MASHREQ-

Our friends at Mashreq reported a net income after tax of AED 1.8 bn in 1Q 2025, marking a 12.2% y-o-y decline, while net income before tax came in at AED 2.1 bn, according to its financial statements (pdf). Revenues came in at AED 3.1 bn for the quarter, down 0.7% y-o-y. The bank’s “client asset growth and healthy client margins helped cushion the impact of the 100 bps reduction in the UAE Central Bank’s interest rate,” according to its earnings release (pdf).

Driving the performance: The lender saw a 14% y-o-y jump in loans and advances, a 10% rise in customer deposits, and double-digit growth in non-interest income. Total assets reached AED 273 bn, up 9% y-o-y.

What they said: “These results reflect the continued strength of our diversified business model and our disciplined execution, even amid a more measured interest rate environment,” CEO Ahmed Abdelaal said.

Looking ahead: “We remain focused on scaling our Banking-as-a-Service model, deepening embedded finance capabilities, and accelerating the deployment of AI-driven solutions to deliver seamless, hyperpersonalized client experiences,” Abdelaal said.

BOROUGE-

Adnoc petrochemicals JV Borouge reported a 2.9% y-o-y rise in net income to USD 281 mn in 1Q 2025, driven by increased production and a 10.3% y-o-y uptick in total sales volume to 1.3 mn tonnes, according to its earnings release (pdf). Revenues came in at USD 1.4 bn, up 9.1% y-o-y, supported by a 13.2% volume growth in polypropylene and gains of 7.6% in polyethylene, according to figures in a separate management report (pdf).

Borouge continued to outperform its pricing benchmarks, with average premiums of USD 224 per tonne for polyethylene and USD 154 for polypropylene, and an asset utilization rate of 98% helped production reach an all-time high in March.

Looking ahead:A planned turnaround at Borouge 3 is expected to cut 2Q 2025 output by 320k tonnes, but the company reaffirmed its pricing outlook and focus on high-margin products and regional allocation. Two newly signed contracts aim to boost capacity beyond 6.6 mn tpa by 2028, with expected annual EBITDA of AED 600-730 mn once operational. Borouge is also executing a 2.5% share buyback, having repurchased 64 mn shares to date.

Dividends: The company plans on an annual dividend distribution equal to 16.2 fils per share between 2025 and 2030. Following the expected completion of the USD 60 bn merger with Borealis and Nova Chemicals in 1Q 2026, Borouge is targeting an annual dividend of USD 2.2 bn — implying a 6.3% yield at current share prices.

AMERICANA RESTAURANTS INTERNATIONAL-

UAE-headquartered restaurant giant Americana Restaurants International saw its bottom line grow 19.8% y-o-y in 1Q 2025, reaching USD 31.9 mn, according to its financials (pdf). The company’s revenues also surged by 16.2% y-o-y to USD 573.4 mn in 1Q.

Americana’s growth was mainly fueled by higher sales and the company’s expansion of its store footprint, which now totals 2.6k outlets across 12 countries, according to a separate earnings release (pdf). The company’s growth in net income attributable to the parent company shareholders, up 16.5% y-o-y to USD 32.6 mn, was supported by its strong topline and improved gross margins through cost-cutting measures.

DUBAI AEROSPACE ENTERPRISE-

Dubai Aerospace Enterprise (DAE) recorded a 26.5% y-o-y growth in its bottom line to USD 85.8 mn in 1Q 2025, which the firm attributed to increased operating net income largely counterbalanced by high net finance costs and income tax expenses during the quarter, according to an earnings release (pdf). The firm’s topline increased by 15.2% y-o-y to USD 395.9 mn during the same period. The company onboarded 13 owned and six managed aircraft in 1Q as well as sold 11 owned and four managed aircraft.

ALEF EDUCATION-

Alef Education reported a 2% y-o-y increase in net income to AED 115.3 mn in 1Q 2025, according to its financial statements (pdf). The bottom-line performance was supported by effective cost management and scalable growth, according to its earnings release (pdf). Revenues rose 1.7% y-o-y to AED 179.7 mn, driven by strong performance in its education solutions segments, while the support and services segment delivered stable revenue.

Dividends: Alef Education reiterated its plan to distribute AED 135 mn in dividends for FY 2025, equivalent to around 10 fils per share for free float shareholders.

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