ADNOC L&S-<\/p>\n
Abu Dhabi National Oil Company Logistics and Services (Adnoc L&S) <\/strong>recorded a 9% y-o-y increase in its net income to AED 660 (USD 180 mn) in 4Q 2024,<\/strong> while revenue grew 6% y-o-y to AED 3.2 bn (USD 881 mn) during the same period, according to the firm\u2019s earnings relea<\/a>se (pdf)<\/a>.<\/p>\n On a yearly basis<\/strong>, Adnoc L&S saw its bottom line grow 22% y-o-y to AED 2.8 bn (c. USD 756 mn) in FY 2024. The firm\u2019s topline grew 29% y-o-y to AED 13 bn (c. USD 3.6 bn), driven by strong performance across all business segments. The firm saw high charter rates for dry bulk and tankers in 1H 2024, boosting its shipping revenues, as well as expansion in the GCC due to the addition of four new VLCC tankers. <\/p>\n Looking ahead:<\/strong> The first full financial year following the acquisition of Navig8<\/a> is expected to see a minimum 20% boost to Adnoc L&S\u2019 earnings per share in 2025, according to the company\u2019s earnings release. The acquisition is also expected to save Adnoc L&S some USD 100 mn per year in technical management costs and costs associated with bunkering operations. The move adds some 32 tankers to the firm\u2019s fleet, expanding its service portfolio to include commercial pooling and bunkering. The company also has a major shipbuilding order book, including 10 new LNG carriers, nine very large ethane carriers, as well as four very large ammonia carriers, the company said.<\/p>\n ADNH CATERING-<\/p>\n ADNH<\/strong> Catering\u2019s 4Q 2024 pro forma net income rose by 20% y-o-y to AED 44 mn<\/strong>, according to the company\u2019s earnings release (pdf)<\/a>. Pro forma revenue climbed by 12% y-o-y to AED 443 mn during the quarter, driven by new contracts, client retention, and margin improvements.<\/p>\n For FY 2024, pro forma net income reached AED 153.6 mn<\/strong>, up 1% y-o-y when excluding the impact of exiting unprofitable contracts and changes to the revenue recognition model. On an unadjusted basis, net income declined 25.6% y-o-y. Pro forma revenue stood at AED 1.7 bn, reflecting a 12.9% y-o-y increase when adjusted for these factors, but a 2.6% decline otherwise. <\/p>\n Dividends:<\/strong> The board approved a dividend of AED 60 mn for 2024, set for distribution in April pending shareholder approval. It also plans to distribute AED 180 mn in 2025 across two installments, in October 2025 and April 2026.<\/p>\n Looking ahead, ADNH Catering plans to inject SAR 500 mn into its <\/strong>Saudi Arabian joint venture<\/a><\/strong> over the next three to five years<\/strong>. The company also aims to expand its coffee brand, Husk, in the UAE, with 25 new outlets launching in 1H 2025 and another 25 in 2H 2025.<\/p>\n PHOENIX GROUP-<\/p>\n Phoenix<\/a><\/strong>Group<\/a><\/strong> reported a 19.4% y-o-y drop in net income attributable to shareholde<\/strong>rs to USD 167.4 mn in <\/strong>2024<\/strong> on the back of several one-off transactions in 4Q 2024, including its exit from the CIS region as part of a broader strategy to streamline operations and focus on more strategically aligned markets, according to its preliminary financials (pdf)<\/a>. Excluding these one-offs, net income stood at USD 193 mn, down 7.2% y-o-y. The bitcoin mining company saw its revenues fall 28.6% y-o-y to USD 205.7 mn.<\/p>\n BTC was a bright spot: <\/strong>Phoenix\u2019s BTC mining revenue surged 236% y-o-y, climbing to USD 107 mn from USD 32 mn the previous year on the back of a substantial improvement in gross margins as BTC saw an average 37% increase in price during the year. <\/p>\n ICYMI- <\/strong>Phoenix doubled down on BTC mining expansion in 2024, launching new facilities in Canada<\/a>, the US<\/a>, and Oman, adding a total of 160 MW to its capacity. The ADX-listed crypto miner landed an 80 MW power purchase agreement<\/a> for a new site in Ethiopia, and launched a 50 MW facility<\/a> in the US state of North Dakota, which is set to contribute 2.7 EH to the company\u2019s global hash rate once fully operational. Phoenix and cryptocurrency giant Tether also plan to launch an AED-pegged stablecoin<\/a> fully backed by liquid UAE-based reserves and accessible globally, pending regulatory review and approval.