{"id":103112,"date":"2025-04-29T00:00:00","date_gmt":"2025-04-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/more-1q-earnings-plus-emirates-reit-reports-2024-earnings\/"},"modified":"2025-04-29T00:00:00","modified_gmt":"2025-04-29T00:00:00","slug":"more-1q-earnings-plus-emirates-reit-reports-2024-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/04\/29\/more-1q-earnings-plus-emirates-reit-reports-2024-earnings\/","title":{"rendered":"More 1Q earnings (plus: Emirates REIT reports 2024 earnings)"},"content":{"rendered":"

\n

MULTIPLY GROUP-<\/p>\n

Multiply Group turned to the black in 1Q 2025 with a net income of AED 210.2 mn<\/strong>, compared to a net loss of AED 4.2 bn in 1Q 2024, according to its financial statements (pdf)<\/a>. The top line performance was driven by strong performance across business verticals, including beauty and wellness and media and communications, CEO Samia Bouazza said, according to its earnings release (pdf)<\/a>. The group\u2019s revenues increased by 49.5% y-o-y to AED 585.1 mn during the quarter. <\/p>\n

This was fueled by a series of acquisitions last year<\/strong>, including of The Grooming Company<\/a>, Excellence Driving<\/a>, and BackLite Media<\/a>. It continued this year with the acquisition of Spanish retail group Tendam<\/a>.<\/p>\n

\n

UNITED ARAB BANK-<\/p>\n

United Arab Bank (UAB) reported a net income of AED 101.6 mn for 1Q 2025<\/strong>, up 48.8% y-o-y, boosted by \u201cimproved operating performance and robust recoveries, leading to lower net impairment charges,\u201d according to the bank\u2019s earnings release (pdf)<\/a>. The bank\u2019s operating income rose by 1.2% y-o-y to AED 165.4 mn in this quarter, according to its financial statements (pdf)<\/a>. Meanwhile, the total assets grew by 9.2% compared to December 2024 to AED 23.4 bn during the quarter, driven by an 8% rise in loans, advances, and Islamic financing, and a 13% increase in investments. <\/p>\n

\n

EMIRATES DRIVING- <\/p>\n

Emirates <\/strong>Driving\u2019s net income rose<\/strong> 7.5% y-o-y <\/strong>to AED 68.8 mn in 1Q 2025<\/strong>, according to the company\u2019s management discussion report (pdf)<\/a>. Revenues climbed 85.4% y-o-y to AED 167.1 mn during the quarter, driven by the acquisition of a new subsidiary, expansion into new markets, improved operational efficiency, and higher student enrollment. The firm acquired a 51% stake in Excellence Premier Investment last year<\/a>.<\/p>\n

\n

EMIRATES REIT- <\/p>\n

Equitativa\u2019s <\/strong>Emirates REIT had a solid 2024: <\/strong>Emirates REIT\u2019s bottom line rose 64% y-o-y to USD 208.5 mn in FY 2024, driven by USD 159.2 mn in unrealized valuation gains due to increased investments, stronger leasing activity, and gains from divestments, according to its annual report (pdf)<\/a>. Total property income climbed 79.1% y-o-y to USD 133.2 mn, supported by higher rental rates and an increase in total occupancy to 94%. The divestment of Trident Grand Mall<\/a> and Office Park<\/a> also helped optimize the capital structure, contributing USD 54 mn in net gains.<\/p>\n

\n

NATIONAL BANK OF UMM AL-QAIWAIN-<\/p>\n

The National Bank of Umm Al Qaiwain saw its net income increase by 5.7% y-o-y to<\/strong> AED 185.8 mn in 1Q 2025<\/strong>, according to its financial statements (pdf)<\/a>. The lender\u2019s net interest income and income from Islamic products declined by 16.2% y-o-y to AED 147.3 mn during the same period. The bank\u2019s customer deposits rose 37% y-o-y to AED 12.2 bn, while net loans and advances rose 6% y-o-y during the quarter, according to its earnings release (pdf)<\/a>. Net income before tax increased 5% y-o-y to AED 199 mn driven by the \u201cdiversification of income sources and the implementation of effective cost optimization strategies\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emirates REIT, Multiply Group, United Arab Bank, and more report 1Q earnings<\/p>\n","protected":false},"author":1,"featured_media":103113,"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":[237,1274,1364,7,814,1184,1005],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-103112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-emirates-driving","tag-emirates-reit","tag-enterpriseam-uae","tag-multiply-group","tag-national-bank-of-umm-al-qaiwain","tag-united-arab-bank","wpautop","entry"],"acf":{"mongo_id":"1298ec79-cbbb-48e6-b13f-99d8cac882d7","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/157.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More 1Q earnings (plus: Emirates REIT reports 2024 earnings)","related_issue":[103092],"teaser":"Emirates REIT, Multiply Group, United Arab Bank, and more report 1Q earnings","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.d79b6f12-ab38-4ee3-a279-ce4696746ba1.mp3"},"yoast_head":"\nMore 1Q earnings (plus: Emirates REIT reports 2024 earnings) - 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