UNITED ARAB BANK-

United Arab Bank (UAB) reported a net income of AED 301 mn for 2024, up 17.9% y-o-y, according to the bank’s financials (pdf). The growth in net income was driven by improved operating performance and lower net impairment charges, the lender said in its earnings release (pdf).

Operating income rose 5.1% y-o-y to AED 605.8 mn, while total assets climbed 22% to AED 21.5 bn, supported by a 23% increase in loans, advances, and Islamic financing.

DUBAI AEROSPACE ENTERPRISE-

Dubai Aerospace Enterprise (DAE) saw its net income widen 36.2% y-o-y to USD 477.5 mn in 2024, according to its financials (pdf). The company’s revenues rose 8.7% y-o-y to USD 1.4 bn during the same period.

Driving the growth: The bulk of the top line comprises net lease revenues of USD 1.2 bn, which grew 5.6% y-o-y on the back of aircraft acquisitions and lease placements of previously grounded aircraft. A rise in engineering maintenance service revenues also contributed to topline growth, rising by 32.8% y-o-y to reach USD 186.4 mn. The company also cited higher income from operations and ins. recoveries.

ICYMI: DAE saw its net income rise 54.9% y-o-y to USD 310.8 mn in 9M 2024, with revenues growing 2.8% y-o-y to USD 1 bn during the period.

Tags: