Adnoc Gas ended 2025 on a softer quarter but a stronger year

Adnoc Gas’ net income came in at USD 1.2 bn in 4Q, down 15% y-o-y as weaker export pricing bit, according to the company’s earnings release (pdf). Revenue slid 10% to USD 5.5 bn, with higher volumes unable to fully offset lower international prices — even as strong domestic gas sales helped boost overall 4Q sales volumes by 5%.

Zoom out, and the picture improves: For 2025, Adnoc Gas delivered record net income of USD 5.2 bn, up 3% y-o-y, despite a 14% drop in Brent crude prices over the year. Revenue eased 4% to USD 23.5 bn, with stronger domestic demand and firmer contract terms in the UAE cushioning the global pricing drag.

Domestic gas did the heavy lifting: Domestic EBITDA rose 10% y-o-y, supported by 4% growth in local sales volumes and margin gains from renegotiated power and industrial contracts. Investment also stepped up — capex nearly doubled to USD 3.6 bn, driven by progress on the Rich Gas Development program and supporting pipeline infrastructure.

Looking ahead: Adnoc Gas reaffirmed its USD 20 bn committed capex program through 2030, centered on RGD phases, the Meram ethane recovery project, and Ruwais LNG, targeted for first gas in late 2028.

Dividends: The board confirmed a USD 3.6 bn dividend for FY 2025, sticking to its 5% annual growth policy through 2030. A final USD 896 mn tranche is due in April 2026, subject to shareholder approval.

Aldar prints record earnings as its growth engine accelerates

Real estate developer Aldar Properties posted net income after tax of AED 2.9 bn in 4Q 2025, up 49% y-o-y, as revenue jumped 58% to AED 10.3 bn, according to its earnings release (pdf). Quarterly group sales hit an all-time high of AED 12.0 bn in 4Q, up 25% y-o-y, helping lift FY net income 36% to a record AED 8.8 bn, while full-year revenue rose 47% to AED 33.8 bn and group sales hit a new milestone at AED 40.6 bn, up 21% y-o-y.

The performance was driven by backlog conversion and a growing investment properties base, the company said. Aldar closed 2025 with an AED 71.7 bn development backlog, underpinning earnings visibility. As we’ve reported, the group is expanding aggressively — from AED 38 bn of new Dubai projects with Dubai Holding to an AED 23 bn Abu Dhabi land-bank JV and an AED 10 bn retail platform with Mubadala — while shoring up funding through two hybrid note issuances in January, lifting total capital raised to AED 18.7 bn over the past year without pressuring senior debt.

Dividends: The board recommended AED 0.205 per share, up 10.8% y-o-y, implying a total payout of AED 1.6 bn for 2025, subject to shareholder approval.

PureHealth’s FY 2025 performance bolstered by footprint and capacity expansion

ADX-listed healthcare player PureHealth posted net income of AED 2 bn in 2025, a 17.7% y-o-y increase, according to its management and analysis report (pdf). Growth was driven by a 5.7% uptick in revenues to AED 27.3 bn and underpinned by a disciplined capital allocation framework, an increase in patient volumes, and robust ins. renewal rates within its cover segment.

M&A efforts boosted its top line: PureHealth’s 60% stake acquisition of Hellenic Healthcare Group last October added AED 742 mn to its top line. Inpatient numbers were up 22% y-o-y, while outpatient volumes saw a 17% yearly boost as the provider opened six new clinics, including in Saadiyat, Masoudi, and Rowda, to increase capacity.

Dividends: The group distributed a shareholder dividend of AED 343.1 mn, or 3.09 fils per share, equivalent to 20% of the group’s 2024 net income, according to its financials (pdf). It is targeting a 30% dividend payout ratio for 2025.

Parkin lifts FY 2025 net income 48%

Dubai’s public parking operator Parkin reported a 47.7% y-o-y increase in net income to AED 625.5 mn in FY 2025, according to its preliminary financials (pdf). Revenues reached AED 1.3 bn during the year, up 43.3% y-o-y. The company attributed the top-line expansion primarily to the rollout of the variable parking tariff introduced in March, the addition of new spaces, and stronger demand for seasonal cards. A higher cost base and an uptick in concessions fees to the Roads and Transport Authority partly weighed on earnings.

UAB net income sees a 45% y-o-y increase

United Arab Bank (UAB) saw a bottom line of AED 122 mn for 4Q, a 38% y-o-y increase, according to its management discussion and analysis report (pdf). The uptick follows a similarly strong 3Q, which saw a 46% y-o-y jump in net income to AED 108 mn.

For 2025, UAB reported net income of AED 438, up 45% y-o-y, while total income rose 31% on a yearly basis to AED 797 mn on the back of a 56% expansion in non-interest income, and a 24% rise in net interest income. Loans, advances, and Islamic financing were up 26%, customer deposits were up 31%, and the lender closed out the year with total assets of AED 27 bn. UAB’s capital position was buoyed by an AED 1 bn rights issue in August.

Dividends: The board recommended a dividend equivalent to 25% of net income, subject to shareholder approval, it said in a separate earnings release (pdf).

Dubai Investments posts AED 1.5 bn bottom line for 2025

DubaiInvestments reported AED 1.5 bn net income in FY 2025, up 26.9% y-o-y, according to its preliminary financials (pdf). Revenue, on the other hand, edged down 2.7% y-o-y to AED 4.5 bn. The company attributed an 29.4% increase in pre-tax income primarily to a strong performance by the company’s property segment. Its assets stood at AED 23.2 bn at the end of the year, representing a 5% yearly uptick.

Du posts 23.8% bottom-line uptick in 2025

Emirates Integrated Telecommunications Company (du) posted a strong 4Q 2025 net income of AED 724 mn, up 23.8% y-o-y, according to an earnings release (pdf). Revenues reached AED 4.3 bn, a 10.6% increase from the same period last year, on the back of strong contributions from core sectors, and expansion beyond telecoms into ICT and data center-linked activities.

For the full year, du reported net income of AED 2.9 bn, up 16.8% y-o-y, according to its financials (pdf). Meanwhile, revenues saw a 8.7% y-o-y increase, reaching AED 15.9 bn.

Driving the growth: Growth was driven by a combination of strong performance across mobile, fixed, wholesale, and ICT segments. Mobile revenues climbed 8% to AED 7.1 bn, supported by an expanding customer base, while an uptick in subscribers spurred a 9.4% increase in fixed service revenues to AED 4.4 bn. Other revenues, including from ICT and data center services, rose 9% to AED 4.5 bn.

Dividends: The board proposed a dividend payout of 40 fils per share for 2H, bringing its total yearly dividend to 64 fils per share, an 18.5% y-o-y increase.

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