DUBAI ELECTRICITY AND WATER AUTHORITY-

The Dubai Electricity and Water Authority (Dewa) saw its topline increase 6.13% y-o-y to AED 7.5 bn in 4Q 2024, while its net income dipped 3% to AED 1.8 bn, according to its earnings release (pdf). Last quarter followed the same trend, where revenues increased on the back of high electricity demand, while net income fell. Dewa’s clean power generation also rose 12.83% to 1.57 TWh during the quarter.

On an annual basis, Dewa’s revenues rose 6% y-o-y to a record AED 31 bn in 2024, while net income for the year dipped 8.8% y-o-y to AED 7.2 bn, slightly lower than 2023’s AED 7.9 bn.

More records were made: Dewa also recorded its highest annual clean power generation at 6.62 TWh, its highest peak power demand at 10.76 GW, and its highest annual desalinated water production at 150.48 BIG.

There’s more to come: Dewa has a 1.8 GW solar PV plant and a 180 MIGD reverse osmosis desalination plant in the works. The company also issued an advisory service tender for an Independent Power Producer (IPP) project including a 1.6 GW solar PV plant and a 1 GW Battery Energy Storage System in November and another tender for the design, supply, installation, and commissioning of a 2.5 MW alkaline electrolyzer project in August.

DU-

Emirates Integrated Telecommunications Company (du) saw its bottom line widen 47.5% y-o-y to AED 585 mn in 4Q 2024, according to the company’s earnings release (pdf). The telecommunications company reported an 8.8% y-o-y increase in revenue to AED 3.9 bn. Revenue growth was fueled by a favorable market environment, increased market share in both mobile and fixed services, and the continued expansion of its ICT offerings.

On an annual basis, du’s net income rose 49.1% y-o-y to AED 2.5 bn. The company’s revenues also saw a 7.3% increase to AED 14.6 bn, according to a separate financial statement (pdf).

du’s board of directors recommended the distribution of 34 fils per share as the final dividend for the year, taking annual dividends to 54 fils per share — the maximum dividends allowed by the company’s dividend policy.

ALDAR PROPERTIES-

Real estate firm Aldar Properties reported a 37% y-o-y increase in its net income to AED 1.9 bn in 4Q 2024, according to the company’s earnings release (pdf). Revenue for the quarter climbed 48% y-o-y to AED 6.5 bn.

On an annual basis, Aldar’s net income grew 47.3% y-o-y to AED 6.5 bn in 2024, according to its financials (pdf). This growth was driven by the expansion of its development and investment platforms over the past two years, CEO Talal Al Dhiyebi said. Key investments included the AED 2.3 bn acquisition of a commercial tower in Dubai International Financial Center in December.

The developer’s revenue and rental income rose by 62.4% y-o-y to AED 23 bn last year, fuelled by the “successful execution against the revenue backlog” of Aldar’s development projects. Sales rose 20% y-o-y to a record AED 33.6 bn, supported by “enhanced cross-selling” strategies to meet strong demand for luxury developments in the UAE.

Dividends: Aldar’s board of directors proposed a dividend of 18.5 fils per share, taking dividends to AED 1.5 bn for 2024, pending shareholder approval at the annual general assembly meeting.

FERTIGLOBE-

Fertiglobe’s net income down in 4Q + 2024: Adnoc-owned urea and ammonia producer and exporter Fertiglobe reported a 59% y-o-y dip in adjusted net income to USD 42 mn in 4Q 2024, according to its unaudited earnings release (pdf). Meanwhile, revenues fell 28% y-o-y to USD 466 mn. Fertigobe attributes this drop to a deliberate deferral of 239 kt worth of shipments to early 2025 to take advantage of “tightening urea markets and improved in-season pricing.” This strategy of exploiting higher urea prices is expected to transfer USD 29 mn of net profit to 1Q 2025.

On an annual basis, the company saw a 52% y-o-y decline in net income to USD 173.9 mn in 2024, while revenues for the year decreased 17% y-o-y to USD 2 bn.

The driver: Sales volume dropped 9% y-o-y to 5.6 bn tons in 2024, which the company attributed to “structural measures taken to improve reliability and efficiency levels” and deliberately delayed shipments.

Looking ahead: Fertiglobe expects tight supply in spring and rising energy prices will sustain firm fundamentals for the nitrogen market in 2025. Production shortages in main exporting countries—and remarkably low Chinese exports—strengthen the short-term outlook for nitrogen fertilizers. Robust demand for new low-carbon ammonia applications—such as maritime fuels and power production—will buoy long-term outlook.

What’s next? Fertiglobe is developing a new UAE facility with a target of producing 1 mn tons of low-carbon ammonia, while its UAE facility currently under development will start operations in 2027 yielding a final product 50% less carbon intensity than conventional ammonia. The company also expects that Exxon Mobil low-carbon hydrogen and ammonia project will reach financial close in 2025, with Adnoc slated to transfer its 35% stake in the project over to Fertiglobe when operations begin.

AL FUJAIRAH NATIONAL INS.-

AlFujairah National Ins. Company returned to profitability in 2024, reporting a net profit of 25 mn in 2024, after incurring a net loss of AED 8 mn in 2023, according to its preliminary financials (pdf). The company’s ins. revenues rose 49.1% y-o-y to AED 420.6 mn during the same period.

MAIR GROUP-

Mair Group saw its net income increase 545% y-o-y to AED 166.9 mn in 2024, according to the company’s earnings release (pdf). The retail operator saw its revenues rise 48.6% y-o-y to AED 2 bn. This was driven by higher retail sales and real estate leasing revenues.

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