EMIRATES GROUP-

Emirates Group posts record earnings, with Emirates becoming most profitable airline: Emirates Group’s net income after tax rose 9.7% y-o-y to AED 20.5 bn in its fiscal year ending 31 March 2025, according to its annual report (pdf). The group’s topline climbed 5.9% y-o-y to AED 145.4 bn in the same period.

Flag carrier Emirates saw its bottom line after tax grow 10.6% y-o-y to AED 19.1 bn, on the back of surging demand for cargo services and travel in several markets as well as slimmer fuel costs. The carrier’s topline increased 5.5% y-o-y reaching AED 128 bn during the same period.

Record breaking results: Emirates secured its ranking as the world’s top earning airline globally in the FY 2024-2025. “We are the world’s most profitable aviation group, and Emirates is the world’s most profitable airline in the 2024-25,” CEO Ahmed bin Saeed Al Maktoum said in the annual report. The UAE firm overtook the position from US carrier Delta Airlines, which dominated the leaderboard last year.

Dnata posted mixed results: Air services subsidiary Dnata saw its net income after tax drop 1.8% y-o-y to AED 1.4 bn, while revenues surged 9.8% y-o-y to AED 21.1 bn. Management attributed the topline growth to strong demand for travel and cargo transportation, particularly in the US, UK, Australia, Europe, and the UAE, according to its earnings release. Airport operations remains the subsidiary’s largest division, contributing AED 9.9 bn to revenue — a 12% y-o-y jump.

EMAAR PROPERTIES-

Real estate developer Emaar Properties reported a 23.5% y-o-y increase in net income to AED 4.6 bn in 1Q 2025, according to its financials (pdf). Revenues were also up by 50.2% to AED 10.1 bn, fuelled by some AED 6.9 bn brought in through its property development business, and bolstered by an improvement in lease rental renewals, strong occupancy rates, and a growth in tenant sales.

Emaar Development’s net income rose 39.1% y-o-y to AED 2.4 bn in 1Q 2025, driven by strong project execution and continued demand across its master plans, according to its earnings release (pdf).

The developer saw its sales increase 42% y-o-y to AED 19.3 bn, bringing its total backlog to AED 127 bn by the end of the quarter, a 62% jump compared to the same period a year earlier, and indicating strong revenue growth going forward.

REMINDER- In real estate, sales ≠ revenues. Sales are recorded at contract signing, but revenue is only recognized as units are delivered or reach key construction milestones, meaning current revenues largely reflect past sales.

ADNOC DRILLING-

Adnoc Drilling’s net income rose 24.2% y-o-y to USD 340.9 mn in 1Q 2025, and revenues jumped 32.1% to USD 1.2 bn, according to its financials (pdf). Growth was led by a 134% y-o-y surge in oilfield service revenues to USD 342 mn, driven by expanded unconventional operations and stronger integrated drilling services (IDS) activity, the company said in a separate earnings release (pdf). Onshore revenue climbed 20% y-o-y to USD 494 mn, while offshore (jack-up and island) revenue rose 2% to USD 334 mn.

Looking ahead: The company reaffirmed full-year guidance, targeting USD 4.6-4.8 bn in revenue and USD 1.4-1.5 bn in net income, backed by a robust pipeline and recent awards — including a USD 1.6 bn IDS contract and an USD 806 mn long-term island rig award from Adnoc Offshore. Adnoc Drilling expects to operate more than 151 rigs by 2028 and reach USD 5 bn in revenue in FY 2026, with margins also supported by its conventional business and AI-driven JV platforms Turnwell and Enersol.

PLUS- The company has earmarked USD 350 mn for acquisitions through its JV with Alpha Dhabi, Enersol, in 2H 2025, which will focus on AI and tech firms in the oilfield services sector in the US, CFO Youssef Salem told EnterpriseAM UAE. This is part of USD 1 bn in planned capital expenditure for inorganic growth, which will include some USD 150 mn in acquisitions of rigs overseas in Kuwait and Oman, and another USD 500 for rigs and equipment inside the UAE.

The board approved a shift to quarterly distributions, beginning with a USD 217 mn payout, equivalent to 5 fils per share, in May.

PRESIGHT-

Presight sees revenues jump and bottomline grow: Data analytics firm Presight reported a 25.1% y-o-y increase in net income after tax to AED 120 mn in 1Q 2025, according to its financials (pdf). On a like-for-like 9% tax basis, net income rose 33.6% y-o-y, according to a separate earnings release (pdf).

Revenues more than doubled, jumping 115.1% y-o-y to AED 563.9 mn, driven by a five-fold increase in international sales to AED 127 mn and continued growth in multi-year government and enterprise contracts, which made up 98.8% of total revenue. Presight expects 35-40% of annual revenues by the end of this year to come from its international operations, CFO Ram Meyoor told EnterpriseAM.

