Another 1Q earnings roundup

TECOM GROUP-

Business district developer Tecom Group kicked off 2025 with strong earnings, posting a 23.4% y-o-y rise in net income to AED 360.9 mn in 1Q, according to its financials (pdf). Revenues rose 20.5% y-o-y to AED 679.7 mn, driven by robust demand across commercial, industrial, and land lease assets, the group said in a separate earnings release (pdf). Efficiency gains and prudent capital management strategies also supported growth, the company said.

Tecom’s customer base grew 6% y-o-y to over 12k, and its occupancy rates reached 95% in commercial and industrial properties and 98% in land leases.

APEX INVESTMENT-

Apex Investment reported a net loss of AED 25.6 mn in 1Q 2025, down from a net income of AED 4.3 mn in the same period last year, according to its financials (pdf). Revenues rose a marginal 0.6% y-o-y to AED 196.4 mn. Core business income rose 10.2% y-o-y to AED 41 mn on strong performances from its catering and cement operations, but gains were outweighed by AED 53.3 mn in unrealized investment losses and startup costs linked to ventures like Enercap and the monetization of Mawasiem, according to a separate management discussion and analysis report (pdf).

STANDARD CHARTERED-

Standard Chartered Bank’s UAE operations recorded pre-tax net income of USD 185 mn (c. AED 679.5 mn) in 1Q 2025, marking an 18.1% y-o-y decline, according to its financials (pdf). Operating income slipped 14.8% to USD 305 mn. The lender’s UAE assets grew 10% y-o-y to USD 22.0 bn despite total loans and advances falling 13.7% to USD 7.8 bn.

ABU DHABI AVIATION-

Abu Dhabi Aviation (ADA) Group’s net income rose 703% y-o-y to AED 215 mn in 1Q 2025, according to the firm’s earnings release (pdf) and financials (pdf). The company’s revenues grew 25% y-o-y to AED 2 bn in the same period, which the firm attributed to contributions from the recently acquired ADA legacy group, which generated AED 241 mn.

Looking ahead, ADA is looking to expand into Brazil, Thailand, and Indonesia this year, and is mulling oil and gas projects in Africa, Asharq Business reported last week.

ADNH CATERING-

ADNH Catering, Abu Dhabi National Hotels’ catering arm, saw a 3.7% y-o-y increase in net income to AED 39 mn in 1Q 2025, according to the company's financial statements (pdf).

Revenues rose 28.2% y-o-y to AED 410 mn, and the firm attributed the performance to new contracts, client retention, strong operational and supply chain management, and growth in its catering and support services, despite a scale-back of its group purchasing office business, it said in a separate earnings release (pdf). Its recent acquisition of Food Nation Catering Services and ADNH Compass Sharjah helped boost revenues by AED 81 mn, it said in a management discussion and analysis (pdf).

NCTH-

National Corporation for Tourism and Hotels (NCTH) posted a 256.4% y-o-y rise in net income to AED 262.3 mn in 1Q 2025, according to an earnings release (pdf). The firm recorded a one-off gain from a reverse acquisition that bolstered its bottom line by AED 178.5 mn. The hospitality provider saw a 73.3% increase y-o-y in its revenues to AED 568.3 mn.