Earnings season continues: Yesterday saw First Abu Dhabi Bank, Union Properties, and Dubai Aerospace Enterprise report their results.

FAB-

FAB reported a bottom line after tax of AED 4.15 bn in 1Q 2024, up 6% y-o-y and 4% from the previous quarter, according to the bank’s financials (pdf). The UAE’s largest lender attributes the net income growth to “well-managed expenses and robust asset quality,” with total assets crossing the AED 1.2 tn mark for the first time.

Revenues rose 18% y-o-y to AED 7.97 bn during the quarter, with net interest income growing 11% y-o-y to AED 4.85 bn on the back of “strong business volumes across sectors, products, and geographies.” Non-interest income increased 33% y-o-y to AED 3.12 bn, and made up 39% of total revenue.

What they said: “The strong revenue performance was driven by balance sheet growth, higher [net interest margins] and robust non-funded income,” Chief Financial Officer Lars Kramer said. “The strong revenue growth also enabled us to largely offset the impact of the UAE corporate tax and to maintain robust provision coverage levels particularly in the context of a global environment marked by continued uncertainties.”

UNION PROPERTIES-

Union Properties’ net income rose to AED 837 mn in 2023 from AED 30 mn in 2022, according to an earnings release, marking a 2690% increase, according to Enterprise calculations. Revenue from customer contracts rose 21.2% y-o-y to AED 508 mn during the year.

What they said: “This drives us ahead with our expansion plans, prioritizing the diversification of our business portfolio,” Managing Director Amer Khansaheb said.

ICYMI- The Motor City developer settled its debt in February with Dubailand and Emirates NBD, securing a no-objection certificate from Dubailand to repurpose Motor City land for new projects and reaching a debt settlement of AED 850 mn with Emirates NBD. This move comes as part of Union Properties’ efforts to revitalize its projects and manage its debt following the 2009 property market correction in Dubai.

DUBAI AEROSPACE ENTERPRISE-

Dubai Aerospace Enterprise’s (DAE) net income dipped 5% y-o-y to USD 69.7 mn in 1Q 2024, according to the company’s earnings release (pdf). The company’s revenues increased 9% y-o-y to USD 343.6 mn during the quarter.

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