DFM, Investcorp, PureHealth turn in earnings

DFM powers through regional tensions on trading boom

Dubai Financial Market (DFM) kicked off 2026 on a strong note despite the regional backdrop, with net income after tax rising 39.8% y-o-y to AED 177.7 mn in 1Q, according to its financials (pdf). Revenue climbed 35.7% to AED 253.1 mn, backed by “growing depth, liquidity, and international relevance of the market,” Chairman Helal Al Marri said in a separate earnings release (pdf).

Average daily trading value jumped 56% to AED 1.03 bn, while total traded value rose 48% to AED 61 bn. Momentum held through most of the quarter, even as the DFM General Index closed 10.1% lower, pointing to liquidity and participation driving activity.

Investcorp Capital weathers cost squeeze as co-investments carry income

Abu Dhabi-based Investcorp Capital reported a mixed set of 3Q FY 2026 results, with higher financing costs weighing on the bottom line. Net income fell 15% y-o-y to USD 35 mn, even as gross operating income rose 4% to USD 72 mn, according to its earnings release (pdf), with the decline driven by higher interest expenses linked to increased drawdowns on its revolving credit facility.

Co-investments pick up the slack: Revenue from co-investment activities rose 30% y-o-y to USD 35 mn, supported by stronger performance across private equity, structured portfolios, and strategic capital investments. CEO Sana Khater pointed to a “resilient and well-diversified platform,” helping sustain income despite a tougher funding environment.

Dividends: Investcorp Capital remains on track to deliver its FY 2026 dividend target of 8% on opening NAV, despite near-term earnings pressure.

PureHealth earnings dip as unified purchasing program pressure bites

ADX-listed healthcare player PureHealth saw earnings come under pressure at the start of 2026 on the back of regulatory changes, with net income after tax falling 17.9% y-o-y to AED 414.9 mn in 1Q, according to its financials (pdf) and earnings release. Revenue rose 10.4% to AED 7.3 bn, supported by strong demand and geographic diversification.

Its domestic division came under pressure, but activity held up: UAE Care revenue fell 13% y-o-y to AED 2.7 bn due to the Unified Purchasing Program (UPP) taking effect, though underlying activity remained solid, with outpatient volumes up 3%, inpatient volumes up 10%, and occupancy rising to 76%. The Cover (ins.) vertical saw revenue rise 9% to AED 2.0 bn on higher premiums and a growing member base.

What’s the UPP? Rolled out in May 2025 (pdf), Abu Dhabi’s UPP centralizes drug procurement and standardizes reimbursement across government-backed ins. schemes. In practice, that means tighter pricing and less margin flexibility, weighing on pharma-related revenues even as volumes hold up.

International growth doing the heavy lifting: Revenue from the group’s international Care portfolio surged 60% y-o-y to AED 2.5 bn, driven by contributions from Hellenic Healthcare Group — where it acquired a 60% stake last year — and steady growth at Circle Health in the UK, acquired in 2024. Management pointed to the “growing momentum” of its global platform, increasingly underpinning diversification and scale.

Looking ahead: The group plans to continue expanding capacity, scaling its international footprint, and investing in AI and digital infrastructure to support long-term growth.