Talabat, EGA, Dewa, and Adnic report earnings

Talabat pays for growth

Talabat’s investment push weighed on its 2Q earnings even as revenue kept growing — and the company raised its full-year guidance anyway. The delivery platform’s net income fell 18% to USD 100 mn in 2Q 2026, according to its earnings release (pdf). Revenue increased 16% y-o-y to USD 1.1 bn during the quarter, while gross merchandise value (GMV) rose 11% (12% on a constant currency basis) to USD 2.9 bn.

Talabat now expects full-year revenue growth of 16-18% (up from 14-17%) and GMV growth of 13-15% at constant currency (up from 11-14%), with net income guidance raised to USD 325-355 mn — above the prior range.

What moved this quarter: Revenue growth outpaced GMV on a higher contribution from Talabat Mart and expanding adtech margins, partly offset by lower commission rates and increased customer incentives. Profitability was pressured by spending to strengthen the food delivery business and expand the company’s “Everyday App” ecosystem, with close to USD 58 mn deployed across the investment program in 1H.

In half-year terms: Talabat’s net income fell 18% y-o-y to USD 186 mn in 1H, while its revenue rose 19% to nearly USD 2.2 bn and GMV increased 15% to USD 5.6 bn.

EGA bottom line rises despite Al Taweelah roadblocks

Higher aluminum prices and resilient operations helped Emirates Global Aluminium (EGA) lift adjusted net income 34% y-o-y to AED 2.4 bn in 1H 2026, despite production and logistics disruptions following the March attack on its Al Taweelah facility, it said in its earnings release. Reported net income stood at AED 473 mn after EGA recognized an AED 725 mn related impact from the attacks.

Disruption also hit sales, which led to a 10% y-o-y decline in revenue to AED 13.5 bn, though higher aluminium prices somewhat offset the full impact. Aluminium sales were down 32% to 939k tons, as production fell 47% and logistics constraints through Hormuz complicated exports, with EGA having since found alternative routes.

The company expects to spend around AED 1.5 bn restoring production at Al Taweelah. EGA said hot metal production at Al Taweelah is expected to be back at pre-incident levels in 1Q next year, with around 18% of reduction cells currently restored, while full production at its new recycling plant is slated for 4Q this year.

Dewa 2Q revenue dims despite a bright 1H

Dubai’s underlying utility demand remains strong even as revenue growth moderated in Dubai Electricity and Water Authority’s (Dewa) 2Q performance, with revenue dipping 2.6% y-o-y to AED 8.4 bn, while net earnings were down 0.2% to AED 2.3 bn, according to Dewa’s financial statement (pdf).

A record 1H performance: Dewa reported record revenue of AED 14.9 bn in 1H, up 1.8% y-o-y, it said in its earnings release (pdf). Meanwhile, its bottom line climbed 15% y-o-y to AED 3.3 bn, with the firm attributing growth to sustained demand for electricity, water, cooling, customer growth, and disciplined operations.

Dewa generated 15.8 TWh of electricity during 2Q, up from 11.1 TWh in the first quarter, with desalination production coming in at 40.3 bn imperial gallons, up 7% m-o-m. The provider also added 18.2k customer accounts in 2Q.

Dividends galore: Dewa is expected to distribute AED 3.1 bn in dividends for 1H this October, awaiting approvals, consistent with its semi-annual dividend policy.

Adnic’s 2Q earnings edge down as claims and provisions weigh

Geopolitical risk provisions, flood-related claims, and short-term market volatility led to a 2.3% y-o-y decline in Abu Dhabi National Ins. Company’s (Adnic) 2Q net income, hitting AED 113.1 mn, according to its latest financial statements (pdf). Ins. revenue, nevertheless, rose 10.7% y-o-y to AED 2.2 bn.

1H earnings under pressure: For 1H, net income fell 14.6% y-o-y to AED 201 mn, while top-line ins. revenue edged up 2% to AED 4.1 bn, supported by new construction projects and corporate accounts.

Behind the earnings: Ins. expenses shot up 121.5% y-o-y to AED 4.6 bn in 1H, while net ins. service results were down 16.7% y-o-y to AED 215.4 mn, documenting the pressure from claims and provisions. Net investment income provided a partial cushion, rising 5.7% to AED 150.4 mn on solid bond interest and rental income. Gross written premiums reached AED 6.1 bn.