3Q earnings from Talabat, Spinneys, Fertiglobe, and Veon are in

FERTIGLOBE-

Fertiglobe swings to black in 3Q 2025: Adnoc-owned urea and ammonia producer Fertiglobe reported an attributable net income of USD 134 mn on an adjusted basis in 3Q 2025, compared to a USD 19.3 mn loss a year earlier, reflecting a one-off tax gain in Egypt linked to the deductibility of USD 720 mn in goodwill, according to its financials (pdf) and earnings release (pdf). Revenues rose 34% y-o-y to USD 758.3 mn on higher urea prices and stronger operations under its manufacturing improvement plan.

9M performance: Adjusted attributable net income rose 66% y-o-y in 9M 2025 to USD 218 mn, while revenues increased 31% y-o-y to USD 2 bn. Growth was driven by higher price realization, better production volumes, and cost efficiencies. Fertiglobe’s net debt fell to USD 984 mn, reflecting strong liquidity generation.

Looking ahead: Fertiglobe expects a strong 4Q on tight ammonia markets and robust urea demand. It reaffirmed guidance for at least USD 100 mn in 2H dividends. The company is eyeing further acquisitions, CEO Ahmed El Hoshy told Asharq Business (watch, runtime: 10:47), and is preparing to make final investment decisions within six to nine months on two clean ammonia projects: a blue ammonia facility in Texas and a green ammonia plant in Egypt. He also said Fertiglobe’s 1 mn ton Harvest ammonia project in Abu Dhabi is on track to start operations by 2027.

REFRESHER- In October, Fertiglobe completed its acquisition of Wengfu Australia’s distribution assets, expanding its Asia-Pacific footprint and diversifying into non-nitrogen fertilizers. The transaction — adding eight warehouses across five ports — is expected to contribute around USD 23 mn in annual EBITDA by 2030.

TALABAT-

Talabat saw its adjusted net income rise 15% y-o-y to USD 112 mn in 3Q 2025, while management revenue rose 31% y-o-y to USD 1.0 bn, according to its earnings release (pdf). Talabat adjusted its net income to exclude unrealized FX losses on its loan to Talabat Egypt and interest expense on loans and interest income, which are “mainly related to shareholder loans and deposits that were capitalized prior to [Talabat’s] IPO.” Gross merchandise value rose 26% y-o-y during the quarter to USD 2.4 bn, Talabat said in the release.

Adjusted net income in 9M 2025 was up 21% y-o-y to USD 328 mn, with management revenue rising 33% y-o-y to USD 2.8 bn. GMV during the first nine months of the year was up 29% y-o-y.

The usual drivers of growth: Talabat saw top line growth across its operations in the GCC and non-GCC markets, with growth in its food and grocery and retail verticals as customer acquisition accelerated and average order frequency was also up. “The UAE, our largest market, continues to grow in line with the group average, while Kuwait, our most established market, maintains strong double-digit growth,” Talabat CEO Tomaso Rodriguez is quoted as saying.

TalabatCFO Khaled Al Fakesh told CNBC Arabia (watch, runtime: 9:24) that the firm’s growth in non-GCC markets reached 60%, compared to 20% in GCC markets. The number of platform partners rose 20% y-o-y to 80k partners in 3Q 2025 — with the group targeting 100k soon — and around 50% of the group earnings now come from digital advertising, Al Fakesh said.

Across Talabat’s eight markets, the UAE represents 35% of group contribution, while Egypt recorded 50% annual growth. The company maintains the largest market share in Egypt and sees further room to expand to additional governorates, the CFO said.

Al Fakesh also said Talabat will recommend distributing USD 420-425 mn in dividends for FY 2025 — above its prior guidance of USD 400 mn.

SPINNEYS-

Retail giant Spinneys saw its net income reach AED 41.4 mn in 3Q 2025, up 17.2% y-o-y, according to its financials (pdf) and a management discussion and analysis report (pdf). The company posted 10.8% y-o-y growth in revenues to AED 777.3 mn.

On a nine-month basis, Spinneys’ net income grew 16.4% y-o-y to AED 211.7 mn. Revenues went up 12.9% to AED 2.6 bn, driven by new store openings (including 10 in the UAE), like-for-like sales growth of 10.3%, and higher fresh, private label, and online sales growth — the latter accounting for 16.6% of total revenues, according to a separate earnings release (pdf). Increased operational efficiency and supply chain optimization boosted its bottom line.

VEON-

Nasdaq-listed, Dubai-based telecoms firm Veon recorded a loss of USD 127 mn in 3Q 2025, compared to income of USD 227 mn the year before, according to an earnings release (pdf). The firm reported revenues of USD 1.1 bn, a 7.5% increase y-o-y, underpinned by strong performance across its telecom and infrastructure services, which accounted for USD 917 mn of the total, and a 63.1% uptick in direct digital revenues to USD 198 mn. Revenues from its Ukraine operations were up 20%, while Pakistan saw 12.8% growth.

During the nine-month period, the group’s net income reached USD 599 mn, up 52.2% y-o-y, while revenues rose 7.4% y-o-y to USD 3.2 bn. Veon delisted from Euronext Amsterdam last year and moved its headquarters to Dubai in 2Q 2025, to streamline operations and reduce costs.