bn during the same period.

The performance was attributed to the company’s strategic investments and efficiency in running operations, according to its earnings release (pdf). The company acquired the remaining stake in Sawaeed Holding in May, and acquired stakes in luxury furniture manufacturing and interior design firms Vision Furniture & Decoration Factory and Decovision.

SUKOON INS.-

Dubai-based Sukoon Ins.’ net income rose 3.4% y-o-y to AED 265.7 mn in 2024, according to the company’s financial statements (pdf). The company’s ins. revenues rose nearly 16.5% to AED 5.4 bn during the year.

Looking ahead, Sukoon expects market rates to harden as insurers adjust to heightened risks amid global geopolitical challenges, inflation, high interest rates, and subdued oil prices, it said in a separate earnings release (pdf). On the flip side, the introduction of mandatory health ins. in the northern emirates and a new scheme for end-of-service benefits in 2025 is expected to create growth windows. Sukoon plans to invest nearly AED 20 mn in digitization and technology platforms.

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