BOROUGE-

Adnoc petrochemicals JV Borouge reported net income of USD 294.5 mn in 3Q 2025, down 10.1% y-o-y, but up 52% q-o-q, according to its financials (pdf) and a separate earnings release (pdf). Revenues also fell 9.5% y-o-y to USD 1.4 bn due to lower benchmark prices.

Quarterly growth was fueled by record production following the completion of the planned Borouge 3 plant turnaround in 2Q 2025 — a scheduled maintenance program that temporarily reduced output earlier in the year. Robust sales volumes, up 19% q-o-q to 1.4 mn tons, also buoyed results along with strong pricing.

Nine-month performance: Net income dropped 15.4% y-o-y to USD 768.8 mn for 9M 2025, while revenues declined to USD 4.2 bn, down 5.3% y-o-y, reflecting lower pricing.

Looking ahead: Borouge reaffirmed its FY 2025 dividend guidance at 16.2 fils per share, with 2H payouts expected in April 2026. The Borouge 4 expansion project — now over 90% complete — is expected to add 1.4 mn tons of annual capacity once operational.

MULTIPLY GROUP-

Multiply Group reported a 162% y-o-y rise in net income to AED 1.9 bn in 3Q 2025, according to its financials (pdf) and a separate earnings release (pdf). Revenues more than doubled y-o-y to AED 1.2 bn. Results were driven by the consolidation of Spanish fashion retailer Tendam — in which it acquired a 67.91% stake at the start of the year — organic growth across operating verticals, and the sale of its district cooling arm PAL Cooling, which boosted results by AED 2.7 bn.

On a nine-month basis, net income stood at AED 2.7 bn — a 7.3% rise y-o-y. Revenues doubled to AED 2.2 bn from AED 1.1 bn in the same period last year.

PHOENIX-

Abu Dhabi-based Phoenix Group posted a net loss of USD 46.4 mn in 3Q 2025, compared to income of USD 47.6 mn a year earlier, as it saw a USD 48.5 mn noncash impairment on its South Carolina sites, according to its financials (pdf) and a separate earnings release (pdf). Revenues dipped 11% y-o-y to USD 31.9 mn. Still, hosting activity improved and self-mining activity increased 6% y-o-y, and margins climbing to 46%.

On a nine-month basis, Phoenix reported a net loss of USD 229.1 mn versus USD 169.8 mn in income a year before, as the firm saw higher overall costs during the period and revenues fell 40.9% y-o-y to USD 92.3 mn.

Looking ahead, the company said it expects to add 62 MW of new capacity in Ethiopia in 4Q 2025 and another 44 MW across North America by 1Q 2026, which will double self-mining capacity to 13 EH/s.

BINGHATTI-

Dubai real estate developer Binghatti Holding doubled its net income to AED 839 mn in 3Q 2025, according to its financials (pdf) and a separate earnings release (pdf). Its top line rose 67% y-o-y to AED 2.6 bn, while sales grew 79% y-o-y to AED 3.5 bn.

Over the nine-month period, the company’s revenues almost tripled y-o-y to AED 9 bn. Net income came in at AED 2.6 bn — a 145% increase from the previous year. Robust sales momentum, ahead-of-time project handovers, and strong performance from its mainstream and premium mainstream options drove the results. Non-resident investors made up 60% of total sales.

In the pipeline: Binghatti’s total assets grew 73% y-o-y to AED 22 bn, driven by project expansion and pipeline growth. The company has 27 projects currently under development — up 29% y-o-y — set to offer over 20k residential units with a combined GDV of AED 44 bn. Its pipeline also includes 11 new projects, with over 18k units planned to launch.

DUBAI AEROSPACE ENTERPRISE-

Dubai Aerospace Enterprise (DAE) saw its bottom line grow 82.3% y-o-y to USD 566.7 mn in 9M 2025, which management attributed to stronger operating performance and ins.-related recoveries, according to an earnings release (pdf). The firm’s revenues increased 25.6% y-o-y to USD 1.3 bn during the same period, driven largely by higher lease revenues from newly acquired aircraft. The firm acquired 249 owned aircraft during the period.

NATIONAL BANK OF FUJAIRAH-

The National Bank of Fujairah reported a net income AED 320 mn in 3Q 2025, a 52.9% increase y-o-y from the previous year, according to its financials (pdf) and a separate earnings release (pdf). Operating income for the quarter came in at AED 662 mn — up 6.2% compared to the same period last year.

During the nine months period, the company saw a net income of AED 945.4 mn, a 45.4% increase y-o-y, while its operating income saw a 10.6% uptick to AED 2 bn. Results were underpinned by robust business growth, strong asset management, and reduced impairment provisions.

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