The robust results came from the “significant momentum from 4Q 2024 that we accelerated in 1Q 2025,” Ram Meyoor said. Presight booked AED 1.4 bn in new orders during the quarter, pushing its backlog to AED 3.9 bn. Key wins included a USD 190 mn smart city contract in Kazakhstan and a USD 340 mn ENERGYai agreement via its AI joint venture with Adnoc. The company also launched two new AI platforms — Synergy and LifeSaver.

Going forward, the firm’s focus will continue to be on the Global South, Meyoor said, since it represents 40% of the global workforce and almost one third of the GDP of the world.” Africa, Southeast Asia and South America were particular regions of focus, he said.

Sectors in focus: International expansion through more business to government partnerships is still attractive for the firm, eyeing potential with state-owned oil enterprises and more contracts in smart city solutions, while the financial services sector also remains a key focus.

In good stead: Currently Presight’s balance sheet is debt-free, something Meyoor said gave the firm a high degree of flexibility going forward in terms of expansion — bolstered by its AI accelerator program giving it access to new startups and emerging technologies.

DUBAI TAXI-

Dubai Taxi’s net income dipped 22.6% y-o-y in 1Q 2025 to AED 83.6 mn, according to its financials (pdf). The drop was attributed to higher promotional expenses related to Dubai Taxi’s partnership with Bolt, which was signed last December, according to a separate earnings release (pdf).

Revenues rose 5.4% y-o-y to AED 588.3 mn for 1Q 2025, coming on the back of a fleet expansion, with an extra 250 electric taxis bringing the total to 6.2k vehicles, and its delivery bike operations, which saw a 110% y-o-y uptick in revenues. The company also completed 13 mn trips across the taxi and limousine segments, an 8% increase compared to the same period last year.

ARAMEX-

UAE-based freight forwarding and logistics outfit Aramex saw its net income attributable to shareholders drop by 63% y-o-y to AED 17.1 mn in 1Q 2025, according to an earnings release (pdf). The firm’s topline remained stable — rising by only 1% y-o-y to AED 1.6 bn during the same time period.

What they said: The reported financials are reflective of the company’s current strategy to achieve “a broader pivot toward more regionalized, service-intensive logistics, and Aramex’s investments to support this shift,” the company said in the release.

REMEMBER- Abu Dhabi sovereign wealth fund ADQ — through its wholly-owned subsidiary Q Logistics Holding — locked in a 63.26% stake in Aramex last month after shareholders offered acceptances for some 40.57% shares in the company.

DANA GAS-

Sharjah’s Dana Gas posted a 13.7% y-o-y increase in net income to AED 158 mn in 1Q 2025, according to its financials (pdf). The boost came despite lower revenues, supported by improved gas pricing in Egypt following its consolidation concession agreement, as well as reduced depreciation and finance costs, the company said in a separate earnings release (pdf).

Revenues fell 6.2% y-o-y to AED 334 mn, pressured by lower production in Egypt and weaker realized oil prices, partially offset by higher condensate prices in the Kurdistan Region of Iraq and the gas pricing in Egypt.

How production fared: Group output averaged 52.2k barrels of oil equivalent per day, down from 56.8k per day in 1Q 2024. Production in Egypt declined to 12.6k barrels of oil equivalent per day due to natural field declines and planned maintenance, while Kurdistan output rose 3% to 39.7k.

REMEMBER- Dana’s production pipeline is hot: The company reaffirmed that first gas from the KM250 expansion — operated by Pearl Petroleum — is on track for 1Q 2026 and set to add 250 mn standard cubic feet per day of gas, 7k barrels a a day of condensate, and 460 tonnes of LPG. Pearl has also launched a USD 160 mn first-phase development at the Chemchemal field, targeting 75 mn standard cubic feet per day of gas by 2H 2026. In Egypt, Dana has kicked off a USD 100 mn, two-year drilling program, with the first well expected to spud in June.

UNION PROPERTIES-

Dubai-based Union Properties’ gross income rose 25.3% y-o-y to AED 42.8 mn in 1Q 2025, driven by improved operational efficiency and stronger performance from its subsidiaries, the company said in an earnings release (pdf). Revenue grew 18.2% y-o-y to AED 163 mn during the quarter.

Debt repayments continued: The company paid AED 179 mn in legacy debt in 1Q and plans to settle an additional AED 159 in 2Q 2025 as part of its broader financial restructuring strategy.

RAK PROPERTIES-

Property developer RAK Properties reported a 63.8% y-o-y increase in its bottom line, reaching AED 67.9 mn during 1Q 2025, according to its financials (pdf). The company’s revenues surged 27.8% y-o-y to AED 370.3 mn during the same period.

The company’s growth is fueled by its expanded portfolio, including projects such as Marisol and Quattro Del Mar, which are part of a wider AED 5 bn plan, the company said in a separate earnings release (pdf). Robust delivery momentum and progress on ongoing developments also bolstered 1Q results. The company sold 590 units during the quarter, CEO Sameh Muhtadi told CNBC Arabia (watch, runtime: 4:45).

Looking ahead: Rak Properties is focused on growth in 2025, with over 800 handovers planned for this year and more than 3k units under construction. The company plans to roll out one new project every month throughout the year.

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