IHC compounds gains as capital recycling accelerates

International Holding Company (IHC) scaled up in FY 2025, with net income rising 35.1% y-o-y to AED 34.7 bn and revenue climbing 29.1% to AED 111.4 bn, according to its management discussion and analysis report (pdf). Total assets expanded 6.7% to AED 428.6 bn.

Where it came from: Real estate and construction remained the anchor at 39.7% of revenue, underpinned by record development sales at Aldar. Marine and dredging contributed 27.1%, while energy and mining delivered the sharpest acceleration, with revenues surging 247.8% y-o-y following acquisitions and platform build-out.

Capital rotation in motion: IHC booked disposal gains including AED 2.8 bn from Modon and AED 2.7 bn from PAL Cooling, alongside Reach, recycling capital into higher-conviction platforms.

Looking ahead: Management reiterated its 2030 growth roadmap, centered on platform consolidation — as we previously reported, newly consolidated 2PointZero Group posted net income of AED 3.6 bn in FY 2025, up from AED 189 mn a year earlier, reflecting one month of consolidation — alongside AI integration across subsidiaries and selective global expansion.

ADNH posts AED 1.6 bn in revenue, fueled by high tourism and sector acquisitions

Higher tourism inflows helped Abu Dhabi National Hotels (ADNH) reach net income of AED 1.1 bn in 2025, up 14.2% y-o-y, according to its financials (pdf). Total revenues jumped 20.7% y-o-y to AED 3.5 bn, driven primarily by high tourism demand and expansions in the catering sector, according to its management and analysis report (pdf).

Behind the results: The hotel segment contributed AED 1.6 bn in total revenue, rising 12% y-o-y largely due to high growth in the Abu Dhabi and Dubai markets and a surge in tourism, events, and exhibitions. The catering business added AED 1.7 bn, a 38% y-o-y increase, while the transport sector saw a 14% y-o-y dip to AED 261 mn due to a decline in taxi operations. Results were also boosted by its increased stake in Compass Arabia to 50% interest, resulting in a gain of AED 17.5 mn.

Dividends: The group proposed a dividend distribution of AED 378 mn, representing a 6.9% dividend yield, according to its earnings release (pdf).

Talabat reports 4Q 2025 results

Talabat saw its adjusted net income come in at USD 124 mn in 4Q 2025, marking a modest 1% y-o-y jump, according to its earningsrelease (pdf). Management revenues were up 26% y-o-y to USD 1 bn. Gross merchandise value rose 21% y-o-y during the quarter to USD 2.5 bn, Talabat said in the release.

For the full year, Talabat saw its net income jump 15% y-o-y to USD 451 mn and management revenues increased 31% y-o-y to USD 3.9 bn.

Looking ahead: “As we enter 2026, we are now taking a deliberate step to invest more in our business with the full support of our Board. We have earmarked more than USD 100 mn in ecosystem investments for 2026,” CEO Toon Gyssels said.

Lulu Retail reports 4Q 2025 revenue of USD 1.9 bn

Lulu Retail reported USD 1.9 bn in 4Q 2025 revenue, up 2.4% y-o-y, driven by strong demand for fresh food and electronics, according to an earnings release (pdf). E-commerce grew 51.8% y-o-y, representing 7.3% of total sales.

For the full year, net income stood at USD 205 mn, while revenue grew 4.1% y-o-y to USD 7.9 bn (AED 29.1 bn). Growth was supported by 2.3% like-for-like sales gains and the opening of 20 new stores across the GCC. E-commerce grew 38.6%, and EBITDA stood at USD 782 mn.

Dividends: The board proposed a final 2H dividend of USD 98.4 mn (AED 361.5 mn) and full-year dividend of USD 197 mn (AED 723 mn).

Tabreed net income falls 17.7% y-o-y

Financing and refinancing costs weighed on state-owned district cooling company Tabreed’s financials, with net income decreasing 17.7% y-o-y to AED 495.9 mn, as transaction-related charges also offset stable operations, according to its financials (pdf) and a separate earnings release (pdf). The company cited increased borrowing costs after replacing legacy facilities at prevailing market rates, additional debt linked to the Pal Cooling investment and one-offs tied to closing that transaction, and the Palm Jebel Ali concession.

Revenues edged up 1% to AED 2.5 bn, supported by fixed capacity charges, while consumption volumes slipped 1% due to cooler weather. Total connected capacity reached 1.6 mn RT by the end of the year — up 19% y-o-y.

The board recommended a final dividend of 6.5 fils for 2H, bringing the FY total to 13 fils per share, equivalent to a 71% payout of normalized net income.

AD Ports reports growth across the board

AD Ports Group saw its bottom line jump 18% y-o-y to AED 584 mn in 4Q 2025, according to an earnings release (pdf). The firm’s top line climbed 30% y-o-y to AED 5.9 bn over the same period.

Full-year 2025 stayed in the same lane: The group reported a 17% y-o-y increase in net income to AED 2.1 bn in 2025, while its revenues rose 20% y-o-y to AED 20.8 bn.

By the segment:

  • Revenues from the group’s port clusters rose 21% y-o-y to AED 2.9 bn for the full year, driven by growth across international container operations, bulk and general cargo, as well as higher container concession fees from UAE operations, supported by the ramp-up of CMA Terminals Khalifa Port;
  • Maritime and shipping revenue climbed 33% y-o-y to AED 10.7 bn, led by growth across business segments;
  • The economic cities and freezones segment recorded a 45% y-o-y rise in revenues to AED 2.9 bn, on the back of its AED 2.5 bn land sale agreement to Mira developments and AED 570 mn sale of two built-to-suit warehouses to Aldar;
  • The logistics segment’s top line fell 6% y-o-y to AED 4.4 bn in 2025, on the back of a softer freight-forwarding market and the reclassification of Sesé Auto Logistics out of the cluster.
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