MASHREQ-

Our friends at Mashreq saw their operating income climb to AED 6.2 bn in 1H 2025, up 1% y-o-y on the back of increased lending and strong contributions from both investment and non-interest incomes, according to their management analysis & discussion report (pdf). Net income after tax dipped 14% y-o-y to AED 3.5 bn. The group’s core banking operations as well as its strategic investments and expansion across Oman, Turkey, and Pakistan continued to drive growth.

Non-interest income rose 17% y-o-y reaching AED 2.2 bn, while investment income grew 55% to AED 213 mn.

On a quarterly basis, Mashreq’s net income after tax fell 16% y-o-y to AED 1.7 bn, though net interest income ticked up 1% q-o-q to AED 2 bn, as prudent asset pricing offset cumulative rate cuts of 100 bps since 2024. Loans and advances grew 21% y-o-y with more lending for residential mortgages, construction, manufacturing, and financial institutions. Customer deposits saw a 15% y-o-y uptick to AED 117 bn.

What they said: Group CEO Ahmed Abdelaal said the strong results were attributed to “strong client activity, a diversified earnings profile, and our unwavering commitment to innovation, efficiency, and value creation.” He referenced investments and upgrades in their technology infrastructure, balanced with “strict cost discipline” as key parts of the bank’s investment strategy.

MODON HOLDING-

ADQ-backed developer Modon Holding’s net income more than doubled y-o-y in 2Q 2025 to AED 881.1 mn, increasing by 167.9% y-o-y, according to its financials (pdf). Revenues for the quarter also saw a 78% y-o-y jump to AED 2.9 bn.

Modon’s results for 1H were similarly strong, with revenues rising 199.1% to AED 6.5 bn over the period. Its bottom line saw a 75.7% dip y-o-y to AED 2.1 bn due to an acquisition gain in 1H 2024, though without the one-off gain, it came in at 4.2x higher than the year before. It also recorded AED 231.3 mn in investment gains, reversing an AED 243.2 mn loss the year before.

Income from its real estate segment led top line growth, with the firm booking AED 10 bn in sales in 1H 2025, according to a separate earnings release (pdf). Robust operational efficiency across its core segments, which currently have an AED 33 bn backlog, helped its bottom line performance. Its asset and investment management sector saw a revenue boost from expansion in the UK as well as the launch of its infrastructure platform, Gridora, with ADQ and IHC.

ALDAR PROPERTIES-

Real estate developer Aldar Properties reported AED 2.2 bn in 2Q 2025 net income, up 25% y-o-y, with revenues rising 46% y-o-y to AED 7.7 bn, the company said in its earnings release (pdf).

Aldar’s 1H 2025 net income rose 24% y-o-y to AED 4.1 bn on AED 15.5 bn in revenues, up 42% y-o-y. The 1H performance was buoyed by sales rising 31% y-o-y to AED 18.3 bn, which Aldar attributed to “high demand for existing inventory and five new UAE launches: two projects on Fahid Island, Waldorf Astoria Residences Yas, Manart Living III, and the Wilds in Dubai.” Aldar’s development backlog is now sitting at a record AED 62.3 bn — AED 53.4 bn of which is in the UAE.

Sustained sales momentum at home + abroad: Aldar Development saw its revenues increase 54% y-o-y in 2Q 2025 to AED 5.6 bn, coming in just below its 1Q 2025 revenue figure of AED 5.7 bn. On a 1H basis, revenues were up 50% to AED 11.3 bn, which the company said was primarily “driven by successful execution of the revenue backlog from new and existing projects.” Group-wide development sales grew 22% y-o-y to AED 9.4 bn in 2Q and 31% to AED 18.3 bn in 1H, with UAE sales hitting AED 9.0 bn during the second quarter and AED 17.5 bn across the first six months of the year.

Meanwhile, Aldar Investment contributed AED 1.9 bn in revenues during the quarter, and AED 3.8 bn during the six-month period. The performance was buoyed by strong occupancy rates across its portfolio and strategic acquisitions, with its assets now reaching AED 47 bn.

MULTIPLY GROUP-

Abu Dhabi-based investment firm MultiplyGroup’s net income dropped by 46.4% y-o-y to AED 532.1 mn during the second quarter of this year, according to its financials (pdf). On the other hand, revenues rose 39.3% y-o-y to AED 503.3 mn in 2Q, driven by growth across the board from its verticals, according to a separate earnings report (pdf). The drop in 2Q’s net income was largely due to an AED 132 mn loss from its JV with Kaylon Enerji, which saw foreign exchange losses following the revaluation of EUR-denominated loans as the EUR strengthened. Without this, EBITDA rose 38% y-o-y during the quarter.

Results for 1H told a more cheery story, with Multiply’s bottom line reaching AED 742.3 mn, compared to a net loss of AED 3.3 bn last year. Revenues in 1H climbed 47.7% y-o-y to AED 1 bn. The swing to the black in 1H came as the firm recorded AED 185.6 mn in fair value gains from investments in financial assets, reversing an AED 4 bn loss the year before.

DUBAI TAXI-

DubaiTaxi recorded AED 105.4 mn in net income for 2Q, up 32.8% y-o-y, according to its financials (pdf). Revenues for the period rose 17.7% y-o-y to AED 625.1 mn, driven by an uptick in the number of completed trips and fleet expansion, according to a separate earnings release (pdf). Its bottom line grew 0.9% y-o-y in 1H 2025 to AED 189 mn, while revenues rose 11.4% to AED 1.2 bn during the period.

The company’s board approved an interim dividend of AED 160.7 mn for 1H 2025, in line with its policy to distribute at least 85% of annual net income in semi-annual payouts.

AL SEER MARINE-

IHC subsidiary Al Seer Marine reported an 82% y-o-y net loss of AED 296 mn in 1H 2025 on the back of a dip in the fair value of its investments, according to an earnings release (pdf). Its top line was up 20.2% y-o-y to AED 698 mn, driven by operational expansions and growth. The firm attributed the revenue boost to its diversification strategy across several sectors, including its operation of six new MR tankers and the development of a new JV.

Tags: