ADNOC DRILLING-

Adnoc Drilling’s net income rose 21.3% y-o-y to USD 399 mn in 4Q 2024, according to its earnings release (pdf). The company’s revenue increased 41.1% y-o-y to USD 1.2 bn during the quarter, on the back of a higher level of activity and the expansion of onshore and offshore fleets and oilfield services.

On an annual basis, the company’s net income rose by 26.2% y-o-y to USD 1.3 bn in 2024, while revenue climbed by 32% y-o-y to USD 4 bn.

Dividends: Adnoc Drilling approved a USD 394 mn final dividend for 2024, pending shareholder approval, raising total 2024 dividends to USD 788 mn, up 10% y-o-y. The company plans to increase dividends to USD 867 mn in 2025 as part of its strategy to grow dividends by 10% annually.

Looking ahead, the firm expects its revenue to grow to around USD 5 bn in FY 2026. It also plans to expand its fleet from 142 owned rigs in 4Q 2024 to over 148 rigs by next year and to exceed 151 rigs by 2028.

MODON HOLDING-

ADQ-owned developer Modon Holding’s net income rose to AED 9.4 bn for FY 2024, according to an earnings release. The company’s revenue climbed to AED 6.5 bn, marking a 637% y-o-y increase.

SOUND SMART- In real estate, sales ≠ revenues. With off-plan sales dominating the industry, most real estate companies book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project. So, in most cases, revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered.

Driving growth: The company credited its revenue and net income growth to acquisitions, strong real estate sales, and portfolio expansion. Subsidiaries Adnec and Modon Properties ’s acquisitions contributed to revenue gains, while the launch of five new real estate projects on Hudayriyat Island and Reem Island generated AED 13 bn in sales.

TALABAT-

Delivery Hero’s Middle East unit Talabat saw its net income jump 54% y-o-y to USD 138 mn in 4Q 2024, while management revenues rose 32% y-o-y to USD 824 mn, according to its earnings release (pdf). Growth was driven by higher gross merchandise volume (GMV), fueled by strong consumer demand, new customer acquisitions, and increased order frequency, alongside margin expansion across both GCC and non-GCC markets, the company said. Improved monetization in non-commission revenue, delivery and service fees, and the tMart business, along with operating efficiencies, also contributed.

On a full-year basis, net income surged 64% y-o-y to USD 346 mn in 2024, while revenues climbed 32% y-o-y to USD 3 bn, exceeding the top end of guidance. GMV hit a record USD 7.4 bn, up 23% y-o-y, with monthly active customers up 25% y-o-y and average order frequency rising 8% y-o-y.

REMEMBER- Talabat raised AED 7.5 bn (c. USD 2 bn) in its IPO on the DFM during the year, pricing the offering at the top of the range. The IPO, which saw double-digit oversubscription, marked the largest tech listing globally and the biggest IPO in the GCC in 2024. It is also the DFM’s first-ever tech IPO.

Looking ahead, the company forecasts GMV growth of 17-18% y-o-y, revenue growth of 18-20% y-o-y, and net income margin expansion to 5-5.5%. “We remain focused on expanding our market leadership, enhancing our technology platform, and strengthening our partnerships across the ecosystem,” CEO Tomaso Rodriguez said.

Dividends: Talabat plans to pay USD 110 mn in dividends, up from the previously announced USD 100 mn, pending shareholder approval.

ALSO- Delivery Hero plans to buy back approximately EUR 1 bn in bonds using proceeds from Talabat’s IPO, the company said in its earnings release. The buyback includes paying off convertible bonds due in 2025 and 2026, with up to EUR 350 mn allocated for 2027 bonds. CEO Niklas Östberg previously told the business information service that the proceeds would help reduce Delivery Hero’s USD 3.8 bn convertible bond burden.

AGTHIA-

Agthia sees 7.4% uptick in bottom line: ADX-listed food and beverages giant AgthiaGroup saw its bottom line climb 7.4% to AED 321.8 mn in FY 2024, according to its preliminary financial results (pdf). Revenues were up 7.8% from the previous year to AED 4.9 bn.

The firm’s water and food, agri-business, and snacking segments fuelled top line growth, despite operational headwinds in the dates business and Egypt’s currency devaluation weighing on overall performance, Agthia said.. The ADQ-owned group highlighted its diversified portfolio, strong fundamentals, and the expansion of Abu Auf — in which it holds a 70% stake — in Egypt as key factors mitigating short-term challenges.

Going forward: Egypt will continue to be pushed as a strategic export hub, Agthia said. Last autumn, they also earmarked AED 403 mn for mergers and acquisitions to fuel further regional expansion.

AL ANSARI FINANCIAL SERVICES-

Al Ansari Financial Services’ net income declined by 9.4% y-o-y to AED 97.3 mn in 4Q 2024 due to the impact of the corporate tax, according to the company’s earnings release (pdf). The firm’s total operating income rose by 9.3% y-o-y to AED 294 mn during the quarter, driven by the recovery of remittance operations and the robust performance of the wage protection system.

The company’s net income decreased by 18% y-o-y to AED 405.8 mn in FY 2024, impacted by higher manpower costs, rising operational expenses, and the implementation of corporate tax. Total operating income increased by 1.5% y-o-y to AED 1.1 bn during the year.

Dividends: Al Ansari’s board of directors proposed an AED 157.5 mn final dividend payment for 2H 2024, pending the approval of the shareholders during its upcoming general annual meeting. This final payment brings the total dividend for 2024 to AED 315 mn, accounting for nearly 78% of the year’s net income after tax.

REMEMBER- Al Ansari plans to open a total of 300 branches in the midterm. The company is set to finalize its acquisition of Al Ansari Exchange in Kuwait in 1Q 2025, and is also expected to finalize its acquisition of Bahrain-based foreign exchange and remittance company BFC Group for AED 735 mn in 1Q 2025, pending the Central Bank of the UAE’s approval, with synergies set to be realized between 1Q and 3Q 2026. The firm also plans to roll out its digital wallet service in 1Q 2025.

ALPHA DHABI-

Alpha Dhabi reports record revenues: Investment holding company Alpha Dhabi posted a 1.5% y-o-y rise in net income to AED 13.5 bn in 2024, according to its earnings release (pdf). Net income attributable to shareholders dropped 17% y-o-y to AED 8.9 bn due to the derecognition of a subsidiary, the impact of one-offs in 2023, and a 75.5% surge in financing costs to AED 676 mn, according to its financials (pdf). Revenues surged 40% y-o-y to a record AED 63.4 bn for the year, driven by robust performance across key segments and strategic acquisitions and investments.

Breakdown: The firm’s industrial sector led contributions with AED 26.3 in revenue, followed by real estate at AED 18.1 bn and construction at AED 11.8 bn. Services and other sectors accounted for AED 7.2 bn. The conglomerate’s total assets rose 26% y-o-y to AED 177.5 bn.

REMEMBER- Alpha Dhabi had an active year, completing four acquisitions through Enersol, its joint venture with Adnoc Drilling. The company also divested three hotel businesses in exchange for 1.25 bn new shares in the National Corporation for Tourism and Hotels, and launched a global lifestyle vertical with Admo Lifestyle Holding via its luxury lifestyle subsidiary Admo. Alpha Dhabi also took its subsidiary NMDC Energy public on the ADX, raising AED 3.2 bn, and sold a 49% stake in its construction unit Alpha Dhabi Construction Holding to ADQ.

Dividends: Alpha Dhabi’s board approved its first-ever dividend payout of AED 2 bn for 2024, equivalent to AED 2 fils per share.

TAQA-

Abu Dhabi National Energy Company (Taqa) reported a 46.8% y-o-y decline in 4Q 2024 net income to AED 750 mn, according to its management discussion and analysis report (pdf). Revenues grew 8.9% y-o-y to AED 13.4 bn, driven by the acquisition of Sustainable Water Solutions Holding, which was later consolidated with Taqa Water Solutions and strong contributions from its transmission and distribution segment, according to a separate earnings release (pdf).

Taqa’s net income edged up 1.5% y-o-y to AED 7.1 bn in 2024, excluding one-off items. These included AED 10.8 bn tied to the acquisition (pdf) of a 5% stake in Adnoc Gas and an AED 1.1 bn deferred tax charge due to UAE’s new corporate tax. Annual revenues climbed 6.7% y-o-y to AED 55.2 bn. Taqa invested AED 9.2 bn during the year, up 63.8% y-o-y, covering construction progress on the Mirfa 2 Reverse Osmosis and Shuweihat 4 Reverse Osmosis RO desalination projects.

Looking ahead, “Taqa remains focused on delivering its 2030 strategy by investing in critical infrastructure, driving innovation, and expanding internationally,” CEO and Managing Director Jasim Husain Thabet said.

Dividends: The board proposed a final cash dividend of 2.1 fils per share, bringing the full-year payout to 4.2 fils per share.

EMAAR PROPERTIES-

Emaar properties saw its net income before tax rise 25% y-o-y to AED 18.9 bn in 2024, its highest ever net income, according to an earnings release (pdf). The company also recorded its highest ever revenue with a 33% y-o-y increase to AED 35.5 bn, and its highest sales at AED 70 bn, up 72% y-o-y.

The breakdown: Emaar Development saw a 61% y-o-y increase in revenues to AED 19.1 bn, with net income before tax climbing 20% y-o-y to AED 10.2 bn. Meanwhile, its shopping mall and retail operations saw revenues hit AED 5.6 bn, with tenant sales rising 7% y-o-y and mall occupancy reaching 98.4%. Its international segment also had a good year, with a 40% y-o-y increase in property sales to AED 40 bn.

ICYMI- Emaar Properties announced a new dividend policy in December 2024 and proposed its largest dividend to date, set at 100% of its share capital for 2024, totaling AED 8.8 bn, double the dividend from AED 4.4 bn in 2023.

DRAKE AND SCULL-

Drake and Scull in the black: Dubai-based contractor Drake and Scull reported a net income of AED 3.7 bn in 2024, compared to the AED 368.1 mn net loss the company posted the year prior, according to the company’s preliminary financials (pdf). The DFM-listed company’s revenues expanded 10.5% y-o-y to AED 103.7 mn during the period.

REFRESHER- The company successfully completed its DFM-approved restructuring plan last year, which saw it write off AED 4.1 bn in debt and rake in AED 450 mn in fresh capital to re-list on the Dubai bourse. The construction company had been suspended from trading in November 2018 due to excessive financial losses and reporting violations.

GULF MEDICAL PROJECTS CO.-

Gulf Medical Projects reported a 33% y-o-y increase in net income in FY 2024, reaching AED 100.1 mn, according to its financials (pdf). The company’s revenues rose 19% y-o-y to AED 677.3 mn. The company proposed a 15% dividend payout for the year, subject to approval from the Securities and Commodities Authority and the annual general meeting, it said in a separate disclosure (pdf).

RAK CERAMICS-

RAK Ceramics saw a 21.5% decline in net income to AED 64.2 mn in 4Q 2024, according to its financials (pdf). The company’s revenues increased by 0.5% during the quarter, reaching AED 870.9 mn.

On an annual basis, RAK Ceramics reported a 27% drop in net income to AED 234.1 mn, while revenues declined by 6.5% to AED 3.2 bn, impacted by “macro-economic factors including ongoing geopolitical tensions, inflationary pressures and supply chain disruptions, which particularly impacted export reliant divisions,” it said in an earnings release (pdf). The firm’s board of directors proposed a dividend of 10 fils per share (AED 99.4 mn) for 2H 2024.

UNION PROPERTIES-

Dubai-based Union Properties’ net income declined by 67.1% y-o-y to AED 275.6 mn in 2024, according to the company’s financials (pdf). The firm’s revenue increased by 4.1% y-o-y to AED 528.8 mn last year. Union’s debt restructuring strategies resulted in total repayments of AED 723 mn in 2024, with its financial costs amounting to AED 31.7 mn during the same period, down from AED 114 mn in 2023, according to its earnings release (pdf). The company plans to invest in two new projects soon, worth AED 4 bn, CEO Amer Khansaheb said.

REMEMBER- Union Properties reduced its legacy debt to AED 575 mn by the end of 2024, aiming to further lower its debt by AED 150 mn in 1Q 2025. The company divested some AED 1.3 bn assets, which funded debt settlements and new real estate projects, alongside an AED 82 mn decline in financing costs in 2024. Union Properties also secured AED 150 mn in new bank loans to support strategic investments over the next 18 months, with a projected annual recurring income of AED 40 mn.

ORIENT INS.-

Orient Ins. reported a net income growth of 15% y-o-y to AED 731.2 mn in 2024, according to an earnings release (pdf). The company saw its topline increase by 19.2% y-o-y to AED 7.6 bn.

DUBAI INS.-

Dubai Ins. saw its net income decline 6.8% y-o-y to AED 132.3 mn in 2024, according to an earnings release (pdf). The company also reported a 39.1% rise y-o-y in revenue to AED 3 bn.

BURJEEL HOLDINGS-

Burjeel Holdings reported a net income decline of 33.3% to AED 360 mn in 2024, according to an earnings release (pdf). The group saw its revenues rise 10.5% to AED 5 bn, driven by an expansion in the market, advancements in clinical capabilities, and a 7.5% increase in patient footfall.

In the pipeline: Burjeel plans to open 60 new physiotherapy centers in Saudi Arabia in 2025, and to launch the UAE’s largest fertility center. The company expects revenue growth this year to come in the mid-teens on the back of the conversion of deployed investments and operational efficiencies.

DUBAI TAXI-

Dubai Taxi reported a net income decline of 4.1% y-o-y to AED 331.3 in 2024, due to the introduction of corporate tax in the UAE and increased interest costs, according to an earnings release (pdf). The company saw its revenues rise 12.4% y-o-y to AED 2.2 bn.

E7 GROUP-

E7 Group turned to the black this year, logging a net income of AED 233 mn in 2024 from a loss of AED 51 mn, according to an earnings release (pdf). The group reported a 10.9% y-o-y rise in revenues to AED 700.7 mn, driven by growth in the group’s security solutions and packaging segments.

ALEF EDUCATION-

Alef Education reported a 23.7% y-o-y decline in its net income to AED 447.5 mn in 2024, according to the company’s financial statements (pdf). The company saw its topline rise 1.3% y-o-y to AED 759 mn, largely driven by the long-term investment-grade contract with the Abu Dhabi Department of Education and Knowledge, extended in November 2024, according to a separate earnings release (pdf).

Expectations for this year: Revenue is expected to witness a substantial boost from three newly secured government contracts in the UAE, with a total value of around AED 40 mn.

AMANAT HOLDINGS-

Amanat Holdings reported an increase in net income to AED 133.8 mn in 2024, up from a loss of 43.8 mn, according to the company’s financial statements (pdf). The company saw its revenues rise 17.1% y-oy to AED 796.1 mn, driven by “robust performance in [the Education business],” according to a separate earnings release (pdf).

The board recommended a dividend of AED 40 mn, bringing total dividends for the year to AED 115 mn.

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