A sea of earnings from Mashreq, Adnoc Drilling, Aldar, ADIB, Tecom

Mashreq sees net income rise 26% y-o-y in 2Q

Our friends at Mashreq saw 2Q net income rise 26% y-o-y to AED 2.1 bn, with total operating income up 11% y-o-y to AED 3.4 bn, according to the bank’s management discussion and analysis (pdf). The biggest growth came from investment income, which rose 185% to AED 286 mn, while inflows from interest and Islamic financing accounted for the lion’s share of revenues with AED 2.2 bn.

On a 1H basis, net income climbed 17% y-o-y to AED 4.05 bn, while total operating income recorded an 8% uptick to AED 6.8 bn. Once again, investment income saw the largest growth, up 57% to AED 335 mn, thanks to realized gains on investment securities and favorable fair value movements on the lender’s equity investment holdings. Interest and Islamic financing income brought in AED 4.2 bn, and non-interest income was up 17% y-o-y to AED 2.6 bn on the back of stronger trade finance, syndication, and transaction banking activity.

The int’l network did some heavy lifting: Inflows from ins., FX, and other income rose 13% y-o-y to AED 1.6 bn on the back of strong cross-border flows and transaction banking activity throughout the lender’s international network.

The balance sheet remained strong: The lender’s total assets rose by 25% on a yearly basis to close out 1H at a record AED 365.7 bn on the back of growth across all client businesses. Customer loans were up 26% y-o-y to AED 169.1 bn, as customer deposits rose by 28% y-o-y to AED 227.2 bn.

Aldar records 18% bottom-line uptick

Aldar Properties reported an 18% y-o-y increase in net income after tax to AED 4.9 bn in 1H 2026, according to a company disclosure (pdf). Revenue rose 8% y-o-y to AED 16.8 bn, while EBITDA increased 19% to AED 6.3 bn on the back of revenue recognition from the company’s development backlog, strong occupancy, rental growth across its recurring-income portfolio, and contributions from recent acquisitions.

Group development sales declined 34% y-o-y to AED 12.1 bn as Aldar took a more measured approach to new project launches in the UAE. UAE sales fell 46% y-o-y to AED 9.4 bn, though demand from overseas and expatriate buyers remained strong, accounting for AED 7.6 bn, or 80%, of total domestic sales.

The domestic sales drop was partially offset by sales growth at Egypt’s SODIC, jumping 171% y-o-y to AED 1.4 bn, and the UK’s London Square, up 236% y-o-y to AED 1.2 bn. SODIC benefited from mid-market project demand, while London Square was boosted by three new residential launches in London.

ADIB crossed AED 300 bn in assets as 1H income rises

More income and less expenses boost ADIB: Abu Dhabi Islamic Bank’s (ADIB) bottom line was up 8% y-o-y to AED 1.9 mn on the back of a 7% y-o-y uptick in total operating income to AED 3.3 bn and a dip in provisions for impairment, according to its earnings release (pdf).

Driving growth: Revenues from funds were up 11% y-o-y to AED 2 bn, with non-funded income recording a 2% yearly uptick to AED 1.2 bn. ADIB cited increased income from fees, FX transactions, and cards as boosting its 2Q results.

On a 1H basis, the lender posted net income of AED 3.8 bn in 1H 2026, up 8% y-o-y, as total operating income climbed 9% y-o-y to AED 6.5 bn. ADIB’s total assets rose above AED 300 bn for the first time, with a 17% y-o-y rise bringing the total to AED 304 bn, as the lender saw 125k new customers in 1H. Customer financing, which was up AED 43 bn y-o-y, was cited as a key driver of growth.

Adnoc Drilling’s bigger fleet delivers modest growth

Adnoc Drilling’s net income rose 2% y-o-y to USD 359 mn in 2Q 2026, while revenue grew 3% to USD 1.2 bn, according to its earnings release (pdf) and management discussion and analysis report (pdf). Growth was supported by 30 rigs added in Oman and Kuwait through its SLB and MBPS transactions and two offshore rigs integrated last year, partly offset by rig repurposing and lower unconventional activity.

Oilfield services saw the biggest bottom line growth as the segment’s net income jumped 78% y-o-y to USD 48 mn despite an 8% revenue decline, as lower unconventional activity cut costs and a more favorable service mix lifted profitability. That supports the longer-term shift we previously reported, with Adnoc Drilling targeting a roughly 50-50 revenue split between drilling and manufacturing and oilfield services within five years. Offshore net income rose 6% to USD 151 mn, while onshore earnings fell 12% to USD 160 mn as higher fuel costs and the regional acquisitions pressured margins.

On a 1H basis: Revenue grew 4% y-o-y to USD 2.5 bn, while net income rose 2% to USD 706 mn. Its fleet expanded 21% to 171 rigs, including 30 outside the UAE. After quarter-end, a repurposed land rig began operating in Oman, marking the company’s first organic deployment there.

Outlook + dividends: Adnoc Drilling maintained its 2026 guidance for around USD 5 bn in revenue and USD 1.45-1.5 bn in net income. The board approved a USD 262.5 mn 2Q payout, or around 6 fils per share, bringing 1H distributions to USD 525 mn. Its USD 1.05 bn dividend floor for 2026 is set to rise by at least 5% annually through 2030.

Occupancy gains and customer retention lift Tecom Group’s 1H net income

Dubai business district developer Tecom Group reported a 7% y-o-y increase in recurring net income to AED 401 mn in 2Q 2026, while revenue increased 11% y-o-y to AED 786 mn, according to its latest earnings release. For 1H, the group recorded a 9% y-o-y increase in net income to AED 805 mn in 1H 2026, while revenue climbed 11% to AED 1.54 bn.

Behind the numbers: Overall portfolio occupancy hit 97% in 1H, with customer retention holding strong at 94% in its commercial footprint and 99% across industrial assets, underscoring sticky tenant demand. Growth was led by a 22% y-o-y jump in land lease revenue to AED 361 mn — boosted by new land acquisitions leased in 2025. Meanwhile, industrial revenue rose 15% to AED 239 mn and commercial revenue climbed 11% to AED 783 mn on sustained demand for Grade-A space.

Dividends: Funds from operations increased 12% y-o-y to AED 1.1 bn in the first half of the year, backing an approved interim dividend payout for the period of AED 440 mn.