DFM, Borouge, 2PointZero, PureHealth, Emsteel report earnings

DFM sees a quiet 2Q

DFM’s trading boom masks a quieter earnings picture: The Dubai Financial Market (DFM) saw a 60.7% y-o-y drop in net income to AED 229.6 mn in 2Q 2026, according to its latest financial results (pdf). The dip was largely down to a one-off gain of AED 462.2 mn in 2Q 2025, which stemmed from an investment property sale.

1H told a similar story, with net income declining 42.8% y-o-y to AED 407.4 mn, according to a separate earnings release (pdf). Operating revenue climbed to AED 384.8 mn in the six-month period, up from AED 266.5 mn the year before, lifting total consolidated revenue to AED 557 mn from AED 888.9 mn on account of the one-off gain.

Average daily trading value jumped 45.1% to AED 1 bn in the first half of the year, while total traded value rose 40.4% to AED 119.5 bn. Momentum held through most of the period, even as market capitalization declined 1.4% y-o-y at AED 981.6 bn.

Borouge holds firm in 2Q after Ruwais recovery

Restoration of operations at Borouge’s Ruwais industrial facility and swift supply-chain rerouting drove the firm’s 2Q results, leading 2Q net income to reach USD 191 mn, up 1% y-o-y and 23% q-o-q, according to its management discussion and analysis (pdf). Revenue went up 8% y-o-y to AED 1.4 bn.

For 1H, Borouge’s bottom line fell 27% on a yearly basis to USD 347 mn, while its top line recorded a more muted 5% dip to USD 2.6 bn. It maintained its dividend guidance of 16.2 fils per share.

ICYMI- Borouge’s Ruwais complex was partially shut down in April following damage to the facility from falling debris and subsequent fires, with the firm noting in an earnings release (pdf) that it had repaired its assets ahead of schedule.

Behind the results: The company used alternative shipping routes and supplemented volumes with additional inventory to help sales volumes reach 900k tons during the quarter and export its entire 2Q output. However, higher logistics costs and propylene feedstock prices partially offset the gain from higher average prices.

2PointZero posts blowout 1H results in first post-merger earnings

Abu Dhabi’s 2PointZero Group kept momentum going into 1H 2026 following its mega-merger, with a 2,301% y-o-y increase in net income to AED 7.7 bn, according to its earnings release. The results were chalked up to the merger and consolidation of Tendam. Margins held steady at 29%, pointing to consistent underlying operational performance across its core holdings.

Revenue jumped 114% y-o-y on a pro forma like-for-like basis to AED 21.9 bn, driven by the full consolidation of Spanish fashion retailer Tendam alongside the continued adoption of AI tools and cost optimization measures. Revenue remained diversified across consumer, mining, energy, and investments.

The group maintained a strong war chest of AED 13.7 bn as it expanded its international footprint during the period. Deployments were anchored by the AED 21.5 bn allcash acquisition of US-based Traverse Midstream Partners via subsidiary ePointZero. The group also entered European packaging through a 60.8% stake in Italy’s ISEM and expanded into African financial services via Baobab Group.

REMEMBER- The Multiply-Ghitha-2PointZero merger created a newly listed investment platform last November focused on energy, consumer, and technology sectors.

PureHealth’s overseas expansion boosts 1H earnings

Healthcare giant PureHealth recorded a 20% y-o-y rise in net income in 1H 2026 to AED 1.2 bn, driven by the integration of higher-margin international assets and steady growth across its ins. footprint. Group revenue rose 9% y-o-y to AED 14.9 bn, while EBITDA, outpacing top-line growth, jumped 24% y-o-y to AED 2.9 bn, according to its latest earnings release.

The international side brought growth: Revenue from the group’s overseas healthcare portfolio rose 56% y-o-y to AED 5 bn, with overseas operations accounting for 33% of total group revenue. The surge was anchored by the consolidation of Hellenic Healthcare Group (HHG) in Greece and Cyprus, in which it holds a 60% stake, alongside procedural growth at UK-based Circle Health, which it acquired in 2024. EBITDA for the international segment expanded 65% y-o-y to AED 1.1 bn, lifting segment margins to 22.2%.

A stable domestic base with ins. backing: Domestic UAE healthcare revenue registered AED 5.8 bn, backed by a 7% y-o-y increase in outpatient volumes, a 10% gain in inpatient admissions, and hospital bed occupancy reaching 75%. The cover (ins.) vertical saw revenue rise 10% y-o-y to AED 4.1 bn on higher premiums and a growing member base.

Emsteel rode the higher selling prices wave in 2Q

Abu Dhabi-based manufacturer Emsteel delivered a sharp margin expansion in 2Q as higher selling prices, resilient domestic demand, and tight cost controls helped offset rising raw material and logistics expenses, according to its latest earnings release (pdf). Net income climbed 157% y-o-y to AED 261.8 mn in 2Q amid a downturn in expenses, it said in its financials (pdf).

On a 1H basis: Quarterly revenue rose 11.4% y-o-y to AED 2.4 bn, lifting 1H group revenue by 6% y-o-y to AED 4.6 bn. Its bottom line came in at AED 560.5 mn for 1H, up from AED 188 mn the year before as expenses dipped.

The steel division revenue grew 9% y-o-y in 2Q to AED 2.1 bn, supported by a 10% increase in average selling prices for finished steel products that pushed segment EBITDA margins up to 18.2%. The cement division continued to gain momentum, with revenue rising 29% y-o-y to AED 287 mn as sales volumes from cement and clinker climbed 28% to 1.1 mn tons and average cement selling prices rose 30%.