Emaar, Binghatti, Salik, Spinneys, Orient Ins. also post 1Q results

Emaar earnings keep building on backlog growth

Emaar Properties kicked off 2026 with another strong quarter as Dubai’s real estate momentum continued feeding through to earnings. The developer reported net income after tax of AED 6.4 bn in 1Q, up 38% y-o-y, according to its financials (pdf) and earnings release (pdf). Revenue rose 23% to AED 12.4 bn, supported by sustained demand across its UAE development business, malls portfolio, and recurring revenue assets.

Backlog keeps building: Emaar recorded AED 22.4 bn in property sales during the quarter, up 16% y-o-y, while revenue backlog climbed 29% to a record AED 163.4 bn, supporting future earnings visibility. Emaar Development — the group’s build-to-sell arm — separately reported (pdf) a 49% jump in net income to AED 3.5 bn as sales rose 22% to AED 20.1 bn.

REMEMBER- In real estate, sales ≠ revenues. Sales are recorded at contract signing, but revenue is only recognized as units are delivered or reach key construction milestones, meaning current revenues largely reflect past sales.

Recurring revenues continued to underpin resilience. Revenue from malls, hospitality, leisure, entertainment, and commercial leasing assets rose 7% y-o-y to AED 2.8 bn, contributing around 30% of total EBITDA. Emaar’s malls portfolio maintained 98% occupancy, while hospitality activity held broadly stable despite softer March tourism flows.

The launch pipeline is still expanding: Emaar launched 10 new projects during the quarter as it continues leaning into wellness-led and master-planned communities. Management said the company remains focused on “disciplined execution” and converting its growing backlog into profitable long-term growth.

ICYMI- Emaar CEO Mohamed Alabbar recently said the developer would not cut prices “by a single USD” despite some UAE developers reportedly lowering down payments and waiving fees to support demand amid regional tensions.

Binghatti posts 10th straight record quarter

Binghatti kept its record streak in 1Q 2026, reporting its 10th consecutive record quarter as net income climbed 73% y-o-y to AED 1.4 bn, according to its financials (pdf) and a separate earnings release (pdf). Revenues rose 52% to AED 4.4 bn on the back of strong sales execution and sustained demand across its project portfolio.

Sales momentum stayed strong this quarter, with the developer selling more than 4k units worth AED 5.8 bn, and its development backlog reaching AED 52 bn at the end of the quarter.

Salik traffic softens as ancillary revenues surge

Dubai toll gate operator Salik saw 1Q 2026 traffic volumes soften amid weaker March mobility trends tied to regional disruption. Net income was broadly stable, dipping just 0.4% y-o-y to AED 369.3 mn, according to its earnings release (pdf), while revenue slipped 3.0% y-o-y to AED 728.9 mn as total trips fell 6.4% to 197.2 mn. Softer traffic weighed on toll usage fees, though the impact was partly offset by Dubai’s variable pricing system and growth in tag activation fees and ancillary revenues.

On the bright side: Ancillary revenues surged 147% y-o-y to AED 8 mn, supported by parking payment partnerships with Emaar Malls, Parkonic, Dubai Airports, and Liva. CEO Ibrahim Al Haddad said the business remains “well positioned” and expects activity to gradually normalize as conditions stabilize.

Spinneys’ earnings held their ground in 1Q on higher online penetration + sales growth

Spinneys reported a 1.9% y-o-y bottom line increase to AED 87 mn in 1Q 2026, according to its earnings release (pdf). Revenue rose 11.9% y-o-y to AED 1.01 bn, while adjusted EBITDA increased 1.2% to AED 184 mn. Income before tax remained broadly stable at AED 101 mn.

Performance was driven by like-for-like sales growth, new store openings, higher online penetration, and stronger fresh and private label sales. Transaction volumes rose 8.5% y-o-y to 10.8 mn, while average basket size increased 3.4% to AED 92.9.

Gross income rose 8.4% y-o-y to AED 406 mn, although gross margin declined to 40.1% from 41.3% a year earlier. The company said January and February recorded strong trading activity, while sales slowed in March amid regional conflict-related disruptions.

Looking ahead, visibility for the remainder of the year remains limited due to ongoing regional uncertainty, Spinneys said.

Orient Ins. opens 2026 with higher income

Al Futtaim Group’s Dubai-based ins. arm Orient Ins. kicked off 2026 on a positive note, with net income climbing 9% y-o-y to AED 340.8 mn in 1Q, according to its financials (pdf) and a separate earnings release. Ins. revenues were up 20% y-o-y to AED 2.6 bn, and net investment results reached AED 211.6 mn, up 15.7% y-o-y, supported by stronger interest income from investments and bank deposits and dividend income. Management cited prudent underwriting and risk management as driving results.