AD PORTS-

Abu Dhabi state-owned port operator AD Ports Group saw an increase of 73% y-o-y in net income in 4Q 2024 to record AED 494 mn, according to a preliminary earnings release (pdf). Net income was supported by a AED 195 mn dividend from the c.10% stake in NMDC, partly offset by deferred income and end-of-year provisions. The company’s revenues rose 28% y-o-y to AED 4.6 bn for the same period.

In FY2024, AD Ports’ bottom line grew 31% y-o-y to AED 1.8 bn, while overall revenues jumped 48% y-o-y to AED 17.3 bn. The strong returns were driven by solid double-digit growth in the company’s five business segments — logistics, ports, maritime & shipping, economic cities and free zones, and digital. It also cited contributions from recent mergers and acquisitions, including Dubai-based Global Feeder Shipping (GFS), Karachi Multipurpose Terminal, Dubai Technologies, TTEK, Noatum & KGTL.

Raising the stakes globally: AD Ports undertook a number of acquisitions in 2024, acquiring 100% of APM Terminals Castellón, obtained 81% ownership in a JV set to run Angola’s Luanda Multiport Terminal, and secured a majority stake in Egypt’s Safina and Tbilisi Dry Port.

EMPOWER-

EmiratesCentral Cooling Systems Corporation (Empower) reported a 5.6% y-o-y increase in revenues, reaching AED 809 mn in 4Q 2024, according to its earnings release (pdf).

For the full year, net income declined 5.4% y-o-y to AED 908.2 mn, while revenues rose 7.4% to AED 3.3 bn, according to the company’s financial statements (pdf). Empower attributed the growth to portfolio expansion and an increase in end-users.

TABREED-

District cooling firm Tabreed’s net income rose 32% y-o-y to AED 570.2 mn in 2024, according to its financial statements (pdf). Tabreed’s revenues remained relatively flat in 2024 at AED 2.4 bn, up 0.7% y-o-y from the previous year. Installed capacity reached 1.3 mn RT with 23.8k new RT customer connections in the UAE, India, Egypt, and Oman, according to a separate earnings release. Consumption volumes increased 5% y-o-y.

Dividends: The board has proposed full-year dividend payouts of 15.5 fils per share, matching the record set in 2024, the firm said.

SALIK-

Salik records AED 1.2 bn in profits: Toll gate operator Salik saw its bottom line increase by 6.1% to reach AED 1.2 bn at the end of FY 2024, according to its preliminary financial results (pdf). Salik’s revenues stood at AED 2.3 bn, up 8.7% y-o-y in 2023.

Behind the results: Increased toll usage and the establishment of two new gates boosted revenue generating trips by 8% and drove the revenue growth, while a reduction in concession fees imposed by the Roads and Transportation Authority in April buoyed its bottom line.

AIR ARABIA-

Air Arabia saw its bottom line rise 56% y-o-y to AED 351 mn in 4Q 2024 on the back of an increase in passenger numbers, according to an earnings release (pdf). The cost-friendly carrier reported a 7% y-o-y increase in revenues to AED 1.7 bn.

On an annual basis, Air Arabia saw its net income decline 5.1% y-o-y to AED 1.5 bn in 2024, according to the company’s financial statements (pdf). The carrier saw its topline rise 11% y-o-y to AED 6.6 bn. The carrier attributed the growth to increased operating capacity, the launch of new routes, and continued network expansion.

Air Arabia’s board of directors proposed a dividend distribution of 25% of share capital, which is equivalent to 25 fils per share. The dividends are still subject to approval by Air Arabia’s shareholders at the upcoming Annual General Meeting.

JULPHAR-

Gulf Pharma Industries (Julphar) turned to the black in 2024 with a net income of AED 40.5 mn, compared to a net loss of AED 98.5 mn in 2023, according to the company’s preliminary financials (pdf). Julphar’s net operating income amounted to AED 79.7 mn last year, compared to a net operating loss of AED 19.5 mn in 2023.

SALAMA-

Ins. provider Salama turned to the black in 2024, reporting a net income of AED 24.6 mn, after a net loss of AED 139.3 mn in 2023, according to the company’s preliminary financials (pdf). The firm’s revenues decreased 5.8% y-o-y to AED 1 bn during the year.

WATANIA INTERNATIONAL HOLDING-

WataniaInternational Holding’s net income rose 10.1% y-o-y to AED 14.6 mn in FY 2024, according to its preliminary financial results (pdf). Takaful revenues were down, however, dipping 8.9% to AED 869.6 mn.

UNITED FOODS COMPANY-

UnitedFoods Company saw a 0.6% y-o-y increase in its net income in 2024 to AED 30.8 mn, according to its financial statements (pdf). Meanwhile, the company’s revenues saw a 2.1% increase, reaching AED 577.2 mn. The company recorded AED 601.7 mn in sales for 2024, a 2.1% y-o-y increase.

The company proposed AED 30.2 mn in dividends for the year, equivalent to 100% of its paid-up capital.

GULF CEMENT-

Gulf Cement narrowed its net losses in 2024 to AED 41.5 mn, compared to AED 51.6 mn in 2023, according to its preliminary financials (pdf). The firm’s net operating loss also declined to AED 34.4 mn last year, compared to AED 50.1 mn in 2023. Gulf Cement’s revenue rose 3.9% y-o-y to AED 480.8 mn in 2024.

WAHA CAPITAL-

Waha Capital saw its net income decline by 17.2% y-o-y to AED 679.4 mn in 2024, according to the company’s financials (pdf). The firm’s net operating income fell by 3.8% y-o-y to AED 1.2 bn last year. Waha Investment’s total third-party assets under management grew 25% to AED 6.9 bn during the year, according to its earnings release (pdf).

Dividends: The company’s board of directors proposed a 10 fils per share dividend for 2024, pending shareholder approval during the annual general meeting, representing a robust 5.7% yield.

GFH FINANCIAL GROUP-

GFH Financial Group saw its net income attributable to shareholders rise 15.2% y-o-y to USD 118.5 mn in 2024, according to the company’s financial statements (pdf). The group reported a 39.9% y-o-y growth in revenue to USD 675.8 mn.

GFH’s board recommended an increase in the proposed cash dividend from 5.50% to 6.20% on par value subject to the general assembly’s approval, according to a separate earnings release (pdf).

FIDELITY UNITED-

Fidelity United reported a net loss of AED 66.2 mn, down from a loss of AED 17.4 mn according to an earnings release (pdf). The ins. provider saw its revenues rise 7.2% y-o-y to AED 607 mn.

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