Fertiglobe earnings surge as nitrogen markets tighten

Positive market conditions boost Fertiglobe’s 2025 earnings: Adnoc-owned urea and ammonia producer Fertiglobe reported net income attributable to shareholders of USD 106.3 mn in 4Q 2025, up 168% y-o-y, and revenue rose 73% to USD 808.4 mn, according to its management discussion and analysis report (pdf) and earnings release (pdf).

The rebound was driven by firmer benchmark prices and higher volumes, with 4Q total product sales up 38% y-o-y to 1.68 mn tons, including a 79% jump in own-produced ammonia and a 5% rise in urea.

For FY 2025, attributable net income climbed 171% y-o-y to USD 433.9 mn, while revenue increased 41% to USD 2.8 bn. Full-year volumes rose 15% to 6.48 mn tons, supported by record production in Algeria and Egypt. The balance sheet also strengthened — net debt edged down to USD 1.0 bn at year-end from USD 1.1 bn a year earlier, as cost reductions and manufacturing upgrades delivered more than 40% of Fertiglobe’s 2030 growth target.

Looking ahead: Management said nitrogen fundamentals remain supportive into 1Q 2026 on tight supply and steady demand, with incremental ammonia capacity expected to gradually rebalance markets longer term.

PLUS- A year for M&As and FIDs? CEO Ahmed El Hoshy previously said Fertiglobe is also weighing further acquisitions and preparing final investment decisions within six to nine months on blue ammonia in Texas and green ammonia in Egypt.

Dividends: The board recommended USD 135 mn in 2H 2025 dividends (6.1 fils per share), bringing total 2025 dividends to USD 260 mn. Including USD 74 mn in share buybacks, total capital returns reached USD 334 mn for the year.

DIB trims earnings, grows the balance sheet

Dubai Islamic Bank’s (DIB) net income after tax fell 4% y-o-y to AED 7.8 bn in FY 2025, even as total income edged up 2% to AED 23.8 bn, according to its management discussion and analysis report (pdf).

Growth showed up on the balance sheet instead: Total assets expanded 21% y-o-y to AED 416 bn, as net financing assets and sukuk investments rose 23% to AED 353 bn. Customer deposits climbed 29% to AED 320 bn, while asset quality improved, with the non-performing financing ratio easing to 2.65% and cost of risk narrowing to 14 bps.

Dividends: The board proposed a dividend of 35 fils per share for FY 2025, subject to shareholder and regulatory approvals.

Adnoc L&S plans fleet expansion after strong earnings growth

Abu Dhabi National Oil Company Logistics and Services (Adnoc L&S) is doubling down on growth plans after a year of earnings growth, with an eye to expand its fleet by as many as six LNG new builds, CEO Abdulkareem Al Masabi told Bloomberg. The company is eyeing carriers from South Korean shipbuilders Samsung Heavy Industries and Hanwha Ocean, as it awaits 14 others that were already contracted, with two set for delivery this year, Al Masabi said.

The firm saw a 29% y-o-y increase in its net income to USD 232 mn in 4Q 2025, while revenues climbed 35% y-o-y to USD 1.2 bn during the same period, according to an earnings release.

For the full year: Adnoc L&S saw its bottom line rise 14% y-o-y to USD 863 mn in FY 2025, while its top line also witnessed robust growth, increasing 41% y-o-y to USD 5 bn, the statement adds. This came amid increased demand for its logistics services, a boost in shipping revenues, and contributions from Navig8’s Integr8 bunkering operations.

Spinneys’ grows further in UAE, Saudi, as revenues and net income see double-digit growth

Spinneys’ store expansion and fresh food and private label offerings helped boost its revenues by 13% y-o-y to AED 3.7 bn, and net income by 14.5% y-o-y to AED 331.8 mn for FY 2025, according to the company’s financial statements (pdf).

The UAE remained the group’s largest market, contributing AED 3.42 bn in geographical revenue, while Saudi Arabia saw revenues nearly double y-o-y to AED 82.6 mn as it pushed for expansion.

Spinneys’ board recommended a final dividend of AED 129.6 mn. Combined with the interim dividend of AED 119.5 mn already paid in 2025, the total dividend distribution for the year amounts to AED 249.1 mn.

An uptick in orders boosted Alec’s earnings last year

A busy order book and strong project delivery underpinned Alec Holdings’ 4Q and 2025 financials, according to its earnings release (pdf). 4Q net income was up 57% y-o-y to AED 256 mn as tighter project control and mix lifted margins, while revenues reached AED 3.6 bn — up 36% y-o-y.

For the full year, net income soared 89.3% y-o-y to AED 687.1 mn as 55.6% yearly top-line growth pushed revenues to AED 12.6 bn, according to its financials (pdf). Operating income reached 857.4 mn, up 75.9% y-o-y. Management linked the improvement in earnings to scaling up its order book across its core construction and energy segments, as well as disciplined cost management. Its backlog stood at AED 30.4 bn as of the end of the year.

Aramex reports a mixed bag of 4Q + FY 2025 earnings

Aramex posted a 62% y-o-y fall in normalized net income — excluding acquisition and transformation costs — of 24.9 mn in 4Q 2025, while revenue was flat y-o-y at AED 1.7 bn, according to an earnings release (pdf). This growth was in domestic express and logistics revenues. Freight forwarding revenues slipped 2%.

The full year followed a similar trend: Normalized net income fell 40% to AED 85 mn, while revenue inched up 1% to AED 6.4 bn.

Deyaar posts 27% rise in 4Q 2025 net income

Deyaar Development’s top line neared AED 2 bn last year, following a 30.4% yearly uptick, according to its financials (pdf) and a separate earnings release (pdf). The firm reported a 27.1% bottom-line increase to AED 602.2 mn, supported by contributions from joint ventures and associates, an AED 50 mn gain from investment properties’ fair valuation, and almost AED 19 mn in impairment reversals.

In the pipeline: The firm said its AED 7 bn development pipeline provides future earnings visibility, and the board recommended a 5% dividend, subject to general assembly approval.

Alef Education posts 7.5% net income growth in 2025

Alef Education reported AED 481.1 mn in net income for 2025, up 7.5% y-o-y, according to its financials (pdf). Revenue increased 1.4% y-o-y to AED 769.5 mn, supported by growth in non-school B2B and B2G contracts, private school contracts, and eight new non-school contracts with a combined value of AED 64.4 mn, according to its management discussion and analysis report (pdf).

The dividends: Alef Education declared a total FY 2025 dividend of AED 135 mn, payable in two equal installments of AED 67.5 mn. The second installment is scheduled for April 2026.

Tags: