ADNOC DISTRIBUTION-

Adnoc’s retail arm Adnoc Distribution reported a 14.3% y-o-y decline in net income attributable to shareholders to AED 580 mn in 4Q 2024, according to the company’s management report (pdf).The decline was driven by inventory movements, AED 60 mn in corporate income tax expenses, and one-off items. Revenue for the quarter fell 7.6% y-o-y to AED 8.8 bn due to lower selling prices.

For 2024, net income decreased 7% y-o-y to AED 2.4 bn, according to the firm’s financials (pdf), impacted by higher finance costs and AED 243 mn in corporate income tax expenses. Revenues grew 2.4% y-o-y to AED 35.5 bn, supported by increased fuel volumes, a growing contribution from non-fuel retail businesses, and timing of the consolidation of TotalEnergies Marketing Egypt.

Dividends: Adnoc Distribution will distribute AED 1.3 bn in dividends for 2H 2024 in April 2025, subject to shareholders’ approval at the general assembly meeting in March, according to its earnings release (pdf). In 2024, the company approved a five-year dividend policy (2024–2028), committing to distributing USD 700 mn or a minimum of 75% of net income, whichever is higher.

Looking ahead, Adnoc Distribution plans to add 40 to 50 new stations across its network, including 30 to 40 in Saudi Arabia in 2025, the company said in its earnings release. The firm also aims to install around 100 additional fast and super-fast charging points in 2025. It also targets doubling the number of Tier-1 food and beverage properties this year.

SPINNEYS-

Spinneys saw its bottom line rise 13.9% to AED 289.6 mn in 2024, according to the retailer’s consolidated financial statements (pdf). The retailer reported a 12.3% increase y-o-y on revenue to AED 3.2 bn.

The rise in revenues is attributed to the opening of seven new stores in the UAE and Saudi Arabia, with particularly strong performance in Fresh Sales and Private Label, according to a separate earnings release (pdf). The increase in net income is driven by “efficient sourcing and supply chain management and Spinneys’ highly successful private label strategy.”

The company’s board of directors recommended a final dividend of AED 100.8 mn, equivalent to 70% of net income for the year. Subject to shareholder approval, the dividend is expected to be distributed in April 2025, and takes total dividends for the year to AED 203.4 mn.

REMEMBER- Spinneys debuted on the DFM in 2024, raising AED 1.4 bn in proceeds. The supermarket chain’s order book was 64x oversubscribed excluding cornerstone investors.

LULU RETAIL-

Lulu Retail saw its net income from continuing operations fall 38.1% y-o-y to USD 64.7 mn, on the back of “slower revenue growth and higher interest charges resulting from increased working capital debt,” according to its earnings release (pdf). Lulu Retail booked USD 1.9 bn in group revenues during the quarter, up 1.8% y-o-y. Like-for-like (LFL) sales during the quarter dipped 0.9% y-o-y, which the retailer attributed to “softer sales in Saudi Arabia, Oman, and Kuwait.”

On a full-year basis: Lulu Retail’s FY 2024 revenues rose 4.7% y-o-y to USD 7.6 bn, with net income from continuing operations rising 12.6% y-o-y during the year to USD 216.3 mn. Lulu Retail’s profit margin rose 20 basis points to 2.8% in FY 2024, “driven by an improvement in operating profit and enhanced performance in EBIT margin,” it said in the earnings release.

Dividends: Lulu Retail’s board of directors has proposed paying out a total of USD 84.4 mn in dividends for the year — equivalent to 85% of the semi-annual distributable net income from continuing operations. The total sum would see Lulu Retail pay out USD 0.82 in dividends per share.

REMEMBER- Lulu Retail made its debut on the ADX last year, raising USD 1.7 bn and achieving a USD 5.7 bn market cap. However, its shares have seen a significant drop since the debut, trading at AED 1.66 on Tuesday, down 22.9% from their debut share price of AED 2.04.

INTERNATIONAL HOLDING COMPANY-

Abu Dhabi-based International Holding Company (IHC) saw its net income drop 22.7% y-o-y to AED 25.5 bn in 2024, according to its financial statements (pdf). The conglomerate attributed the decline to allocation of resources toward high-impact projects and scaling subsidiaries, according to an earnings release (pdf). The move is part of a broader strategic pivot, with IHC doubling down on high-value investments to boost long-term shareholder returns.

