Orascom, Space42, Dana Gas, Adnoc L&S, ICD report 1Q results

Orascom Construction doubles net income in 1Q 2026

Orascom Construction reported a sharp rise in first-quarter earnings, helped by robust growth in its US operations and a steady flow of infrastructure and industrial work across the Gulf and Egypt, according to an earnings release (pdf). Net income attributable to shareholders more than doubled to USD 53.4 mn in 1Q 2026, up 112.7% y-o-y, while revenue rose 73.2% to USD 1.5 bn.

The firm’s US business saw the biggest jump in revenues during the quarter, rising 120% y-o-y to USD 723.5 mn. Orascom attributed the performance to growing exposure to “specialized sectors,” including data centers, aviation, and advanced manufacturing. Its US backlog reached a record USD 2.9 bn as of March-end, more than doubling y-o-y.

Back home, its MEA backlog stood at USD 6.5 bn, with the group booking USD 1.2 bn in new awards during the quarter, led by infrastructure work in the UAE, Saudi Arabia, and Egypt. Its MEA segment had the largest share of revenues at USD 744.9 mn, up 43.6% y-o-y.

The company said it will “continue to monitor potential cost increases in the current uncertain environment,” adding it may reassess parts of its cost structure depending on market conditions.

Adnoc L&S’ revenues lean on shipping gains

Adnoc Logistics and Services had a solid 1Q despite the Strait of Hormuz disruptions, owing to what the firm says is a “diversified” business model. The firm saw its net income rise 20% y-o-y to USD 222 mn in 1Q 2026, according to its financial release. Its revenues fell 10% y-o-y to around USD 1.1 bn during the same period, which it attributes to the scheduled runoff of project revenues after the Al Omairah Island mega project’s delivery to Adnoc offshore in 4Q 2025.

The firm’s shipping segment accounted for the biggest share of revenues, growing 4% y-o-y to USD 512 mn on the back of stronger global charter rates and the addition of new vessels.

Space42 leans on satellite business

Abu Dhabi spacetech firm Space42 got off to a weaker start in 2026, with 1Q net income down 79% y-o-y to USD 5 mn, even as revenue edged up 1% to USD 116 mn, according to its financials (pdf). Double-digit growth in its core satellite services business offset weaker results from its smart solutions unit due to an ongoing reshuffle.

Its satellite and connectivity business is increasingly carrying the group. Space42’s space services division accounted for 95% of total quarterly revenue, up 15% y-o-y — its highest results on record. The performance was attributed to the start of Thuraya 4 operations and the rollout of new products. Its smart solutions division brought in the remaining 5%, reflecting an ongoing repositioning, expected to wrap up later this year, towards Earth observation, geospatial analytics, and AI programs. The company expects growth to pick up through 2026, with three Foresight satellites slated to begin commercial operations in 2Q.

Dana Gas income jumps 72%

Dana Gas posted a sharp rise in 1Q 2026 net income to AED 270 mn, up 72% y-o-y, while revenue climbed 59% to AED 531 mn, according to its financials (pdf) and a separate earnings release (pdf). The earnings jump was largely driven by AED 176 mn tied to gas metering reconciliation in the Kurdistan Region of Iraq, partly offset by an AED 22 mn one-off drilling cost in Egypt. Excluding these items, underlying net income stood at AED 95 mn.

Shareholders are getting a bigger payout: Dana Gas shareholders approved an FY 2025 dividend of 6.5 fils per share, up 18% y-o-y, with the AED 455 mn payout scheduled for distribution on 19 May.

ICD income rises 8.6%

The Investment Corporation of Dubai (ICD), Dubai’s sovereign wealth fund, reported higher annual income in 2025. Its net income grew 8.6% y-o-y to AED 73.4 bn, while revenues rose 2.7% to AED 358.9 bn, according to its financials (pdf). Operating income climbed 14.3% to AED 80.9 bn.

BACKGROUND- ICD has been steadily reshaping its portfolio through selective asset moves over the past two years. Just this week, it transferred its 22.27% stake in Emaar Properties to Dubai Holding, while earlier activity included international exits and stake swaps involving Corporación América Italia and Ansar Leasing.