IHC-

Abu Dhabi’s International Holding Company saw its net income halve to AED 4.1 bn in 1Q 2025 as it continued to expand its portfolio, according to an earnings release (pdf) and management report (pdf). Meanwhile, its revenues rose 41% to AED 27.2 bn, while total assets increased 3.7% to AED 416.6 bn.

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The company’s subsidiaries, Multiply Group, Alpha Dhabi, PureHealth, and Modon, have all pursued acquisitions during the previous quarter. Multiply Group acquired a majority stake in Spanish retail group Tendam, while Alpha Dhabi increased its stake in National Corporation for Tourism and Hotels to 73.7%, and PureHealth acquired a 60% stake in Hellenic Healthcare Group for USD 2.3 bn. Modon also acquired London’s Arena Events Group from Abu-Dhabi based conglomerate IHC and Saudi Arabia’s Tasheel Holding Group.

ADNOC DISTRIBUTION-

Adnoc’s retail arm Adnoc Distribution recorded a 16.2% y-o-y increase in net income attributable to shareholders to AED 638.7 mn, driven by lower finance costs and strong underlying business activity, according to its financials (pdf) and management report (pdf). Meanwhile, the firm saw a 3.2% y-o-y drop in revenues to AED 8.5 bn, weighed down by lower crude pump prices.

1Q saw a record high for fuel volumes driven by sales in the UAE and KSA, with a 4.2% y-o-y uptick in retail fuel volumes bringing the total volume sold to 2.9 bn litres, despite a 3.3% downturn in terms of commercial volumes, it said in a separate earnings release (pdf). Rising mobility, economic activity, and network expansion boosted performance, as the company added 20 stations in the quarter, including contracted sites, bringing its global footprint to 915 outlets.

Dividends: Adnoc Distribution reaffirmed its five-year dividend policy (2024-2028), pledging around AED 2.6 bn annually or at least 75% of net income — whichever is higher. At its current share price of AED 3.4, the 2025 dividend implies a 6.1% yield.

Looking ahead, the company plans to open 40-50 new stations this year, including 30-40 in Saudi Arabia, and install 100 EV charging points. It also aims to double its F&B footprint in the UAE by year-end, as part of a strategy to boost EBITDA through non-fuel expansion, operational efficiency, and digital upgrades through 2028.

BURJEEL HOLDINGS-

Burjeel Holdings saw its net income drop 62.4% y-o-y to AED 39.2 mn in 1Q 2025, according to its financials (pdf) and a separate press release (pdf). A downturn in patient volumes during the Ramadan period and lower EBITDA on the back of higher overhead expenses and staffing costs were behind the downturn. Revenues still rose 5.7% y-o-y to AED 1.3 bn, driven by a 5.3% uptick in patient footfall and a 24.5% y-o-y jump in revenues from its medical oncology segment.

Going forward: The company is realigning staffing levels, tightening high-cost procurement spending, and looking to expand further into high-potential markets like fertility and oncology, CEO John Sunil said.

HSBC MIDDLE EAST-

UAE-based HSBC Bank Middle East’s pre-tax income held steady at USD 283 mn in 1Q 2025, however it did see a 14.6% uptick from the previous quarter, according to the group’s earnings release (pdf). Revenues came in at USD 619 mn during 1Q.

The global bank’s pre-tax net income came in at USD 9.5 bn during the quarter, down 25% y-o-y, as it continues its restructuring plan to split its operations into four divisions, creating separate “Eastern markets” and “Western markets.” The bank will “retain more focused M&A and equity capital markets capabilities in Asia and the Middle East,” as it winds down those activities in the US, Europe, and UK and looks to cut costs, it said in its earnings release. The bank also announced a USD 3 bn share buyback program.

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