AD Ports, Orascom, Amanat Holdings turn in 2Q figures

Hormuz disruption costs AD Ports volumes, not income

Higher rates and asset sales are offsetting the war’s impact on AD Ports Group’s cargo volumes. The port and logistics operator’s net income rose 88% y-o-y to AED 836 mn in 2Q 2026, according to its earnings release. UAE container throughput fell 65% y-o-y to 573k TEU, and bulk and general cargo volumes dropped 67% to 3.1 mn tons, as Hormuz disruptions kept ships away from its home ports. Revenue climbed 47% y-o-y to AED 7.1 bn during the period — with AED 650 mn in contribution from warehouse sales.

AD Ports also credited its landlord model for cushioning the blow: With rents largely untied to cargo volumes, the company said its presence across the whole supply chain, along with new routes via Fujairah Terminals and Khor Fakkan Port on the Gulf of Oman, helped offset lower UAE throughput. Container capacity utilization in the UAE stood at just 22% during the quarter, against 61% internationally.

The group’s near-term priority is funding its acquisition spree: AD Ports has AED 5.89 bn in undrawn credit facilities, including an accordion option, to close its pending buys — Brazil’s CLI agri-bulk terminal operator for an enterprise value of AED 3.1 bn (expected to close by the end of 3Q 2026) and Germany’s MBS Logistics for AED 300 mn (expected in 4Q 2026). It also completed a 30% stake increase in Global Feeder Shipping, taking its holding to 81% for AED 1.1 bn.

Growth on both sides drove Orascom’s results

Orascom Construction’s net income attributable to shareholders rose 73.9% y-o-y to USD 61.9 mn in 2Q 2026 on an adjusted basis, while its revenue climbed 36.2% to USD 1.51 bn and its EBITDA increased 46.5% to USD 92.6 mn, according to the company’s latest earnings release (pdf). The comparison excludes a USD 22 mn non-operational gain recorded in 2Q 2025 related to case settlements in Qatar and Saudi Arabia. On a reported basis, net income rose around 7.5% y-o-y.

Growth came from both sides of the business: MEA revenue rose 19% y-o-y to USD 757.4 mn, while US revenue jumped 59.5% to USD 752.2 mn, driven by progress across transportation, power, water, and data center projects. Consolidated backlog, excluding BESIX, hit a record USD 10.9 bn at the end of June, up 13.9% y-o-y, while new awards jumped 67% to USD 2.95 bn in 2Q, led by US data center projects.

1H earnings also grew: Revenue rose 52.3% y-o-y to nearly USD 3.0 bn in the first half of the year, EBITDA increased 71.1% to USD 200.9 mn, and adjusted net income attributable to shareholders climbed 90% to USD 115.3 mn. Including the group’s 50% share in BESIX, pro forma backlog stood at USD 14.5 bn at the end of 1H.

Healthcare expansion drives Amanat’s 2Q growth

Amanat Holdings’ healthcare and education expansion continued to feed through to earnings in 2Q, with net income attributable to shareholders rising 17% y-o-y to AED 55.4 mn as revenue climbed 24.7% to AED 284 mn, according to the company’s financials (pdf). Higher patient volumes, new healthcare capacity, and student enrollment drove the gains, the company said in its earnings presentation (pdf) and press release.

On a 1H basis: Revenue grew 24% y-o-y to AED 582.5 mn, while shareholder earnings rose 19% to AED 101.4 mn. The company’s education segment brought in AED 347.2 mn in revenues, while healthcare provided AED 235.3 mn. Cambridge Health Group (CHG) was the faster-growing business, with revenue up 28% as its inpatient census climbed 32%. Amanat took full control of CHG in June. Almasar Education’s revenue rose 22% as student and beneficiary numbers increased 21% to around 28.9k.

It’s already funding the next leg: More than AED 500 mn has been deployed or committed to acquisitions and expansion, including a planned 155-bed Riyadh facility and 70 additional beds in Jeddah. The push builds on Amanat’s recent KSA expansion, including taking full control of Jeddah-based Sukoon International Holding earlier this year. The spending sits within a wider AED 1.5 bn three-year investment plan, backed by AED 1.1 bn in liquidity at the end of June.

Dividends: Amanat declared an AED 75 mn interim payout, or 3 fils per share — the first under its new three-year policy targeting minimum annual distributions of 7 fils per share.