MASHREQ-

Our friends at Mashreq saw their net income reach AED 9 bn in 2024, marking a 3.9% y-o-y increase compared to 2023, according to the bank’s financials (pdf). Net income before tax was up 12% y-o-y to AED 9.9 bn. The bank’s operating income for the period rose 24.2% y-o-y to AED 13.4 bn.

The lender’s total assets rose 11.4% y-o-y to AED 267.5 bn by the end of last year, with loans and advances growing 18% y-o-y. Meanwhile, customer deposits increased by 10% y-o-y to AED 160.9 bn.

The bank attributed the performance to diversified income streams, including strong client engagement in FX, derivatives and commodities, with non-interest income up 63% y-o-y to AED 5 bn, according to the lender’s earnings release (pdf).

What they said: “This year, we achieved phenomenal growth across several markets, including India, Hong Kong, and the GCC,” Group CEO Ahmed Abdelaal said. “Our entry into Pakistan, where we became the first bank to secure a restricted pilot license for digital retail banking, represents a significant milestone in our journey to foster financial inclusion. Additionally, the launch of Mashreq Neo in Egypt further solidifies our leadership in innovation and customer-centric solutions.”

EASYLEASE-

International Holding Company’s mobility solutions subsidiary EasyLease Motorcycle Rental reported a net income of AED 42.7 mn in 2024, marking an 18.4% y-o-y increase compared to 2023, according to the company’s financials (pdf). The firm’s revenues rose by 52.7% y-o-y to AED 455.7 mn during the same period.

The company focused on scaling through strategic acquisitions and “organic business development” throughout the year, according to an earnings release (pdf). The acquisitions include obtaining sizable stakes in the logistics services firm Gallega Global Logistics and transportation technology company United Trans. The financial results were also influenced by launching new ventures in vehicle rentals and roadside assistance.

DFM-

The Dubai Financial Market (DFM) reported a 14.2% y-o-y rise in net income in 2024 to AED 376.4 mn, according to its financial statements (pdf). In a separate earnings release (pdf), the exchange attributed the improved performance to “robust trading volumes, strong capital inflows, a surge in both retail and institutional investor activity, and sustained market performance,” with three successful IPOs during the year contributing AED 10.5 bn. The exchange’s market cap grew 32% y-o-y to AED 907 bn.

Breakdown: The DFM General Index, ranked among the top global exchanges, witnessed 27.1% y-o-y growth to a decade high — maintaining its position as best-performing exchange in the GCC for a second year. The exchange’s revenues grew 15.5% y-o-y to AED 632.3 mn.

Foreign investors played a significant role in DFM’s performance, contributing 50% to the overall trading value and accounting for 85% of new investors, with a market capitalization share of 21%. Institutional investors held a 65% share, up from 58% in 2023. The company welcomed 138.3k new investors during the year, up 120.5% y-o-y.

Dividends: The DFM’s board proposed distributing a total of AED 256 mn in dividends, representing 97% of cumulative earnings, according to the statement.

NMDC ENERGY-

NMDC Energy had a good 4Q…: The National Marine Dredging Company (NMDC)’s engineering, procurement, and construction unit NMDC Energy’s net income rose 35% y-o-y to AED 502 mn in 4Q 2024, attributed to project progression and a healthy order book, according to its earnings release (pdf). The company’s revenues rose 57% y-o-y during the quarter to a record AED 4.7 bn.

…and year: In 2024, NMDC Energy’s net income increased 80% y-o-y to AED 1.4 bn, on the back of “strong operational performance and strategic expansion into new projects both locally and internationally,” it said. The company’s top line also rose 82% y-o-y to AED 14.4 bn during the period.

REMEMBER- The EPC unit raised AED 3.22 bn from its 31x oversubscribed IPO on the ADX in September.

Dividends: The firm’s board proposed a dividend payout of AED 700 mn, representing a dividend payout ratio of 50%.

APEX INVESTMENT-

Apex Investment turned to the black in 2024, posting a net income of AED 75.6 mn, after a net loss of AED 58.4 mn in 2023, according to the company’s financials (pdf). The firm’s revenue rose by 17.9% y-o-y to AED 852.9 mn during the same period.

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