e&-

e&’s net income attributable to owners rose 4.3% y-o-y to AED 10.8 bn in 2024, according to its preliminary financials (pdf). The company’s revenue increased by 10.1% y-o-y to AED 59.2 bn last year, driven by strong growth in its telecommunications and digital verticals. This was supported by increased contributions from international markets, the UAE’s economic development, and a high demand for digital services.

REMEMBER- The company is accelerating its international expansion, with the acquisition in October of a controlling stake (50% + 1 share) in PPF Telecom Group to consolidate its assets and operations in Central and Eastern Europe under a new holding company e& PPF Telecom. e& PPF is also set to fully acquire cable television and broadband internet service provider Serbia Broadband (SBB).

ABU DHABI NATIONAL HOTELS-

ADNH records net profits of AED 1.3 bn: Abu Dhabi National Hotels (ADNH) saw its bottom line jump by 216% to AED 1.3 bn in 2024, according to its financial statement (pdf). Revenues were also up by 77% y-o-y to AED 2.9 bn.

Breakdown: The largest revenue boost came from ADNH’s catering segment, which recorded a 100% increase, reaching AED 1.3 bn, according to its earnings release (pdf). This surge was attributed to the company’s acquisition of Compass’ remaining 50% stake in their joint venture, ADNH Compass, in March 2024 as part of a strategic revenue-boosting plan.

ICYMI: The hospitality group capped off 2024 with an IPO of its catering arm, ADNH Catering, which raised AED 864 mn.

BINGHATTI HOLDING-

Dubai-based real estate developer Binghatti Holding saw its net income rise 151.7% to AED 1.8 bn in 2024, according to its financials (pdf). The company’s revenue rose 197.6% y-o-y AED 6.4 bn last year.

REMEMBER- The developer launched the AED 5 bn Binghatti Skyrise in Business Bay area in October, a AED 4 bn project in Dubai’s Al Jaddaf area, and an AED 600 mn residential project in Jumeirah Village Circle in September.

EMIRATES NBD REIT-

ENBD REIT’s bottom line rises 65% y-o-y to USD 30.3 mn: ENBDREIT, Emirates NBD’s Shariah-compliant real estate investment trust, reported a 65% y-o-y increase in net income to reach USD 30.3 mn for the third quarter ending 31 December, 2024, according to its latest financial results (pdf). The growth was driven by strategic leasing initiatives, efficient cost management and operating processes, and strong performance from its office assets. Robust tenant demand kept occupancy high at 95%.

AL SAGR NATIONAL INS. COMPANY-

AlSagr National Ins.Company recorded a net loss of AED 114.9 mn in FY 2024, according to its preliminary financial results (pdf), compared to a net profit of AED 6.4 mn in FY 2023. The company’s revenues rose 6.5% y-o-y to AED 976.5 mn. The company said last December that it was set to proceed with a capital reduction to offset accumulated losses.

AL BUHAIRA NATIONAL INS.-

Al Buhaira Ins. reported a net loss of AED 33.9 mn in FY 2024 compared to a net loss of 132.8 mn in FY 2023, according to an earnings release (pdf). The ins. provider saw its revenues rise 21.7% y-o-y to AED 1.5 bn during the year.

Tags: