Taqa maintains net income growth despite oil and gas revenue dip

Taqa’s revenues fell flat in 2025 at AED 54.8 bn, as growth in its utilities business helped offset a decline in oil and gas revenues, and net income grew 5.6% y-o-y to AED 7.5 bn, according to its management discussion and analysis report (pdf). The decline in oil and gas revenues came amid lower oil prices and the halting of oil production at several UK facilities.

On a 4Q basis, net income grew 84.9% y-o-y to AED 1.4 bn, while revenues inched down 9% to AED 12.1 bn.

Taqa’s global generation capacity also hit more than 70 GW by the end of the year, with renewables accounting for 64% of capacity. The company has a goal of achieving 150 GW of gross power capacity by the end of the decade — two-thirds of which should be from renewables.

Adnoc Drilling closes another record year

Strong local demand and international expansion underpins record year for Adnoc Drilling: Adnoc Drilling’s net income rose 6% y-o-y in 4Q 2025 to USD 389 mn, as performance throughout the year was driven by solid growth in its drilling and oilfield services segment and strong demand for its onshore services, according to its earnings release (pdf). On a full year basis, the company’s revenues grew 22% y-o-y to USD 4.9 bn, while net income grew 11% y-o-y to USD 1.4 bn.

The company also expanded its global footprint during the year, acquiring Oman’s MB Petroleum Services and closing its JV with Schlumberger Middle East in Kuwait and Oman, helping unlock new earning streams, the company said.

Dividends: The company will pay out USD 250 mn in dividends in April, bringing the year’s total dividends to USD 1 bn.

Momentum and high handover volumes boost Emaar earnings

Emaar Properties reported AED 17.6 bn in 2025 net income attributable to shareholders, a 30.2% y-o-y increase, according to the company’s financials (pdf). Revenues were up 39.6% y-o-y to AED 49.6 bn, reflecting higher property handovers and sustained momentum across the group’s diversified portfolio.

Emaar’s property sales were up 16% y-o-y to more than AED 80 bn in 2025, supported by demand for homes in flagship master-planned communities, including Dubai Hills Estate, The Oasis, and Dubai Creek Harbour. The group’s revenue backlog from property sales reached AED 155 bn, including joint ventures, providing strong visibility on future earnings and cashflows.

Recurring revenue businesses: Spanning retail, hospitality, and leisure, the sector rose by more than 13% to AED 10.5 bn, benefiting from higher footfall, improved hotel performance, and the resilience of Dubai’s tourism and retail sectors. Strategic investments also supported growth, including the ongoing expansion of Dubai Mall and the addition of three new hotels with more than 750 keys during the year.

Emaar sees the “structural strength” of the UAE’s real estate sector and Dubai’s appeal as a global investment and lifestyle destination as underpinning a positive outlook for 2026. Growth is expected to be supported by population expansion, strong investor confidence — particularly in the luxury segment — and ongoing digital transformation initiatives, the company said.

e& records 33.6% growth in FY 2025 net income

Emirates Telecommunications Group (e&) posted AED 14.4 bn in 2025 net income, up 33.6% y-o-y, according to its preliminary financials (pdf). Revenues rose 23.1% to AED 72.9 bn, with the company attributing the top-line rise to growth across all its verticals. In the UAE, performance was supported by bundle offerings, network quality, customer experience, and macro conditions. Internationally, expansion was driven by the consolidation of e& PFF Telecom group, growth in its Egypt and Pakistan markets, and appreciation of Morocco’s MAD against the AED.

Dubai Taxi sees a 13% revenue surge from fleet expansion and tourism growth

A bigger fleet and more demand boosted Dubai Taxi Co’s 2025 financial results, with the firm’s net income rising 7.5% in 2025 to AED 356.1 mn, according to its preliminary financials (pdf). The bottom-line growth was supported by a 12.6% y-o-y hike in revenue, climbing to AED 2.5 bn, as the company capitalized on the emirate’s rising population growth and record tourism. The group’s performance was also underpinned by an expanded fleet, which led to an increase in total trips during the year. Its balance sheet also strengthened, with total assets rising to AED 2.4 bn.

Orascom Construction sees growth in FY2025 net income, with USD 9 bn in backlog

A strong 4Q boosted ADX and EGX-listed Orascom Construction’s 2025 results, with a 74.1% y-o-y uptick in final quarter revenues to USD 1.6 bn, bringing its full-year top line to USD 5.1 bn — a 55.4% y-o-y increase, according to its preliminary financials (pdf). Net income leapt 65.3% y-o-y to USD 195 mn in 2025, driven by robust margins and improved performance across all business segments.

US project awards boosted the new pipeline last year, with Orascom inking USD 3.5 bn worth of awards across the pond — primarily for the data center sector. Closer to home, it secured USD 2.1 bn in new projects. Regional activity was the main top line driver, accounting for 57% of total revenues this year. Orascom’s backlog stood at USD 9 bn at the end of the year, up 18.9% from the year before.

Tags: