LULU RETAIL.-

Lulu Retail saw its net income rise 15.8% y-o-y to USD 69.7 mn in 1Q 2025, according to its earnings release (pdf). Revenue for the quarter was up 7.3% y-o-y to USD 2.1 bn, which Lulu Retail attributed to Ramadan helping to drive like-for-like sales growth of 3.6%, along with “new store openings and high-volume growth across certain product categories, particularly in fresh food and lifestyle products.”

Revenue by market: Lulu said its revenue growth was driven by healthy performance across its footprint, with Saudi Arabia and Oman emerging as its two biggest contributors to revenue growth. Revenue in Saudi Arabia rose 10.3% y-o-y — which Lulu says was primarily due to new store openings, including two in 1Q 2025 — while in Oman revenue was up 7.8%. UAE revenue growth came in at 5.2%.

AL ANSARI FINANCIAL SERVICES-

Al Ansari Financial Services reported a 10.2% y-o-y increase in net income to AED 108.9 mn in 1Q 2025, supported by a 7.1% rise in operating income to AED 294.2 mn, according to its financials (pdf) and earnings release (pdf). Growth was driven by solid performance across core segments, including remittances, which saw a 4% yearly uptick, banknotes, which increased 7% y-o-y, and business from the Wage Protection System, up 26% y-o-y. Digital transaction volumes jumped 16% y-o-y, making up 24% of total outward remittances.

REMEMBER- Al Ansari is gearing up for an active 2Q: The recently closed acquisition of BFC Group will be reflected in 2Q results, while the launch of Al Ansari’s digital wallet is slated for later this quarter. The firm also expects to finalize its acquisition of Al Ansari Exchange in Kuwait by 2Q, with synergies to begin contributing in 3Q.

AMANAT HOLDINGS-

Amanat Holdings reported an 8% y-o-y drop in net income to AED 44.4 mn in 1Q 2025, according to its financials (pdf). Its revenues were up 12.8% y-o-y to AED 240.7 mn, with growth driven by the education segment, where revenues rose 23% y-o-y to AED 152.1 mn, supported by record enrollments and beneficiary growth, the company said in a separate earnings release (pdf).

What weighed on earnings? Healthcare revenue dipped 2% y-o-y to AED 88.6 mn, with growth in Saudi Arabia offset by the wind-down of Covid-related programs in the UAE. Profitability was also impacted by ramp-up and pre-opening costs at new post-acute care facilities in Jeddah and Khobar, and newly launched special education daycare centers.

Looking ahead: Amanat has exercised its option to sell a UAE-based education real estate asset post-period, generating a return above book value. The company said it remains focused on monetization windows and expanding its post-acute care footprint in Saudi Arabia.

DEYAAR DEVELOPMENTS-

DFM-listed real estate developer Deyaar posted a 52.8% y-o-y increase in its bottom line to AED 111.5 mn in 1Q 2025, according to the developer’s financial statements (pdf). Deyaar also saw a 32% y-o-y rise in its top line to AED 433 mn.

Driving growth: Deyaar linked consistent growth to strategic project launches and their ability to identify strong market prospects across emirates, according to a separate earnings release (pdf). Its debut venture in Umm Al Quwain, Aya Beachfront Residences, launched in February, expanding the company’s operations to the emirate.

ABU DHABI SHIP BUILDING-

Abu Dhabi Ship Building (ADSB) posted a net income of AED 1 mn in 1Q 2025, a 91.8% y-o-y decrease, according to the company’s financials (pdf). The drop is attributed to delays in revenue recognition, costs linked to the IDEX and NAVDEX exhibitions, and accumulated accounts receivables of AED 20 mn which should be consolidated in 2Q or 3Q of this year, according to a separate earnings release (pdf).

Its contract revenues fell 8.4% to AED 253.1 mn, with ongoing work including the Falaj 3 contract to build four new maritime patrol vessels.

EMSTEEL-

UAE steel manufacturer Emsteel’s net income dropped some 33% y-o-y to AED 86.3 mn in 1Q 2025, according to an earnings release (pdf). The company’s revenues increased roughly 1% to AED 2.2 bn from AED 2.1 bn the year prior. The results come on the back of “challenging market conditions” that led to export challenges on the back of rising freight costs affecting demand and pricing.

TABREED-

Abu Dhabi’s National Central Cooling Company (Tabreed) reported a 3% y-o-y jump in net income to AED 115 mn in 1Q 2025, according to its earnings release and financial report (pdf). The company’s revenues dipped slightly to AED 465.9 mn. Cooling consumption volumes were down 7% due to colder weather compared to the same period last year. Tabreed still managed to hit 1.3 mn RT of connected capacity, including 4.6k RT of new customer connections in the UAE.

NATIONAL GENERAL INS.-

National General Ins. has reported a net income of AED 35.6 mn in 1Q 2025, up 17.4% y-o-y, according to its financials (pdf). The company’s ins. revenues rose 5.4% y-o-y, reaching AED 229.4 mn for the quarter. Meanwhile, total investment income dipped to AED 10.5 mn, down 54.8% from AED 23.2 mn in 1Q 2024.

ADNIC-

Abu Dhabi National Ins. Company posted an 18.5% y-o-y net income increase to AED 119.6 mn in 1Q 2025, according to the company’s financials (pdf). The ins. provider reported a 30% rise in ins. revenues to AED 2 bn, which it attributed to strong underwriting performance, a 27.4% y-o-y growth in gross written premiums to AED 3.9 bn, and contributions from its Saudi unit.

Adnic finalized the integration and rebranding of Allianz Saudi Fransi Cooperative Ins. Company (ASF), following its 2024 acquisition of a 51% stake in the company. ASF now operates as Mutakamela Insurance Company and Mutakamela’s financial results are fully consolidated into Adnic’s reporting, according to a bourse disclosure (pdf).

MAIR GROUP-

Mair Group’s bottom line fell 25.9% y-o-y, reaching AED 51.5 mn in 1Q 2025, according to its financials (pdf). Revenues also dipped to AED 539.9 mn during the quarter, down 9% y-o-y, on the back of a dip in revenues from retail customer contracts.

UNION INS.-

Union Ins. reported a 10.8% y-o-y increase in net income to AED 13.1 mn in 1Q 2025, according to the company’s financials (pdf). The ins. provider saw a 3.5% y-o-y decline in revenues to AED 144 mn.

FIDELITY UNITED-

Fidelity United reported a net loss of AED 11.3 mn in 1Q 2025, reversing a AED 3 mn profit in the same period last year, according to the company’s financials (pdf). The decline was primarily due to higher-than-expected claims in the commercial and consumer segments, based on a separate disclosure (pdf). The firm’s 2024 earnings showed an AED 66.2 mn net loss.

Ins. revenue dropped 16.7% y-o-y to AED 134 mn, in line with the company’s strategy to shift focus toward preferred and profitable segments..

The company’s accumulated losses reached AED 102.3 mn as of March. The board said in its earnings release that recovery efforts are underway and it expects results to improve by 3Q or 4Q 2025.

EMIRATES INS.-

Emirates Ins. Company’s net income declined 17.1% y-o-y to AED 33.8 mn in 1Q 2025, on the back of lower investment income and higher expenses, according to the company’s financials (pdf). The drop came despite a 14.9% y-o-y increase in total ins. income to AED 13.2 mn, buoyed by improved claims performance and higher premiums in motor, property, engineering, and casualty lines. Total ins. revenues rose 20.3% y-o-y to AED 371.4 mn.

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