ADNOC DRILLING-

Adnoc Drilling’s net income rose 19% y-o-y to USD 351 mn in 2Q 2025, according to its financials (pdf). Revenue for the quarter climbed 27.9% y-o-y to USD 1.2 bn, supported by continued rig fleet expansion and rising demand for onshore and oilfield services, according to its management discussion and analysis report (pdf). The board approved a USD 216.8 mn dividend for the quarter, equivalent to 4.98 fils per share, according to a separate earnings release (pdf).

For the six-month period, net income reached USD 691.9 mn, up 21.5% y-o-y, while revenues rose 29.9% y-o-y to USD 2.4 bn. Oilfield services saw the most growth, with revenues more than doubling to USD 689 mn due to increased contributions from the unconventional drilling segment and expanded integrated drilling services, according to a separate earnings release (pdf). Its onshore services brought in the lion’s share of revenues with USD 1 bn.

1H growth was further underpinned by some USD 4.8 bn in new contracts — its strongest ever backlog expansion. Adnoc Drilling also moved to acquire a 70% stake in SLB’s land rig businesses in Kuwait and Oman.

Looking ahead, 2H is set to outperform 1H, CFO Youssef Salem said in an earnings call yesterday. The firm raised the lower end of its 2025 revenue and earnings guidance to USD 4.65 from USD 4 bn, with net income expected to land between USD 1.375-1.45 bn.

The firm also upped its refinancing target from USD 1 bn to USD 1.5 bn, citing strong demand from banks, Salem told Asharq Business (watch, runtime: 8:59).

The M&A pipeline for its JV with Alpha Dhabi, Enersol, is healthy, with several transactions expected to be signed this year, and most of its USD 380 mn equity stake likely to be deployed in 2026.

AMERICANA-

ADX and Tadawul-listed F&B giant Americana Restaurants reported a net income of USD 92.5 mn in 1H 2025, up 15.7% y-o-y with revenues growing 15.6% to USD 1.2 bn, according to an earnings release (pdf). The growth came on the back of an increase in like-for-like sales, strategic expansion, product innovation, and continued cost discipline. The company maintained last year’s net income margin of 7.6% despite some USD 8.2 mn in new taxes in its main markets in 2025.

The firm expanded its footprint by opening 36 new stores and integrating 46 Pizza Hut outlets in Oman, bringing the company’s total store count to 2.6k locations across 12 countries. Americana also signed an exclusive franchise agreement with Greek food and beverage brand carpo earlier this month with rights in Kuwait and Qatar, and further expansion planned in Bahrain and Saudi Arabia. It is also in talks to buya stake in Dubai-based Cravia, the MENA operator of Five Guys, Cinnabon, and Zaatar w Zeit.

GHITHA-

GhithaHolding saw its net income drop to AED 2 mn in 2Q, down from AED 106.8 mn the year before, according to its financials (pdf). This is due to a AED 71.8 mn boost from gains on a bargain purchase during 2Q 2024, while 2Q 2025 saw it take an AED 105.4 mn hit from discontinued operations. On the other hand, the Abu Dhabi-based food manufacturer’s revenues rose 8.9% to AED 1.3 bn during the quarter.

Its bottom line for the six-month period came in at AED 54.6 mn, well below the AED 2.8 bn figure reported in 1H 2024, which included substantial one-off gains. Once again, revenues performed better — rising 6.7% y-o-y to AED 2.6 bn. The company attributed its top line growth to recent acquisitions, including Al Jazira Poultry in 1H and Arabian Farms last year, according to a separate earnings release (pdf).

EMSTEEL GROUP-

EmsteelGroup posted AED 101.7 mn in net income for the second quarter of 2025, up 119.9% y-o-y, according to its financials (pdf). Revenues rose 17.8% to AED 2.1 bn during the quarter. For the six-month period, its bottom line reached AED 188 mn, up 7.7% y-o-y, while its top line saw a 8.7% y-o-y uptick to come in at AED 4.3 bn.

The growth was driven by improved operational and cost efficiency, which helped offset margin pressures, according to a separate earnings release (pdf). The firm’s steel division contributed AED 3.9 bn in revenues for 1H, up 7% y-o-y despite a 4% y-o-y dip in steel prices, while its cement segment brought in AED 428 mn, up 21% y-o-y. The group also shifted its focus from semi-finished to finished products.

ALEF EDUCATION-

Alef Education recorded a 3.4% y-o-y increase in net income to AED 117 mn in 2Q 25, according to the firm’s financial statements (pdf). Revenues remained largely flat, at AED 177.6 mn for the quarter, compared to AED 177.5 mn the year before.

On a six-month basis: The firm’s bottom line saw 2.7% growth y-o-y to reach AED 232.3 mn, and revenues inched up 0.9% to AED 357.3 mn on the back of stable contributions from Alef’s core UAE portfolio, according to a separate earnings release (pdf). The six months also saw robust growth in other business and government contracts outside of its partnership with the Abu Dhabi Department of Education and Knowledge (ADEK).

Dividends: Alef Education will distribute a total dividend of AED 209 mn to shareholders, according to an ADX disclosure (pdf).

NMDC-

NMDC had a good 2Q: The National Marine Dredging Company (NMDC) Group saw its bottom line hike up 18% y-o-y to AED 971 mn in 2Q 2025, while revenues increased 5% y-o-y to AED 7.1 bn, according to an earnings release (pdf). This was driven by enhanced cost efficiency, increased operating margins, and robust operational control, according to a separate earnings release.

In 1H terms: The ADX-listed firm recorded a 20% y-o-y boost in its net income to AED 1.8 bn, while its revenues rose 10% y-o-y to AED 13.4 bn during the same period. The firm attributes the increase to its expansion into regional markets and ongoing infrastructure development projects, the statement adds.

Operational highlights: The total value of the firm’s projects under development hit AED 66.2 bn — with AED 15.1 bn awarded in 2Q alone. It’s also participating in AED 100 bn worth of ongoing tenders. NMDC Group’s newly launched logistics arm, NMDC LTS, also finalized its acquisition of a 70% stake in Abu Dhabi-based oilfield services and logistics firm Emdad last month.

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