The conglomerate’s revenue surged 54.4% y-o-y to AED 92.8 bn, driven by strong growth in real estate, construction, and marine and dredging segments. This performance was supported by robust market demand, strategic acquisitions, and successful project execution.

REMEMBER- The conglomerate had a busy year, establishing 2PointZero in January 2024 as a holding company with some AED 100 bn (USD 27 bn) in assets under its umbrella. Last August, it launched Rorix Holdings, a global finance and trade facilitation holding company focused on financial services, trade finance, advisory, commodities, and trade ins. Its subsidiary International Resources Holding snagged a 51% stake in Zambia’s Mopani Copper Mines for USD 1.1 bn last April, while IHC absorbed nearly 100% of Colombian food manufacturer Grupo Nutresa and raised its stake in Nutresa to 14.83% that same month. IHC also gained a 33.07% stake in Q Holding after transferring 49% of its stake in Modon Properties to the company.

PUREHEALTH-

Healthcare giant PureHealth’s turned to the black in 4Q 2024, reporting a net income of AED 279 mn, after a net loss of AED 307 mn in 4Q 2023, according to the company’s earnings release (pdf). The firm’s revenue rose by 61% y-o-y to AED 6.9 bn during the same quarter.

On an annual basis, the company’s net income rose by 77.8% y-o-y to AED 1.7 bn in 2024. The firm’s revenue rose by 57.6% y-o-y to AED 25.9 bn during the same period, attributed to “organic growth and successful local and international acquisitions,” particularly in the hospitals segment.

REMEMBER- PureHealth inked an agreement to acquire a 60% stake in Hellenic Healthcare Group in January 2025, with the sale valuing the company at USD 2.3 bn. The company also completed its acquisitions of the UK-based Circle Health Group and Sheikh Shakhbout Medical City in January 2024.

PRESIGHT-

AI-powered data analytics company Presight AI Holding reported a 7.4% y-o-y increase in net income to AED 612.8 mn for FY 2024, according to its financials (pdf). The company’s revenue climbed 24.3% y-o-y to AED 2.2 bn thanks to an increase in multi-year contracts, strong new order inflows, and expansion across international markets, according to an earnings release (pdf).

Presight’s global operations accounted for 23% of total revenue in FY 2024, with international bookings surging 3.5 times to AED 508.2 mn.

DEYAAR DEVELOPMENT-

Dubai’s Deyaar Development recorded a 7.5% y-o-y increase in net income after tax to AED 473.9 mn in 2024, according to its financials (pdf). Net income was up 14.7% to AED 505.4 mn before corporate tax. The real estate developer and service provider’s total revenue reached AED 1.5 bn, up 20.6% y-o-y.

The rise in earnings can be credited to a surge in property development revenue, according to a separate earnings release (pdf), with some AED 1.2 bn in property development revenues accured, representing a 25.6% y-o-y increase. The company also documented 5% y-o-y growth in revenue in other business segments.

The firm undertook several new developments during the year — including “strategically located projects in Dubai, such as ELEVE, Rosalia Residences, and Park Five,” as well as RIVAGE in Abu Dhabi, developed in collaboration with Arady Properties.

DUBAI ISLAMIC BANK-

Dubai Islamic bank saw its bottom line rise 16.5% y-o-y to AED 8.2 bn in 2024, according to the bank’s financial statements (pdf). The lender reported a 16% total operating income increase y-o-y to AED 23.3 bn.

Dividends: The Board of Directors proposed distributing cash dividends of 45 fils per share, subject to approval by the bank’s general assembly of shareholders, according to a separate earnings release (pdf).

NATIONAL BANK OF UMM AL-QAIWAIN-

The National Bank of Umm Al Qaiwain saw its net income increase 0.7% y-o-y to AED 506 mn in 2024, according to the bank’s financial statements (pdf). Net income before tax reached a record AED 551 mn. The lender reported a 6.1% net operating income rise y-o-y to AED 655.5 mn.

The bank proposed dividends worth 18% of its share capital, equivalent to some AED 360 mn.

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