ORASCOM CONSTRUCTION–

Orascom Construction reported a net income of USD 50.6 mn in 3Q 2025, up 134.3% y-o-y, according to its latest earnings release (pdf). Revenues jumped 74.8% y-o-y to USD 1.5 bn, led by projects in transportation, power, water, data centers, and aviation.

Driving the growth: Robust activity from infrastructure and industrial projects boosted revenue growth during the quarter — particularly in the MEA region, where revenues more than doubled to USD 873.2 mn. The company’s US operations also recorded solid growth, with revenues rising 33.8% y-o-y to USD 599.2 mn.

On a 9M basis, Orascom Construction reported a net income of USD 133.3 mn, up 53.2% y-o-y. Revenues increased 47.8% y-o-y to USD 3.4 bn during the nine-month period, supported by broad-based growth: MEA revenues nearly doubled to USD 2.0 bn, while US revenues grew 12.5% y-o-y to USD 1.4 bn. Growth was further supported by a 44.2% y-o-y rise in new awards to USD 3.7 bn and an 8.3% y-o-y increase in consolidated backlog to USD 8.6 bn.

ICYMI- The contractor moved its primary listing from Nasdaq Dubai to the ADX in September and transferred its incorporation from DIFC to ADGM earlier this month.

AL ANSARI-

Al Ansari Financial Services’ net income dipped 11.7% y-o-y to AED 91 mn in 3Q 2025, according to its financials (pdf). Its top line rose 13% to AED 336 mn, while its branch network expanded to reach 438 by the end of 3Q — some 175 more than the same period last year, according to a separate earnings release (pdf). The consolidation of its takeover of Bahrain’s BFC Group boosted 3Q results.

The group’s net income dropped 1.7% y-o-y to AED 303.3 mn in 9M 2025 due to higher expansion expenses and operating costs, driven by regulatory requirements such as Emiratization initiatives. Its total revenues jumped 12.3% y-o-y, reaching AED 991 mn.

ALEC HOLDINGS-

Alec Holdings’ bottom line rises on strong project execution: Dubai-based construction firm Alec Holdings reported a 172% y-o-y jump in net income to AED 192.5 mn in 3Q 2025, according to its financials (pdf) and earnings release (pdf). Revenues rose 82.2% to AED 3.5 bn on accelerated backlog conversion in the UAE and Saudi Arabia. The Building and Construction segment more than doubled its quarterly revenue to nearly AED 2 bn, while Energy Solutions revenue climbed 82% y-o-y to AED 1.2 bn.

For 9M 2025, the firm’s net income rose 115.7% y-o-y to AED 431.6 mn, while revenues increased 65.5% to a record AED 8.9 bn, driven by strong execution across hotel and data center projects. Backlog reached AED 32.9 bn at the end of 9M, providing 2.8x revenue coverage, with an even split between building and energy projects.

Outlook: Alec expects full-year revenue growth of 50-52%, supported by a growing mix of complex, higher-margin projects such as data centers and fit-out. CEO Barry Lewis previouslysaid the company sees a SAR 4.3 tn project pipeline in Saudi Arabia and around AED 2.8 tn in prospects in the UAE, after making its DFM debut in October.

Dividends: Alec reaffirmed its dividend plan, including AED 200 mn to be paid in April 2026, followed by semiannual distributions equal to at least 50% of annual net income thereafter.

DUBAI INVESTMENTS-

Dubai Investments’ bottom line surged 114.4% y-o-y to reach AED 505.1 mn in 3Q 2025, driven by higher fair-value gains on investment properties and stronger recurring income, according to its financials (pdf). Total income grew 27.1% y-o-y to AED 1.2 bn, supported by a 6.3% uptick in rental income to AED 288.8 mn and solid performance from its manufacturing operations, according to a separate earnings release (pdf). Fair-value gains on investment properties contributed AED 149.8 mn, versus none in 3Q 2024, while gains on investments more than doubled to nearly AED 130 mn.

Net income reached AED 1 bn during 9M, up 57.2% y-o-y, driven by a AED 363 mn gain on the fair valuation of investment properties and a 12.5% increase in rental income to AED 873.5 mn.

IPO plans: Dubai Investments is eyeing an IPO of its glass subsidiaries in late 2026 or early 2027, with technical preparations now almost complete, Vice Chairman Khalid bin Kalban told CNBC Arabia (watch, runtime: 8:33). The firm is investing AED 1 bn to increase production at its Abu Dhabi glass plant as part of the plans.

ICYMI-The company has already mandated banks to manage the planned listing of Dubai Investments Park. It is planning to offer 24-25% of the firm, which could bring in between AED 2.4-2.5 bn in proceeds, with funds earmarked for debt repayment, shareholder distributions, and new investments, bin Kalban added. Over in Angola, where it is building Dubai Investments Park Angola, it is exploring partnering with the Angolan government to set up a firm to develop Angola’s real estate sector.

