Earnings in from NMDC, Aldar, e&, NCTH, DIB

NMDC Energy reports revenue growth despite regional tensions

NMDC’s EPC unit NMDC Energy saw its net income drop 63% y-o-y — based on our owncalculations — to AED 80 mn in 1Q 2026 as regional tensions hit, according to its earnings release (pdf). Its revenues, meanwhile, climbed 33% to AED 5 bn over the same period, supported by strong backlog execution.

The company did not face interruptions, however, and is in a good position for the remainder of the year, it said, adding that its backlog stands at AED 35.3 bn as of the end of March, while its project pipeline reached AED 67 bn. The UAE remained the dominant contributor, accounting for 74% of total revenue.

REMEMBER- The firm was planning to enter new markets including Nigeria and Europe, CEO Ahmed Al Dhaheri said earlier, after rolling out new offices in Shanghai and Taiwan last year, according to its management and discussion analysis report (pdf).

Aldar leans on backlog as sales cool

Abu Dhabi developer Aldar turned in a relatively strong 1Q despite softer activity, with net income rising 20% y-o-y to AED 2.3 bn and revenue up 12% to AED 8.7 bn, according to its financials (pdf).

Growth drivers: In a separate earnings release (pdf), the company pointed to backlog conversion and resilient recurring income from its investment platform as the main drivers. Its development backlog hit a record AED 72.1 bn, while income-generating assets grew to AED 52 bn.

But there are early signs of moderation: Group sales fell 25% y-o-y to AED 6.7 bn, with UAE sales down 30% as launch activity slowed and March demand softened. Aldar framed this as a “disciplined approach” to launches amid evolving market conditions.

Still, demand hasn’t disappeared — 88% of Aldar’s UAE sales, or AED 5.3 bn, came from overseas and expat buyers, and recent launches like Yas Park Place saw 80% of units snapped up within a week.

Need a refresher on the broader market? Abu Dhabi clocked AED 66 bn in real estate transactions in 1Q, with activity “pausing to take stock, not under structural pressure,” analysts told us, suggesting demand has held up despite the regional backdrop. That said, activity is likely to ease further in the coming months as investors turn more cautious, with higher construction costs and logistical challenges also potentially weighing on project timelines.

A cushion from the investment side: Aldar Investment posted 14% revenue growth to AED 2.1 bn, supported by high occupancy (mid-90s across most segments), firm rental rates, and contributions from recent acquisitions. This includes recent transactions such as its JV with Mubadala acquiring The Link in Masdar City and the AED 650 mn purchase of logistics warehouses in Kezad from AD Ports.

Liquidity is giving it room to stay on the front foot: The group ended the quarter with AED 33.2 bn in available liquidity and has been active in capital markets, including USD 2 bn in hybrid issuances and a new AED 5 bn sustainability-linked facility, positioning it to keep deploying even as conditions evolve.

NCTH earnings cool as gains normalize, but revenue holds up

Abu Dhabi’s National Corporation for Tourism and Hotels (NCTH) reported a softer 1Q on the bottom line even as revenues continued to climb. Net income fell 46.6% y-o-y to AED 96.6 mn, while revenue rose 8.4% y-o-y to AED 615.9 mn, according to its management discussion and analysis report (pdf).

The drop largely reflects last year’s one-off gain from a bargain acquisition — tied to a reverse transaction in which Alpha Dhabi raised its stake to 73.7% and transferred four hotel assets to NCTH — suggesting this quarter marks a normalization rather than a deterioration in core operations. Hotels remained the main revenue engine at over AED 306 mn, with catering and other services also posting gains.

But the backdrop is getting tougher: As we’ve covered, the tourism sector has been under pressure since the war, with hotel occupancy dropping from around 90% to as low as 16% last month and some properties temporarily shutting to cut costs. Policymakers have since stepped in with targeted support, including Ajman’s tourism fee deferrals and fine exemptions and Dubai’s broader AED 1 bn relief plan, with a federal, sector-specific package also in the works.

DIB earnings stall as higher impairments offset 13% revenue growth

Dubai Islamic Bank’s (DIB) net income was relatively unchanged y-o-y coming in at AED 1.8 bn in 1Q 2026, even as revenue rose 13% y-o-y to AED 3.5 bn, according to its management discussion and analysis report (pdf).

Top-line growth was fueled by a 30% jump in non-funded income and a 5% rise in funded income, pointing to improving diversification. But higher impairment charges — which have also weighed on other lenders this quarter — and margin compression in a lower-rate environment capped bottom-line growth.

The balance sheet kept expanding, with net financing and sukuk investments up 3% YTD to AED 364 bn and deposits reaching AED 322 bn.

e& leans on scale, diversification to power through 1Q

Telecoms group e& reported a steady start to the year, with net income rising 3.9% y-o-y to AED 2.9 bn (excluding one-offs), while revenue climbed 15.1% to AED 19.4 bn, driven by strong performance across its home and international telecom verticals, according to its financial highlights. Subscriber numbers jumped 30.8% to 248 mn, reflecting continued scale-up and demand for digital and AI-led services.

CEO Masood Mahmood flagged the group’s “agile business model” and international diversification as key to navigating regional disruption during the quarter, as geopolitical tensions weighed on business activity in March. The group continued to deepen its footprint, with Ufone securing 5G spectrum in Pakistan, a new enterprise AI push with IBM, and e& Money landing a UAE Central Bank finance company license, opening the door to lending and a broader fintech play.

Dividends getting a lift: Shareholders approved a higher 2025 payout of 90 fils per share, up from 86 fils. The company flagged plans to increase this further to 95 fils in 2026 under its updated dividend policy.