EMSTEEL-

Emsteel swings to black in 3Q 2025: Steel and building materials manufacturer Emsteel reported a net income of AED 95.4 mn in 3Q 2025, versus an AED 82.9 mn loss a year earlier, according to its financials (pdf). Revenues rose 13% y-o-y to AED 2.2 bn, driven by an average 3.5% y-o-y increase in selling prices and improved production efficiency, the company said in a separate earnings release (pdf).

9M performance: Net income for the nine-month period surged 209% y-o-y to AED 283.4 mn, while revenues grew 10% to AED 6.5 bn, as stronger steel demand and “optimized capacity utilization” helped boost sales of finished steel — with volumes rising 21% y-o-y to 2.4k tons. The Emirates Steel division contributed AED 5.8 bn in revenues, up 9% y-o-y, while Emirates Cement division’s revenues rose 21% to AED 652 mn.

DEWA-

Utility provider Dubai Electricity and Water Authority (Dewa) reported a 35% y-o-y increase in net income after tax to AED 3.9 bn in 3Q 2025, according to its financials (pdf). Revenues came in at AED 10.3 bn, a 4.5% rise y-o-y, with the firm seeing gross power generation rise 4.5% y-o-y to 20.5 TWh. Demand for desalinated water also grew by 6.7% during the period to 43.5 bn imperial gallons, according to a separate earnings release (pdf).

The company also reported its highest revenues to date in 9M 2025, up 5.9% y-o-y to AED 24.9 bn, while net income after tax reached AED 6.8 bn, a 24.8% rise y-o-y. This was underpinned by a consistent rise in demand across its electricity, water, and district cooling segments. Dewa invested over AED 7.8 bn in capital expenditure during the period, expanding renewable capacity, electricity and water networks, water desalination, and district cooling infrastructure.

Looking ahead: The company anticipates its total installed capacity to exceed 23 GW of power and 735 mn imperial gallons per day (MIGD) of desalinated water by end-2030. This includes 8.3 GW from renewable sources and 308 MIGD generated via renewable-powered reverse osmosis technology.

AMANAT HOLDINGS-

Amanat Holdings reported net income from continuing operations of AED 60 mn in 3Q 2025, up from a loss of AED 3.8 mn a year earlier, according to its financials (pdf). Revenue rose 21% y-o-y to AED 153.8 mn in the quarter, driven by growth in both education and healthcare, according to a separate earnings release (pdf). Student and beneficiary numbers reached 28k, up 22% y-o-y, while healthcare bed capacity expanded to 715, supported by facility expansions in Jeddah and Dhahran.

For 9M 2025, Amanat posted net income from continuing operations of AED 164.7 mn, up 73% y-o-y, on revenue of AED 622.1 mn, a 15% increase from 9M 2024. Education revenue grew 24% y-o-y to AED 332.3 mn, while healthcare revenue rose 6% to AED 289.8 mn with expanded facility capacity contributing to profitability.

Looking ahead, the company plans to reinvest into potential transformations, including higher education partnerships and further healthcare capacity expansions.

ARAMEX-

Aramex reported stable normalized net income — excluding acquisition and transformation costs — of AED 26.7 mn in 3Q 2025, unchanged y-o-y, on revenue of AED 1.6 bn, which was also flat y-o-y, according to its financials (pdf). Domestic express revenue grew 5% y-o-y, freight forwarding increased 4%, and logistics delivered 16% growth, according to a separate earnings release (pdf). International express declined 9% as nearshoring trends continued while total express shipments rose 2% to 36.1 mn, supported by 6% growth in domestic volumes.

For 9M 2025, normalized net income reached AED 60.1 mn, down 21% y-o-y, with revenues up 1% y-o-y to AED 4.7 bn. Logistics and supply chain solutions led growth with 20% revenue growth, while domestic express revenues grew 10% y-o-y and freight forwarding saw 6% growth. International express fell 13% over the nine months.

AMLAK FINANCE-

AmlakFinance reported a net income of AED 1.9 bn for 3Q 2025, compared to AED 8.9 mn in 3Q 2024, following the completion of its AED 2.9 bn Ras Al Khor land sale in June and full settlement of its legacy financing obligations, according to its financials (pdf) and a separate earnings release (pdf). Total income surged to AED 3 bn, up from AED 36.1 mn in the same quarter last year.

In 9M 2025, net income surged to AED 2 bn, compared to AED 15.9 mn in the same period last year, while total income surged to AED 3.1 bn from AED 100.9 mn a year earlier. Amlak’s investments contributed AED 5 mn in income before divestment during the period.

ICYMI- Regionally, Amlak also divested its investments outside the UAE in April, fully exiting its associate in Saudi Arabia in September and, in October, signing a sale and purchase agreement to divest its Egyptian subsidiary for EGP 400 mn.

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