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Emirates Telecommunications Group’s (e&) net income attributable to owners grew 9.7% y-o-y to AED 3.5 bn in 2Q 2025, while revenues jumped 28.1% to AED 18 bn, according to its financials (pdf). The company posted similarly strong 1H results, with its bottom line rising 60.7% y-o-y to AED 8.8 bn, while its top line rose 23.3% y-o-y to AED 34.9 bn as its subscriber base grew 13% y-o-y to 198 mn.

Behind the numbers: The uptick in revenues came as the group consolidatede& PFF Telecom after acquiring a controlling stake in PPF Telecom Group, and its telecom and digital segments continued to perform well, it said in a separate earnings release (pdf). Its UAE operations contributed AED 17.1 bn in revenues in 1H, up 3.9% y-o-y, while earnings from its international segments jumped 52.3% y-o-y to AED 15.2 bn.

The board approved a 43 fils per share interim dividend for 1H 2025. The firm paid a final dividend of 41.5 fils per share for FY 2024 in May.

NATIONAL BANK OF FUJAIRAH-

The National Bank of Fujairah (NBF) saw its net income rise 67.6% y-o-y to AED 318.6 mn in 2Q 2025, according to its financials (pdf). The bank’s operating income also saw an uptick, this time of 15.9% y-o-y, to reach AED 684.1 mn.

NBF reported its highest 1H net income on record, posting AED 625.4 mn for the period, according to a press release (pdf). The results represent a 41.8% increase from the same period last year. The bank’s total operating income grew 12.9% y-o-y to AED 1.4 bn. NBF attributed its strong performance to disciplined balance sheet growth, reduced impairment provisions, and effective cost management despite ongoing geopolitical and trade uncertainties.

DUBAI FINANCIAL MARKET-

The Dubai Financial Market (DFM) saw its net income reach AED 584.6 mn in 2Q 2025, a jump of 537% y-o-y, according to the DFM’s financial statements (pdf). Its total income increased to AED 702.4 mn, up sharply from the AED 157.6 mn posted in the same period the year before.

On a 1H basis, the market reported a bottom line of AED 711.7 mn — up from AED 181.4 mn the year before — while its topline saw a 190.8% yearly boost to reach AED 888.9 mn. Robust trading activity and a strong income mix, alongside a one-off boost from an investment sale, drove topline growth, according to a separate earnings release (pdf). Total market capitalization grew 9.7% y-o-y to AED 995 bn and the total traded value grew to AED 85 bn, up 77% y-o-y and driven by institutional investors who accounted for 71% of activity.

REMEMBER- DFM divested a 10.2k sqm plot in Business Bay to Creek Views Real Estate Development for AED 826.7 mn, as it looked to reallocate capital to higher-growth prospects. The transaction resulted in a AED 499.7 mn investment gain.

BOROUGE-

Adnoc petrochemicals JV Borouge posted a net income of USD 193.2 mn in 2Q 2025, down 37.2% y-o-y, according to its financials (pdf). Revenues declined 13.2% to USD 1.3 bn during the quarter. Despite the bottom line dip, the group said the results outperformed market expectations and were buoyed by steady sales volumes and a robust sales mix, in a separate earnings release (pdf). The firm completed its Borouge 3 turnaround ahead of schedule during the quarter, which is set to boost its margins in the long term.

For the six-month period, net income came in at USD 474.2 mn, falling 18.3% y-o-y, as revenues edged down 2.9% to USD 2.7 bn. The company reaffirmed its plan to pay a full-year 2025 dividend of 16.2 fils per share — up from 15.88 fils in 2024 — with an interim dividend of 81 fils to be paid in September.

All eyes are now on 2026, when Borouge is set to complete its merger with the polyolefins business of Austria’s OMV and bring Borouge 4 fully online. The merger between Adnoc’s and Austrian OMV’spolyolefins subsidiaries to form Borouge International will add 1.4 mn tons of annual capacity and see the two acquire Nova Chemicals for USD 13.4 bn. The combined USD 60 bn group will be headquartered in Austria with a regional hub in Abu Dhabi, and will remain listed on ADX with a planned dual listing in Vienna Stock Exchange. A capital increase of up to USD 4 bn is slated for 2026 to help secure an investment-grade rating and MSCI index inclusion.

PUREHEALTH-

Abu Dhabi-based PureHealth saw its net income inch up 1.9% y-o-y in 2Q 2025 to AED 523.6 mn, according to its financials (pdf). Revenues rose 9.5% to AED 7 bn during the quarter. The firm’s 2Q expansion included its ins. arm Daman’s entry into the property and casualty market.

On a six-month basis, net income climbed marginally by 2.4% y-o-y to AED 1.0 bn. Income margins, however, tightened slightly as the impact of the corporate tax and expansion weighed on profitability, according to a separate earnings release (pdf). Revenues rose 8.6% to AED 13.6 bn during the same period on the back of robust performance from its ins. arm Daman, which saw a 56% rise in net income, an uptick in patient volumes, and expanded capacity across its network.

DEYAAR DEVELOPMENT-

Dubai-based developer Deyaar Development’s net income rose by 18.4% y-o-y to AED 137 mn in 2Q 2025, according to its financials (pdf). Revenue surged by 46.3% to AED 492.4 mn in the second quarter. For the six-month period, its bottom line rose to AED 248.6 mn, clocking a 31.8% increase y-o-y. The firm’s revenues recorded similar robust growth, with a 39.3% y-o-y increase to AED 925.4 mn.

Behind the figures: Bottom line growth was driven by strong operational efficiency in project execution and robust investor appetite in the UAE’s real estate market, the firm said in an accompanying earnings release (pdf). The revenue growth is set to continue with Deyaar planning to hand over five major projects — 2k units in total — in 2H.

PHOENIX-

Crypto miner PhoenixGroup swung to a USD 29.2 mn net loss in 2Q 2025, down from a net income of USD 56.1 mn a year earlier, as the ADX-listed crypto infrastructure company booked unrealized losses of USD 23.7 mn on digital assets and sharply increased depreciation under a new accounting policy, according to its financials (pdf) and a separate earnings release (pdf). Revenues fell 43.1% y-o-y to USD 29.1 mn during the quarter, mainly due to reduced hosting and trading activity, which it deliberately held back to shift focus to self-mining amid BTC’s price rally

During the first half of the year, Phoenix posted a USD 182.8 mn net loss, compared to a bottom line gain of USD 122.3 mn in the same period last year. Revenues for 1H halved y-o-y to USD 60.4 mn, while digital asset revaluations drove over USD 166 mn in unrealized losses.

UNION PROPERTIES-

Dubai-based developer Union Properties saw its net income for 2Q 2025 fall by 52% y-o-y to AED 8.7 mn, according to financial statements (pdf). The decline was attributed to “front-loaded investments in development activities and infrastructure upgrades,” the company said in its earnings release (pdf). Revenues from contracts with customers increased by 19% y-o-y to AED 152.4 mn. In 1H 2025, revenues climbed 18.8% y-o-y to AED 316 mn, while net income fell 58% y-o-y, reaching AED 14.56 mn.

REMEMBER- Union Properties is currently working to address legacy debts. Just last week, the developer signed a conditional agreement to sell a real estate asset in Motor City for AED 700 mn that is set to wrap its debt repayments. The firm had slashed its debt by more than AED 150 mn in 1Q and reduced its legacy debt to AED 575 mn by the end of 2024 — down from AED 1.5 bn in 2022.

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