TABREED-

National Central Cooling Company (Tabreed) reported a 7.4% y-o-y decline in net income to AED 153.3 mn in 3Q 2025, according to its financials (pdf). Revenues were broadly unchanged at AED 758.8 mn, down 0.7% y-o-y, and total connected capacity rose 4.5% y-o-y to 1.38 mn RT on continued network expansion, the cooling provider said in a separate earnings release (pdf).

Net income for 9M 2025 came in at AED 444.4 mn, down 1.1% y-o-y, weighed down by higher finance costs following the company’s USD 700 mn green sukuk issuance earlier this year. Revenues rose 1.3% y-o-y to AED 1.9 bn, supported by steady consumption volumes despite milder weather and a record 52.9k RT of organic additions — more than double the full-year 2024 total.

REMEMBER- Tabreed kept busy this year: It completed the AED 4.1 bn acquisition of PAL Cooling, adding roughly 600k RT across Abu Dhabi and Al Reem Island, and secured an AED 1.5 bn, 250k RT concession for Palm Jebel Ali through a JV with Dubai Holding Investments. The company also commissioned three new plants and was added to the MSCI Global Small Cap Index.

More in the pipeline? Tabreed recently secured an AED 1.8 bn shariah-compliant debt facility from Mashreq and Emirates NBD — including AED 1 bn in green financing — to support M&A and balance sheet strength. CEO Khalid Al Marzouqi previously said the company is exploring data center cooling with backing from Mubadala and Engie, and is assessing new prospects, including those around the future Al Maktoum International Airport.

AD PORTS GROUP-

AD Ports sees strongest income since IPO: AD Ports Group saw its net income rise 34% y-o-y to AED 596 mn in 3Q 2025 — a record high since its 2022 public listing — driven by high cargo volumes and container throughput, rising warehouse utilization rates, and a surge in new industrial land leases, according to an earnings release (pdf) published on Friday. The company’s top line surged 16% y-o-y to AED 5.39 bn for the same period, driven by improved activity in maritime and shipping, ports, and economic cities and freezone clusters.

3Q by the segment: Maritime and shipping revenues rose 40% y-o-y in 3Q 2025 to AED 3 bn, remaining the single largest contributor to the company’s top line. The company’s ports recorded a top line surge of 18% y-o-y to AED 713 mn whilst logistics segment’s top line dropped 12% y-o-y to AED 1.1 bn in 3Q 2025, as market conditions weakened in the freight forwarding business, particularly in the Asia and Americas regions. Revenues from the economic cities and freezones sector rose 17% y-o-y to AED 600 mn.

In 9M terms: The company’s net income rose 17% y-o-y to AED 1.1 bn in 9M 2025, while its top line surged 16% y-o-y to AED around 14.8 bn for the same period.

Heading into 2026: AD Ports Group is anticipating some softening in container freight rates across its service network, while predicting that demand will remain strong in its operating regions. The container shipping market outlook for 2026 remains highly uncertain as opposing market forces with unpredictable outcomes are at play, including the Red Sea conflict, US tariffs and trade wars, new regulations, and incoming supply and demand shifts.

ABU DHABI AVIATION-

Abu Dhabi Aviation (Ada) reported a 24.1% y-o-y decrease in its net income to AED 698.5 mn in 9M 2025, according to an earnings release (pdf). Ada’s net income was impacted by an unfavorable base effect due to a one-off gain of AED 596.8 mn that trickled from a reverse acquisition in 2024. Adjusting for this transaction, Ada’s 9M bottom line increased 116% y-o-y. The firm’s top line rose by 9.2% y-o-y to AED 5.5 bn.

Segment highlights: Ada’s cargo operations reported revenue of AED 168.9 mn during the quarter, up more than 122% y-o-y. Meanwhile, the group’s maintenance, repair, and overhaul business division saw its bottom line surge 280.4% y-o-y to AED 511.2 mn, whereas its revenues were at AED 4.8 bn, up 4.4% y-o-y.

ETIHAD AIRWAYS-

Etihad Airways reported a 26% y-o-y increase in its net income to AED 1.7 bn (USD 463 mn) in 9M 2025, according to an earnings release published on Friday. The firm’s top line rose 18% y-o-y to AED 21.7 bn (USD 5.9 bn), driven by strong performance across both passenger and cargo operations.

In cargo terms: Cargo revenues rose 8% to AED 3.2 bn (USD 875 mn) — attributable to enhanced capacity and increased volume. The airline’s operating fleet reached 115 aircraft — marking a 19% y-o-y increase from last year’s figures. Nearly half of the boost from last year came from 3Q deliveries — which included A321LRs, B787s, and A350s.

Right on cue? Etihad Airways was looking to onboard 18 new aircraft by year-end, aiming to grow its fleet to some 115-120 aircraft to accommodate 21.5 mn passengers — assuming there are no delays from the manufacturer.

A solid year for the carrier: The airline reported a 32% y-o-y increase in its net income to AED 1.1 bn (USD 306 mn) in 1H 2025, while its top line also rose 16% y-o-y to AED 13.5 bn due to strong performance across both passenger and cargo operations.

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