Adnoc L&S’s earnings surge, Dubai Investments’ jump, Tabreed’s stall

Dubai Investments’ 2Q holds up on property sales

Strong real estate sales and rentals buoyed Dubai Investments’ 2Q performance, as net income attributable to shareholders jumped 42.2% y-o-y to AED 471.1 mn, bringing 1H net income up 27.9% to AED 642.4 mn, according to the company’s financials (pdf) and earnings release (pdf). The group’s total income climbed 19.4% y-o-y to AED 1.3 bn during the quarter and rose 7.9% to AED 2 bn in 1H.

The segment breakdown: The group’s property division remained the central earnings engine, accounting for AED 1.2 bn of 1H total income — up 5.1% y-o-y — supported by robust property sales and recurring income from rental holdings, which rose 5.9%. The manufacturing, contracting, and services arm followed, delivering AED 775.6 mn in total income, up 9% y-o-y, while income from the investments division was up 34.5% to AED 113.1 mn.

Dividends: Shareholders approved an FY 2025 dividend of 25%, or AED 0.25 per share, totaling AED 1.06 bn, which was fully paid out in May 2026.

Tabreed’s 2Q earnings dip as financing costs weigh on net income

District cooling giant Tabreed’s 2Q net income took a 29% hit from higher financing costs — even as the underlying business held steady. Net income attributable to shareholders fell to AED 113.7 mn in the quarter, while revenue stayed virtually flat at AED 642 mn, according to the company’s financial statements (pdf) and earnings release (pdf).

The 1H picture looks similar: Net income attributable to shareholders was down 30.4% y-o-y to AED 191.8 mn, even as revenue rose 1.8% to AED 1.1 bn and connected capacity grew 15% to 1.6 mn RT.

Behind the numbers: Finance costs jumped 33.5% y-o-y in 1H to AED 152 mn following the company’s 2025 debt refinancing at prevailing market rates, alongside debt taken on to fund its co-acquistion of PAL Cooling with CVC DIF.

Dividends: Tabreed’s board of directors approved an interim dividend payout of 5 fils per share for 1H, representing a 74% payout ratio of the period’s net income.

Adnoc L&S hits record 2Q earnings

A surge in tanker earnings turned Adnoc L&S’s 2Q into a blowout quarter. The maritime logistics firm’s net income jumped 303% y-o-y to USD 951 mn, a result the company credits to its support of Adnoc’s energy exports, according to its financial presentation (pdf). Revenues rose 98% y-o-y to USD 2.6 bn.

REMEMBER- The UAE was able to move more oil to global buyers than any other Gulf producer since the start of June, with Adnoc selling more than 130 mn barrels of crude across seven tenders. Adnoc charters tankers at elevated rates to shuttle crude through Hormuz with their transponders switched off, then transfers the cargo to another vessel in the Gulf of Oman for the longer haul to buyers. It did so despite the risk of transiting through the strait, with at least two of its vessels coming under attack last month, resulting in one fatality and several injuries.

The six-month read tells the same story. Adnoc L&S’ net income rose 179% y-o-y to USD 1.2 bn in 1H, while revenue climbed 46% to USD 3.7 bn. The gains came once again from supporting UAE energy exports, higher charter rates and chartering activity, and contributions from four newly delivered LNGCs, two VLECs, and one Ultramax vessel, according to its earnings release (pdf).