Dubai-listed companies saw their net income jump 35.5% y-o-y to AED 29.2 bn in 1Q 2025, outpacing Abu Dhabi, where ADX-listed firms posted a 10.2% y-o-y increase to AED 34.2 bn, according to Kamco Invest’s latest corporate earnings reports from the DFM (pdf) and ADX (pdf).

Main drivers: In Dubai, the financial, real estate, and telecom sectors together contributed over 88% of the total earnings — a more diversified mix than in Abu Dhabi, where growth was more narrowly driven by the banking sector, as well as strong contributions from Emirates Telecom, Adnoc Gas, and Alpha Dhabi Holding.

Dubai’s banking sector remained the single largest earnings contributor, with financials up 50.7% y-o-y to AED 19.5 bn. Gains at Commercial Bank of Dubai (+18.1%), Dubai Islamic Bank (+9.2%), and Emirates Islamic Bank (+24.4%) helped offset a 7.3% drop at Emirates NBD to AED 6.2 bn, which was weighed down by higher impairments.

Real estate earnings climbed 34% y-o-y to AED 6.1 bn, led by Emaar Properties (AED 3.7 bn, +27%) and Emaar Development (AED 1.9 bn, +48.3%). Tolling and parking revenues from Salik and Parkin helped bolster the industrial segment’s revenues.

Abu Dhabi’s banking sector was its main driver of earnings growth, with financials rising 31.1% y-o-y to AED 12.6 bn, accounting for nearly 37% of ADX earnings. First Abu Dhabi Bank led with AED 5.1 bn (+23.5%), while Abu Dhabi Islamic Bank reported gains of +20.6% to AED 1.5 bn and Abu Dhabi Commercial Bank reported a 17.3% uptick to AED 2.2 bn.

Telecom earnings rose 99.8% to AED 6.5 bn, thanks primarily to Emirates Telecom (e&), which posted AED 5.4 bn, a 129.9% y-o-y increase. Real estate also performed well, up 62.7% y-o-y to AED 1.6 bn, driven by Aldar’s 25.7% earnings increase. Energy earnings rose 11.2%, led by Adnoc Gas (+7%) and Adnoc Drilling (+24.2%).

But not all sectors fared well: In Dubai, utilities (-20.9%) and consumer discretionary (-52%) weighed on earnings, dragged down by Dewa and Talabat. In Abu Dhabi, industrials slumped 64%, tempering broader index gains.

THE REGIONAL PICTURE-

GCC-listed companies saw aggregate earnings rise 2.0% y-o-y to USD 58.6 bn in 1Q 2025, driven by continued strength in banking, telecoms, and real estate, according to the GCC earnings report (pdf). Banking sector earnings hit USD 16 bn (+10% y-o-y) — a record high — led by strong growth in Saudi Arabia, Abu Dhabi, and Bahrain.

Telecoms were the breakout sector, with earnings up 45.3% y-o-y to USD 3.5 bn, thanks to Emirates Telecom, STC, and Zain Group. Real estate followed with a 55.5% y-o-y gain to USD 2.9 bn, bolstered by strong contributions from UAE and Saudi developers.

Still, the energy sector remained a drag, with earnings falling 5.7% y-o-y to USD 28.3 bn amid weaker oil prices and a 7.5% decline in Saudi Aramco’s earnings. Stripping out Aramco, GCC earnings rose 10.7%, underscoring the resilience of the region’s non-oil economy.

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