2Q earnings roundup: Fertiglobe, NMDC Energy, NCTH

Fertiglobe rides the price spike

Higher fertilizer prices helped Fertiglobe’s earnings as net income attributable to shareholders jumped more than fivefold y-o-y to USD 114.5 mn in 2Q 2026, while revenue reached USD 1.1 bn, almost double the USD 565.8 mn recorded the year before, according to its earnings release (pdf) and management discussion and analysis report (pdf). Adjusted net income — which strips out conflict-related costs, export duties, forex effects, and other one-offs — rose around 12.5x to USD 144.6 mn.

Prices did the heavy lifting: Benchmark ammonia prices in northwest Europe nearly doubled y-o-y to USD 866 per ton, while Egypt urea prices climbed 77% to USD 723 per ton. The gains outweighed higher logistics costs and a 3% drop in own-produced sales volumes as regional trade disruption constrained UAE exports.

On a 1H basis, revenue rose 59% y-o-y to USD 2 bn, while attributable net income more than tripled to USD 312.4 mn. Net debt fell 38% since the start of the year to USD 621 mn.

Dividend: Management proposed a payout of at least USD 150 mn, or 6.73 fils per share — up more than 20% y-o-y and scheduled for October, pending board approval.

Tensions and capex weigh on NMDC Energy’s earnings

Rising costs and regional tensions weighed on ADX-listed NMDC Energy’s 2Q bottom line, leading to a 53% y-o-y drop in net income attributable to shareholders to AED 170 mn, according to its earnings statement (pdf) and a press release (pdf). While contract revenues for the period logged a 2% uptick to AED 4.5 bn, the growth was dampened by operational challenges, cost overruns, and disruption due to regional tensions, the firm said.

It is a similar story for 1H: Net income during 1H 2026 fell 57% y-o-y to nearly AED 250 mn, despite a 16% increase in revenue to over AED 9.4 bn. Net income margins contracted sharply to 2.6% during the six-month period from 7.1% a year earlier.

Looking ahead: The contractor enters 2H with strong revenue visibility, backed by an unexecuted project backlog of AED 55.2 bn as of 30 June.

NCTH 2Q income falls despite higher revenue

National Corporation for Tourism and Hotels (NCTH) reported a 27.2% y-o-y decline in net income to AED 41.8 mn in 2Q 2026, even as revenue rose 2.4% to AED 508.9 mn, according to its financials (pdf).

The 1H picture: Net income for the first six months of 2026 dropped 41.9% y-o-y to AED 138.3 mn on revenue of AED 1.1 bn, up 5.6% from a year earlier.

What's behind it? Direct operating expenses climbed 12.2% y-o-y to AED 723.8 mn during the first half, while EBITDA declined to AED 238.3 mn from AED 362.4 mn a year earlier, according to its management discussion and analysis report (pdf). NCTH said the comparison was skewed by a one-off AED 97 mn gain on a bargain purchase booked in 1H 2025 following its reverse acquisition of Alpha Dhabi Holding’s hospitality assets. Excluding that gain, earnings were pressured mainly by higher operating costs.