<\/p>\n ARAMEX-<\/p>\n UAE-based freight forwarding and logistics outfit Aramex saw its net income drop 14% <\/strong>y-o-y to AED 65.7 mn in 4Q 2024, <\/strong>according to an earnings release (pdf)<\/a>. The company\u2019s revenues rose 11% y-o-y in the same period to AED 1.7 bn.<\/p>\n Overall growth in FY <\/strong>202<\/strong>4: <\/strong>The company's net income increased 10% y-o-y to AED 141.8 mn in FY 2024, while its revenues rose 11% y-o-y in the same period to AED 6.3 bn, attributable to robust performance across all product lines driven by increased shipping volumes and market share gains. <\/p>\n Aramex\u2019s strongest markets: <\/strong>The company\u2019s y-o-y revenues grew in the double digits in the GCC, Turkey, and MENA, and its Oceania operations\u2019 revenue also grew by 50% y-o-y. <\/p>\n REMEMBER:<\/strong> Aramex is weighing an acquisition<\/a> bid by ADQ subsidiary Q Logistics Holding, which, if accepted, will see the bidder acquiring 100% of the freight services firm. Aramex has until Friday, 14 March to respond, with the potential transaction expected to conclude in 3Q 2025. The acquisition would value Aramex at AED 4.39 bn, according to our calculations.<\/p>\n NMDC GROUP-<\/p>\n A<\/strong>bu<\/strong> Dha<\/strong>bi-based <\/strong>National Marine Dredging Company (NMDC)<\/a><\/strong> saw its net in<\/strong>come <\/strong>climb 43% y-o-y to <\/strong>AED 916 mn in 4Q 2024<\/strong>, according to an earnings release (pdf)<\/a> based on preliminary financial statements published on ADX. Revenues rose 37% y-o-y to AED 7.7 bn for the same period.<\/p>\n Across-the-board growth in FY 2024: <\/strong>The company\u2019s net income rose 44% y-o-y to AED 3.1 bn in FY 2024, with revenues rising 57% y-o-y to AED 26.3 bn for the same period. The company expanded its global presence both horizontally and vertically, according to a press release<\/a>. It inked agreements for infrastructure projects with Ta\u2019ziz<\/a>, whilst its energy subsidiary NMDC Energy<\/a>, whose IPO on the ADX last September<\/a> raised AED 3.22 bn, was awarded contracts from Adnoc<\/a> and Modon Holding<\/a>. Going forward, NMDC Energy said it plans to scale up<\/a> its existing operations and expand into new global markets, while in December its new logistics unit<\/a> NMDC LTS was considering new acquisitions<\/a>.<\/p>\n SOBHA REALTY-<\/p>\n Sobha\u2019s<\/strong> bottom line dips:<\/strong> Dubai-based developer Sobha Realty<\/a> \u2019s parent company PNC Investments (PNCI) saw its bottom line fall 37.8% in FY 2024 to AED 1.9 bn, according to its consolidated financial statements (pdf)<\/a>.<\/p>\n Its revenues saw an uptick o<\/strong>f 36.7% t<\/strong>o <\/strong>AED 8.9 bn<\/strong>. <\/strong>However, direct costs rose to AED 5.4 bn from AED 3.8 bn and financing costs increased to AED 227.8 mn, up from AED 82.6 mn. The company is eyeing<\/a> eight to 10 new Emirati projects this year, as well as expansion in the US and Australia.<\/p>\n EMSTEEL-<\/p>\n Building <\/strong>materials manufacturer Emsteel\u2019s net income fell 34.8% y-o-y to AE<\/strong>D <\/strong>392.4 mn in 2024<\/strong>, according to the company\u2019s preliminary financials (pdf)<\/a>. The company\u2019s earnings were partially supported by the reversal of a covid-era impairment, which had a net positive impact of AED 189 mn. This came despite an increase in low-priced Chinese steel exports, which Emsteel says may have \u201cdirectly or indirectly\u201d impacted the market.