EMIRATES REIT-

Emirates REIT triples 1H bottom line: Emirates REIT’s net income rose 2.9x y-o-y to USD 184.6 mn in 1H 2025, according to its earnings report (pdf) and a separate release (pdf). Its performance was supported by stronger occupancy reaching 95%, higher rental rates, lower finance costs, and USD 177 mn in unrealized revaluation gains.

Total property income stood at USD 39.2 mn, down 3.1% y-o-y but up 24% on a like-for-like basis, excluding two assets divested in 2024. Meanwhile, net asset value climbed 57% y-o-y to USD 886 mn, while the financing-to-value ratio halved to 20% from 40% a year earlier.

Finance costs dropped 57% y-o-y to USD 12 mn following sukuk refinancing and debt repayments last year, helping funds from operations swing to a positive USD 7 mn from a USD 1.5 mn loss in the same period last year.

REMEMBER- Emirates REIT sold Trident Grand Mall and Office Park last year, using the proceeds to pare debt, and later issued a USD 205 mn sukuk due in 2028.

Dividends: REIT declared and paid a USD 7 mn dividend during the period.

ORASCOM CONSTRUCTION-

Orascom Construction saw its net income rise nearly threefold, coming in at USD 57.6 mn in 2Q 2025, up 198.4% y-o-y, according to its latest earnings release (pdf). Revenues rose 55.9% y-o-y to USD 1.1 bn during the same period on robust activity across its core markets.

The breakdown: Revenues from Middle East and Africa operations nearly doubled y-o-y, rising 98.1% to USD 636.6 mn, while revenues from US operations grew 21.0% to USD 471.7 mn. New awards in the quarter rose 69.2% y-o-y to USD 1.8 bn, bringing the consolidated backlog to USD 9.6 bn.

On a 1H basis, revenues were up 32.4% y-o-y to USD 2.0 bn, while net income rose 26.5% y-o-y to USD 82.7 mn. New awards increased 106.0% y-o-y to USD 3.4 bn, pushing up the company’s backlog up 24.0%.

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