ADNOC DISTRIBUTION-

Adnoc’s retail arm Adnoc Distribution reported a 21.5% y-o-y in net income to USD 221 mn (c. AED 812 mn) in 3Q 2025, exceeding analyst expectations, according to an earnings release published last week.

In 9M 2025, the company’s bottom line surged 15.6% y-o-y to USD 579 mn. This coincided with Adnoc Distribution’s highest-ever 9M fuel volume sales — reaching 11.7 bn liters — and its addition of 85 stations, raising its network scope to 977 service stations. It upgraded its year-end target for service stations to 90-100, up from 60-70 initially, given it has already exceeded its target, with Saudi Arabia getting the bulk of new stations.

AMERICANA-

ADX and Tadawul-listed F&B giant Americana Restaurants posted a net income of USD 42.9 mn in 3Q 2025, up 14.7% y-o-y, according to an earnings release (pdf). Revenue also rose 12.2% to USD 622.7 mn during the quarter.

For the first nine months of the year, net income grew 15.3% y-o-y to USD 135.4 mn, while revenue climbed 14.4% to USD 1.6 bn on the back of stronger sales, portfolio expansion, menu innovation, digital engagement, and operational efficiency, according to the release. The company opened 68 new stores and integrated 46 restaurants from Pizza Hut Oman, bringing the total store count to some 2.7k across 12 countries.

Americana maintained a net income margin of 7.4%, the same as last year, despite USD 11.3 mn in new taxes resulting from regulatory changes in key markets and a high comparison base from 9M 2024.

NATIONAL CORPORATION FOR TOURISM & HOTELS-

The National Corporation for Tourism and Hotels (NCTH) reported AED 13.1 mn in net income, compared to an AED 7.1 mn loss during the same period last year, according to its financials (pdf) and a separate earnings release (pdf). Quarterly revenues jumped 130.7% y-o-y to AED 469.1 mn.

On a nine-month basis, revenue almost doubled — up 95.1% y-o-y to AED 1.5 bn, while net income surged 3x y-o-y to AED 332.8 mn. 9M performance was driven by a one-off gain of AED 178.5 mn from a reverse acquisition which saw Alpha Dhabi Holding increaseits stake in NCTH to 73.73%. As part of the transaction, Alpha Dhabi transferred four premium hotel assets to NCTH. Its hotel revenues increased 72.7% y-o-y to AED 699.7 mn, and its catering segment started to generate returns.

TECOM-

Business district developer Tecom Group reported a net income of AED 373.2 mn in 3Q 2025, a 9.9% increase y-o-y, according to its quarterly financials (pdf) and a separate earnings release (pdf). The company’s revenues were up 18.5% to AED 724.2 mn as demand for commercial, land, and industrial assets in Dubai continued to grow.

During the first nine months of the year, the group reported a top line of AED 2.1 bn, up 20.2% y-o-y, while net income rose 17.8% to AED 1.1 bn on the back of robust occupancy figures, an uptick in rental rates, and acquisitions. Improved operational efficiency and capital management also boosted results, with funds from operations growing 16% y-o-y to AED 1.5 bn.

Occupancy across its land portfolio jumped 8% to reach 98% during 9M, while its commercial and industrial segment saw a 2% yearly uptick to reach 96%.

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