<\/p>\n Revenue fell 6.3% y-o-y to AED 8.3 bn during the period<\/strong>, pressured by volatile steel prices, intensified competition, and shifting demand trends amid economic uncertainties in key markets.<\/p>\n DUBAI REFRESHMENT COMPANY-<\/p>\n Dubai<\/strong> Refreshment\u2019s net income fell 62.5% y-o-y to AED 135.8 mn in 2024<\/strong>, according to its financials (pdf)<\/a>. The company saw its revenues inch up 1.9% y-o-y to AED 818 mn during the year. <\/p>\n Dividends:<\/strong>The company\u2019s board approved a cash dividend AED 90 mn for 2024, equivalent to 100% of paid-up capital, according to a DFM disclosure (pdf)<\/a>.<\/p>\n AMERICANA RESTAURANTS-<\/p>\n Tadawul and ADX-listed Americana Restaurants\u2019 net income attributable to shareholders <\/strong>fell 38.8% y-o-y in 2024 <\/strong>to <\/strong>USD 158.8 mn<\/strong>, it said in an earnings release (pdf)<\/a>. The decline was attributed to new store openings, and corporate tax taking effect in the UAE. Revenues were also down 9% y-o-y to USD 2.2 bn over the same period, driven by a slowdown in consumer demand amid regional tensions, and unfavorable foreign exchange rates, the release said. <\/p>\n In 4Q 2024,<\/strong> net income grew 26.3% y-o-y, while revenues grew 14.1% y-o-y. The earnings release did not disclose exact numbers for net income or revenues, though Argaam reported<\/a> net income in 4Q at SAR 155.2 (USD 41.4 mn), and revenues at SAR 2.2 bn (USD 600 mn).<\/p>\n ALSO-<\/strong> The company is distributing USD 127 mn in dividends to its shareholders at USD 0.02 per unit for FY 2024. The eligibility and distribution dates will be announced later, pending shareholder approval.<\/p>\n NATIONAL CORPORATION FOR TOURISM AND HOTELS-<\/p>\n The<\/strong> National Corporation for Tourism and Hotels (NCTH) reported a net in<\/strong>come<\/strong> rise of 8.7% y-o-y to AED 74 mn in 2024<\/strong>, according to its preliminary financials (pdf)<\/a>. NCTH saw its revenue increase 4.4% y-o-y to AED 698.6 mn. <\/p>\n REMEMBER-<\/strong> Alpha Dhabi Holding increased its stake in NCTH last month<\/a> to 73.73%. Additionally, NCTH recently raised its capital from AED 899 mn to AED 2.2 bn<\/a> by issuing 1.3 bn new shares, all allocated to Alpha Dhabi Hospitality Holding. <\/p>\n **<\/p>\n EDITOR'S NOTE-<\/span> This story was amended on Thursday, 13 February to correct Americana Restaurants' 4Q 2024 earnings as reported by Argaam. A previous version of this story incorrectly stated that Argaam put net income in 4Q at SAR 122.9 and revenues at SAR 1.94 bn.<\/span><\/p>\n We also amended the currency of Phoenix's net income and revenues to USD, from AED previously.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Adnoc L&S, ADNH Catering, Phoenix Group, Aramex and more report 2024 earnings<\/p>\n","protected":false},"author":1,"featured_media":100675,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[890,113,860,1853,1023,1366,229],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-100674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-americana","tag-aramex","tag-dubai-refreshment-company","tag-emsteel","tag-national-corporation-for-tourism-and-hotels","tag-nmdc-energy","tag-phoenix-group","wpautop","entry"],"acf":{"mongo_id":"0b0631e1-f0bf-4017-82d0-0b97d7720d39","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/210.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Peak earnings season","related_issue":[100658],"teaser":"Adnoc L&S, ADNH Catering, Phoenix Group, Aramex and more report 2024 earnings","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.01bb9c52-636b-43a2-b2bd-b84747ddf351.mp3"},"yoast_head":"\n
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