More earnings are in from ADIB, DAE, Fertiglobe, Tecom, NBF, Americana

Fertiglobe’s earnings surge as prices offset disrupted volumes

Higher prices help offset softer sales for Fertiglobe, with the Adnoc-owned urea and ammonia producer and exporter delivering a strong bottom line in 1Q 2026. Adjusted net income nearly doubled to USD 145 mn on higher pricing, even as volumes came under pressure from trade disruptions, dipping 12% y-o-y, according to its management discussion and analysis report (pdf) and earnings release (pdf). Revenue rose 32% y-o-y to USD 915 mn.

Urea prices rose 30% y-o-y, while ammonia rose 22% y-o-y — and operating rates held at 96%. The Strait of Hormuz disruption put upward pressure on prices as supply tightened.

REMEMBER- Fertiglobe has been leaning into Europe as trade flows shift, expanding its footprint in the bloc as carbon pricing and curbs on Russian supply tilt demand toward lower-emissions producers. Equity research firm Bernstein recently named it among its top MENA picks, pointing to its exposure to tight nitrogen markets and structurally low-cost feedstock.

Looking ahead: Fertiglobe expects nitrogen market fundamentals to remain “robust” in the near term, supported by tight supply, seasonal demand from key importers, and disruptions linked to the regional conflict. Over the longer term, it sees demand for urea continuing to outpace supply additions, supporting a constructive pricing backdrop.

Tecom rides near-full occupancy into steady 1Q

Dubai business district developer Tecom Group is riding high occupancy and long leases to keep growth ticking, even as momentum in Dubai’s office market starts to cool. Recurring net income rose 12% y-o-y to AED 403 mn in 1Q 2026, while revenue climbed 11% to AED 755 mn, according to its earnings release (pdf). Funds from operations increased 14% y-o-y to AED 549 mn.

What’s driving it: Occupancy edged up to 98%, while customer retention held strong at 94% in its commercial portfolio and 99% in industrial, underscoring sticky demand across its tenant base. Higher rental rates and contributions from newer assets also lifted the top line. Tecom’s weighted average lease term stands at 8.8 years, giving it solid forward income visibility.

In context: Leasing activity briefly paused in March following the escalation of the regional conflict, but has since picked back up, pointing to a rebalancing and flight to quality rather than a broad pullback, Adam Wynne, partner and head of commercial at Knight Frank, told us earlier.

Americana Restaurants

F&B giant Americana Restaurants saw its bottom line rise 93.5% y-o-y to USD 63.2 mn in 1Q 2026, with its revenue rising 13.3% to USD 649.7 mn, according to its earnings release (pdf). The ADX- and Tadawul-listed company’s margin also improved 400 bps y-o-y to 9.7%.

Another busy quarter: Americana opened 10 stores and added seven Malak Al Tawouk locations to its portfolio in 1Q, bringing its total footprint to 2.7k restaurants across 12 markets.

NBF bucks provision trend to post record earnings

Steady core business growth helped National Bank of Fujairah’s (NBF) net income after tax rise 11.6% y-o-y to a record AED 342.3 mn in 1Q 2026, according to its management discussion and analysis report (pdf). Operating income edged up 3.8% to AED 701.1 mn, with stronger net interest income partly offset by softer non-interest income. The business banking segment accounted for the largest topline share with AED 266.4 mn, followed by corporate and institutional banking with AED 208.6 mn, and the retail segment at AED 171 mn.

Costs helped: Impairment charges fell 27.7% y-o-y to AED 119.5 mn, lifting the bottom line and bucking the broader trend of rising provisions across the sector. The lender’s total assets stood at AED 68.8 bn at the end of the quarter, up 6.8% y-o-y, while deposits rose 4.5% to AED 49.7 bn.

ADIB’s net income up 7% as diversification and new customers offset rising costs

Abu Dhabi Islamic Bank (ADIB) also kept momentum going in 1Q 2026, with net income after tax rising 7% y-o-y to AED 1.8 bn, according to its management discussion and analysis report (pdf). Revenues climbed 12% to AED 3.2 bn on strong business volumes and balance sheet expansion, with total assets up 18% y-o-y to AED 287 bn.

Growth across the board: Funded income rose 17% y-o-y to AED 2.0 bn on higher financing volumes, while non-funded income edged up 4% to AED 1.2 bn, reflecting continued diversification. The lender also added around 66k new customers during the quarter.

Costs up, discipline in focus: Impairment charges jumped 50% y-o-y to AED 158 mn, though in line with guidance, the lender said. Bloomberg Intelligence has previously flagged the bank as having a relatively tighter capital cushion than top-tier peers amid rising regional risks, putting the focus on balance sheet discipline.

REMEMBER- ADIB is leaning into new growth avenues, including open finance and is becoming the UAE’s first bank licensed as a third-party provider under the Central Bank of the UAE’s AlTareq framework.

DAE posts 1Q earnings

Dubai Aerospace Enterprise’s net income rose 19.1% y-o-y to USD 102.2 mn in 1Q 2026, according to its earnings release (pdf). Revenue went up 15% y-o-y to USD 455.5 mn, driven by additional lease income from newly acquired aircraft, though partially offset by a decline in engineering maintenance service revenue.

On the operations front: The company bought nine owned aircraft and sold 15 during the quarter, while signing 65 lease agreements, extensions, and amendments. Its owned, managed, and committed fleet stood at 663 aircraft at the end of March.