2Q results from Adnoc Distribution, Salik, IHC, and Burjeel

Adnoc Distribution reaps the rewards of higher fuel prices

Higher fuel prices, commercial margins, and inventory gains pushed Adnoc Distribution’s 2Q 2026 net earnings up 94.3% y-o-y to AED 1.3 bn, while its revenue climbed 52.8% to AED 13.2 bn, according to the company’s earnings release (pdf).

That momentum also showed through in 1H results, with net income climbing 58.5% y-o-y to a record AED 2.1 bn on revenues of AED 22 bn, up 28.8%, as the fuel retailer benefited from higher commercial margins, expanding non-fuel retail operations, and lower finance costs. Fuel volumes increased only 1.6% y-o-y to 7.7 bn liters in 1H, meaning that the earnings growth came less from selling more fuel and more from selling it more profitably. The firm noted a 139.4% increase in volumes sold to the aviation sector during 2Q, in particular.

The retail segment provided the lion’s share of revenue during 1H, bringing in AED 14.1 bn, up 21.5% y-o-y.

Growth is likely to continue through next year as well: In July, Adnoc agreed to acquire Shell Downstream South Africa in a transaction valuing the business at around USD 1 bn — its fourth operating market after the UAE, Saudi Arabia, and Egypt.

Dividends: Adnoc Distribution’s board approved a payout of nearly AED 643 mn, or 5.1425 fils per share, for 2Q.

Salik hits a regional speed bump in 2Q

Dubai toll gate operator Salik felt the squeeze in 2Q 2026 as regional security events took a bite out of traffic volumes. Net income dropped 16.4% y-o-y in 2Q 2026 to AED 334.8 mn, with revenues slipping 11.9% to AED 683.1 mn, according to the company’s financial statements (pdf) and earnings release (pdf). As for 1H, net income also declined 8.7% y-o-y to AED 704 mn, with revenues sliding 7.5% to AED 1.4 bn.

Behind the numbers: Total trips across Dubai’s 10 toll gates fell 12.6% y-o-y to 186.6 mn in 2Q 2026, driving total 1H 2026 trips down 9.5% to 383.8 mn. Chargeable trips took the brunt of the downturn in 2Q, dropping 17.2% y-o-y to 132.8 mn, driven by an 18.5% fall in off-peak travel. However, operating activity began picking up again in May and June, pushing registered accounts up 6.6% y-o-y to 2.9 mn. Meanwhile, fine revenue provided a countercyclical boost, jumping 14.2% y-o-y in 2Q to AED 75.2 mn.

To reduce reliance on toll volumes, Salik expanded its digital payment integrations: Ancillary revenue climbed 98% y-o-y to AED 17.2 mn in 1H 2026, backed by e-wallet parking partnerships across Dubai Airports, Dubai Mall, and Parkonic.

Energy, mining, and financial services drive IHC’s 2Q results

International Holding Company’s (IHC) revenue jumped to AED 33.4 bn in 2Q, up from AED 24.6 bn the year before, it said in its financials (pdf). Net income came in at AED 18 bn for the period, up 170% y-o-y.

For 1H, growth was similarly strong, with net income of AED 26.2 bn, more than double last year’s AED 10.8 bn, and revenue of AED 64.9 bn, up 34.5% y-o-y.

Growth was driven primarily by energy and mining in 1H, where revenue jumped 355.2% y-o-y to AED 12.3 bn on 1Q momentum, alongside a 62.8% rise in revenue from financial services to AED 3 bn, the company said in its management discussion and analysis report (pdf).

However, it was real estate and construction that provided the largest share of revenue, contributing AED 20.9 bn to IHC’s top line, up 10.4% y-o-y, followed by marine and dredging with AED 14.7 bn, up 4.5%, and energy and mining. Hospitality and leisure accounted for AED 5.2 bn, services and other segments made up AED 3.6 bn, food generated AED 3.4 bn, and technology brought in AED 1.9 bn.

IHC’s total assets were up 9.6% YTD to AED 469.7 bn, following its acquisition of Traverse Midstream Partners, an industrial and logistics portfolio in Kezad, and a 50.1% stake in Alpha Wave.

Higher patient numbers drive Burjeel’s revenues

Healthcare provider Burjeel Holdings’ bottom line dipped 1.4% y-o-y to AED 146 mn, while its revenue rose 3.7% y-o-y to AED 1.5 bn, it said in its management discussion and analysis (pdf). The provider recorded an AED 29 mn loss from the impairment of assets during the quarter, and EBITDA (excluding one-offs) rose 35% y-o-y to AED 316 mn. Outpatient footfall was up during 2Q on the back of new facility openings, and inpatient numbers were up 8.4% y-o-y.

On a 1H basis, net income rose 8.2% y-o-y to AED 202 mn, while revenue recorded a 4.4% uptick to AED 2.8 bn on the back of an increase in patient volumes, Burjeel said in a press release (pdf). Patient footfall was up 9.9% y-o-y to 3.7 mn in the first half of the year.