Earnings are in from Air Arabia, Taqa, Tabreed, Al Ansari Financial Services

Airspace closures drag on Air Arabia’s 1Q

Air Arabia’s earnings drag: UAE-based budget carrier Air Arabia’s 1Q 2026 earnings were weighed down by the regional tensions that triggered temporary airspace closures, which led to rerouting, cancellations, and schedule changes, alongside the hike in fuel prices. The company saw its net income attributable to shareholders fall 18.7% y-o-y to AED 248.2 mn in 1Q 2026, according to its financial release (pdf). The carrier’s revenue edged up 1.2% y-o-y to AED 1.8 bn during the quarter.

Taqa posts flat 1Q net income

Taqa reported net income of AED 2.1 bn, holding largely steady from AED 2.08 bn in 1Q 2025, according to an earnings release (pdf) and a separate management discussion and analysis report (pdf). Revenue declined 2.7% y-o-y to AED 13.7 bn during the quarter, with the company attributing the decline to lower oil and gas sales volumes, despite a partial offset from growth in regulated revenues. Meanwhile, higher contributions from joint ventures and associates, alongside stable regulated utilities earnings, supported profitability during the quarter.

Dividends: Taqa’s board approved an interim 1Q dividend of 0.8 fils per share, amounting to AED 899 mn.

Amanat posts 44% jump in income

Amanat Holdings closed out 1Q with net income of AED 72.9 mn, up 44% y-o-y, according to its latest earnings release (pdf). Revenue increased 24% y-o-y to AED 298.5 mn. The company said growth was supported by double-digit expansion across both its healthcare and education businesses. Its healthcare subsidiary Cambridge Health Group recorded a 27% y-o-y increase in revenue and a six-fold increase in income, while education platform Almasar Education posted a 22% jump in revenue and a 29% rise in income.

By numbers: Operationally, its inpatient census increased 34% y-o-y to 530 patients, while student and beneficiary numbers grew 21% y-o-y to around 28.6k.

Regional war weighs on Al Ansari’s earnings

Geopolitical tensions weighed on Al Ansari Financial Services’s bottom line, which fell 29% y-o-y to AED 77.4 mn in 1Q, as tourism inflows dropped across regional markets and competition and higher financing costs pressured margins, according to its earnings release (pdf). Operating income, however, rose 9% y-o-y to AED 321 mn as it consolidated its takeover of Bahrain’s BFC Group and recorded increased volumes across its core business lines.

Tabreed’s bottom line falls

Higher financing and refinancing costs following expansion and investment efforts saw Tabreed post a 32.3% y-o-y dip in net income to AED 78.2 mn in 1Q, according to its financials (pdf) and a separate earnings release (pdf).

Revenues rose 4% y-o-y to AED 486 mn on the back of sustained fundamental demand and income from fixed capacity charges. The quarter saw Tabreed increase its total connected capacity by 18% y-o-y to 1.57 mn refrigeration tons (RT), with the uptick driven primarily by its takeover of Pal Cooling Holding last year, which saw Tabreed acquire 600k RT via current, under-construction, and future concessions.