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ENBD REIT-
Emirates NBD’s real estate investment trust (ENBD REIT) saw its net income surge 61% y-o-y to USD 33.7 mn in its FY 2024-2025, which ended in March, driven by valuation gains, rising rental income, and operational efficiency, according to a Nasdaq Dubai disclosure. Gross income rose to USD 37.5 mn, up from USD 34.6 mn the previous year.
ENBD REIT’s property portfolio grew 6.9% y-o-y to USD 395 mn, while net asset value jumped 12.3% to USD 218.6 mn (USD 0.87 per share). Occupancy reached a record 95%, up from 93% a year earlier, driven by strong office demand and near-full residential uptake.
Funds from operations — the REIT’s preferred earnings metric — surged 45% y-o-y to USD 11.2 mn, supported by stronger leasing and cost discipline. Lower finance costs helped offset a modest rise in operating expenses tied to higher utility and maintenance outlays.
Dividends: ENBD REIT proposed a final dividend of USD 5 mn, bringing total dividends for the year to USD 10 mn — a 33.3% increase y-o-y. The final payout is subject to shareholder approval at the AGM on 25 June.
ORASCOM CONSTRUCTION-
Orascom Construction saw its revenues inch up 10.6% y-o-y to record USD 847.6 mn during 1Q 2025, according to its latest earnings release (pdf). MEA operations made up 61% of total revenues, bringing in USD 518.7 (up 44.2%), and US operations accounted for the rest, bringing in USD 328.9 mn, marking a 19.1% y-o-y dip. “Revenue in MEA reflects the execution of new large-scale projects while revenue in USA is expected to increase along with new awards during the year,” the release read.
Net income attributable to shareholders fell 45.6% y-o-y to USD 25.1 mn during the quarter. Net income from Middle East and Africa operations was down 52.2% y-o-y as was the income from US operations. The 560% y-o-y increase in net income from OC’s Belgium-based subsidiary BESIX wasn’t enough to offset the dips from MEA and US operations.
Behind the dip: Net income for the comparative period “included an above-average level of net financing gain that reflected the devaluation of the EGP in March 2024. Excluding this impact, net [income] in Q1 2025 would have reported an increase y-o-y,” the release read.
The company’s consolidated backlog increased 20.1% y-o-y to USD 8.7 bn during the three-month period. The increase was the result of the company signing new contracts worth USD 1.6 bn across Saudi Arabia, Egypt and the US. Projects in Egypt made up 59% of the backlog, followed by the US with 16%, and Saudi Arabia with 15%.
