TALABAT-

Talabat saw its adjusted net income rise 24% y-o-y to USD 99 mn in 1Q 2025, while management revenues rose 34% y-o-y to USD 846 mn, according to its earnings release (pdf). Delivery Hero’s Middle East unit adjusted its net income for “material non-recurring items to allow for a like-for-like comparison,” including an FX loss on a loan to Talabat Egypt due to the EGP devaluation in March 2024. Unadjusted, Talabat’s net income for the quarter came in at USD 103 mn, up 278% y-o-y. Gross merchandise value rose 33% y-o-y to USD 2.1 bn when adjusting for currency variations, Talabat said in its earnings presentation (pdf).

Driving the growth: “Our Groceries and Retail vertical contributed approximately one-third of GMV when including instashop for the full quarter,” Talabat CEO Tomaso Rodriguez is quoted as saying. Talabat had acquired Instashop in March.

Talabat’s adjusted EBITDA came in at USD 140 mn, rising 34% y-o-y during the quarter and equivalent to 6.7% of gross merchandise value, up 0.2 percentage points y-o-y, according to the release.

Dividends: The company’s AGM approved distributing USD 110 mn in dividends for 4Q 2024, and Talabat “remains on track to pay a minimum of USD 400 mn in dividends for the full year of 2025,” according to the presentation.

ADNOC L&S-

Abu Dhabi National Oil Company Logistics and Services (Adnoc L&S) saw its net income fall 5% y-o-y to USD 185 mn in 1Q 2025, according to an earnings release (pdf). The firm’s topline recorded a 41% y-o-y increase to USD 1.2 bn, which the firm attributed to expanded initiatives, heightened demand, enhanced operational efficiencies, and the recent Navig8acquisition.

Future forecast: Adnoc L&S expects to see a slight y-o-y increase in returns from its integrated logistics division this year. The firm forecasts its revenue for its shipping segment to remain in the low 80% range, and it projects its services cluster to be in the double-digit percentage range.

REMEMBER- The first full financial year following the acquisition of Navig8 is expected to see a minimum 20% boost to Adnoc L&S’ earnings per share in 2025, saving some USD 100 mn per year in technical management costs and costs associated with bunkering operations. The move adds some 32 tankers to the firm’s fleet, expanding its service portfolio to include commercial pooling and bunkering.

DUBAI ELECTRICITY AND WATER AUTHORITY-

The Dubai Electricity and Water Authority (Dewa) recorded a 24% y-o-y drop in net income to AED 495.6 mn for 1Q 2025, according to its financials (pdf) issued on Monday. The company also saw revenues grow 2.83% y-o-y to AED 6 bn, marking Dewa’s highest ever 1Q revenues.

Behind the numbers: Dewa generated 10.5 TWh of energy, including 1.86 TWh of clean energy, during the period, according to an earnings release (pdf). The utility also produced 35.61 BIG of desalinated water — representing a 4.56% y-o-y increase — and commissioned two 132 kV substations and 441 11-6.6 kV substations. Dewa has now reached 3.46 GW of clean energy capacity overall.

AL FUJAIRAH NATIONAL INS.-

Al Fujairah National Ins.’s 1Q income more than triples: Al Fujairah National Ins. Company reported a 207.8% y-o-y jump in net income to AED 20.3 mn in 1Q 2025, according to its financials(pdf). The ins. firm’s revenues rose 70.5 % y-o-y to AED 144.5 mn.

SPINNEYS-

Spinneys’s net income grew 14% y-o-y to AED 85 mn in 1Q 2025, while revenues rose 11.3% y-o-y to AED 906 mn on the back of like-for-like sales growth, three new store openings, and an uptick in fresh, private label, and online sales, according to their earnings release (pdf).

Spinneys opened 10 new stores across the UAE and Saudi Arabia over the past 12 months and expects 10-12 more openings this year. Management maintains a 2025 revenue growth target of 9-11%.

ARADA DEVELOPMENTS-

Arada Developments had a good 2024: Sharjah-based and Nasdaq-listed Arada Developments reported a 66.1% y-o-y rise in net income to AED 516.6 mn in 2024, according to its financials (pdf). After accounting for foreign currency translation differences for foreign operations, the real estate developer’s bottom line rose 52.7% y-o-y to AED 474.8 mn. Revenues climbed 42.4% y-o-y to AED 3.9 bn for the year.

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