More 1Q earnings roll in

FERTIGLOBE-

Adnoc-owned urea and ammonia producer and exporter Fertiglobe saw its net income decline 24% y-o-y to USD 73 mn in 1Q 2025, according to an ADX disclosure (pdf). The company reported a 26% y-o-y increase in revenues to USD 695 mn on the back of higher sales volumes (+7% in own-produced sales volumes), driven by operational improvements, higher urea prices, and “strategic shipment deferrals,” the company said in its earnings release (pdf).

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The company is planning to become a USD 1 bn+ EBITDA1 firm under a new growth strategy. This will see it target USD 35 mn in annual run rate savings and USD 80 mn in EBITDA by 2027, contributing to some USD 165-175 mn in EBITDA on a run rate basis during that time frame.

The Adnoc unit has already nearly completed the first phase of its manufacturing improvement plan, and plans to pursue value accretive investments into low-carbon ammonia that could contribute USD 70-100 mn to EBITDA by 2030. The ammonia producer is also increasing price realization across specific regions and contract types and broadening its portfolio of nitrogen-based products.

SALIK-

Dubai toll operator Salik saw its net income increase 33.7% y-o-y in 1Q 2025, reaching AED 370.6 mn, according to its financials (pdf). The company’s revenues also grew 33.7% y-o-y to AED 751.6 mn during the quarter.

Toll fee revenues grew 35.5% y-o-y to AED 665.6 mn, with the number of trips climbing 35.1% to 210.8 mn. Fines contributed AED 68.4 mn, a 16.2% y-o-y increase.

The robust performance was driven by the launch of two new toll gates last November and the introduction of variable pricing in late January, the company said in a separate earnings release (pdf).

Looking ahead: The company expects revenue to grow by 28-29% compared to FY2024.

INVESTCORP CAPITAL-

Investcorp Capital reported a net income of USD 13 mn in 3Q of the 2024/25 fiscal year, down 13.3% y-o-y from USD 15 mn, according to its financials (pdf). Revenue from capital financing services rose 18.2% y-o-y to USD 13 mn, while capital deployment revenue held steady at USD 10 mn. Investcorp’s fiscal year runs from July to June.

9M snapshot: For the nine-month period ending 31 March 2025, net income declined 16.3% y-o-y to USD 41 mn, while total operating income edged up 3% y-o-y to USD 69 mn. Cash distributable earnings jumped 82% q-o-q to USD 71 mn, supported by exits including RESA Power and the US National I real estate portfolio, the company said in an earnings release (pdf).

The firm deployed USD 1.2 bn during the period and recorded realizations of USD 824 mn, with capital deployment exposure rising to 90% of long-term capital, up from 66% in June 2024. Total assets climbed 23.1% to USD 2.2 bn since June 2024, with 62% allocated to yield-generating investments.

Dividends: “The balance sheet is healthy and our high cash generation supports our commitment to deliver the 8% annualized dividend payment at the end of the fiscal year,” said CFO Rohit Nanda.

AGTHIA-

Agthia Group saw its net income decline 32.5% y-o-y to AED 86.1 mn in 1Q 2025, according to its earnings release (pdf) and financial statements (pdf). Revenues dipped 11.4% y-o-y to AED 1.3 bn, dragged down by the impact of Egypt’s EGP devaluation, a lack of wheat trading activity at the start of 2025 following one-off gains from wheat trading activity in 1Q 2024, and ongoing operational headwinds and lower sales in the dates business. On the upside, revenues in its food and water segment saw a 10.6% uptick, driven by bottled water sales and new B2B contracts.

Looking ahead, the firm hopes its diversified portfolio and recent acquisitions in Abu Auf and Riveiere will help bolster its bottom line.

AGILITY GLOBAL-

ADX-listed logistics firm Agility Global saw its net income for equity holders dip 30% y-o-y to USD 21.4 mn in 1Q 2025, according to an earnings release (pdf). Management attributed the decline to increased depreciation from new operating leases and higher interest expense following its listing on the ADX in May — as well as greater debt usage compared to 1Q 2024. The firm posted revenue growth of around 17% y-o-y to USD 1.1 bn during the same period.

GULF CEMENT-

Gulf Cement Company reported a net loss of AED 10.7 mn in 1Q 2025, deepening the loss for 1Q 2024 by 40.8%, according to its financials (pdf). Revenues rose 22.8% y-o-y to AED 140 mn, driven by increased sales both within and outside the UAE. However, the cost of sales also rose to USD 140.1 mn, bringing overall operating losses to AED 9.6 mn.

REMEMBER- TC Mena Holdings recently acquired a majority stake in Gulf Cement by acquiring an additional stake of 26.44%.

AIR ARABIA-

Air Arabia reported a 26.5% y-o-y jump in net income after tax to AED 305.1 mn in 1Q 2025, up from AED 241 mn in the same period last year, according to the company’s financials (pdf). Revenues rose 14% y-o-y to AED 1.8 bn, driven by increased passenger demand and network expansion, according to its earnings release (pdf). Top line growth helped the firm weather market fluctuations and seasonal challenges that affected the rest of the industry.

E7 GROUP-

Printing company E7 Group’s bottom line dipped 28.6% y-o-y to AED 19 mn in 1Q 2025, according to its financials (pdf). Revenue fell 9.8% y-o-y to AED 113.7 mn, primarily down to the delivery schedule of contracts, the company said in a separate earnings release (pdf). The topline dip weighed net income results down. On the flip side, gross margins rose 90 bps y-o-y to 22.7%, supported by better supply chain and operational efficiency

Looking ahead: Management expects revenue trends to rebound in the coming quarters as new contracts continue. During the quarter, E7 onboarded 17 new clients and secured five contracts, including a major passport agreement within its identity solutions division.

ORIENT INS.-

Orient Ins. reported a 4.1% y-o-y rise in net income to AED 312.6 mn in 1Q 2025, according to the company’s financial statements (pdf). The company saw its ins. revenues increase 20.2% y-o-y to AED 2.2 bn.

***Editor’s note: A previous version of this story mistakenly wrote that Agthia’s net income was dragged down by a lack of wheat trading activity in 2024. The lack of wheat trading activity was actually during 1Q 2025, following one-off wheat trading activity in 1Q 2024.