2PointZero reports 1Q boom post-merger + market volatility weighs on Apex earnings

2PointZero posts blowout first quarter post-merger

Abu Dhabi’s 2PointZero Group kicked off 2026 with a surge in earnings following its mega-merger, reporting net income of AED 2.3 bn in 1Q, up from AED 210.2 mn the year before, according to its financials (pdf) and earnings release (pdf). Margins held at 30%, pointing to solid underlying profitability.

Revenue jumped 1,823% y-o-y to AED 9.9 bn from AED 517.1 mn, driven by consolidation across Tendam, Ghitha, and legacy platforms, alongside organic growth. Reported earnings were supported by AED 1.1 bn in unrealized gains from underlying investments and market fluctuations, with management citing strong performance across all verticals despite a volatile backdrop.

REFRESHER- The Multiply-Ghitha-2PointZero merger created a newly listed investment platform last November focused on energy and consumer sectors. Multiply had acquired a majority share in Tendam earlier in the year. 2PointZero group now operates under a new board chaired by Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, and pulled in AED 3.6 bn in FY 2025 net income, reflecting one month of consolidation.

Where earnings are coming from: Revenue remains diversified across consumer, mining, energy, and investments, with the consumer segment contributing 37%, mining bringing in 52%, and investments making up 12% of revenue.

The group stayed active on M&A during the quarter, acquiring a 60.8% stake in Italy’s Isem Packaging for AED 704 mn — entering packaging as a new vertical — while signing a USD 2.3 bn agreement to acquire US-based Midstream Partners, marking its push into North American energy infrastructure. It also participated in Whoop’s Series G, adding exposure to global consumer tech. The group also entered India’s renewables market through a joint venture with Adani Green Energy via ePointZero.

Apex slips into loss as market swings and March disruption bite

Abu Dhabi-based Apex Investment swung to a net loss of AED 94 mn in 1Q 2026, widening from AED 23 mn a year earlier, as market volatility and a late-quarter disruption hit earnings, according to its management discussion and analysis report (pdf). Revenue still grew 7% y-o-y to AED 210.7 mn on steady demand across services and cement.

Core resilient, then came March: Underlying businesses held up, with core net income (before tax) at c.AED 37 mn, down just 2% y-o-y. However, escalating tensions forced its better-performing offshore oil and gas operations to demobilize by around 60% and drove up input costs across F&B and coal, erasing earlier momentum.

Markets did the real damage: An AED 115 mn unrealized mark-to-market hit on equities pushed the group deeper into the red, while noncash charges tied to Enercap — including IP amortization and depreciation — dragged operating income down to AED 20 mn from AED 31 mn last year.

Looking ahead: Tensions have begun to ease with partial market recovery into April, while Enercap is progressing pilot deployments in the UAE and Germany and has reduced cashburn by around 34% y-o-y.

Alpha Dhabi sees 81% jump in net income

Alpha Dhabi Holding reported a 81% y-o-y jump in net income to AED 3.8 bn in 1Q 2026, it said in its latest earnings release (pdf). Revenues saw a more modest 8% y-o-y increase to AED 18.8 bn, led by increased income across key business segments — real estate, industrial, and construction.

What’s next? The holding company plans to move forward with fresh acquisitions and geographical diversification and implement AI solutions across its companies, according to its management discussion and analysis report (pdf).