{"id":95304,"date":"2024-08-30T00:00:00","date_gmt":"2024-08-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubai-companies-saw-net-income-rise-30-9-y-o-y-in-2q-2024\/"},"modified":"2024-08-30T00:00:00","modified_gmt":"2024-08-30T00:00:00","slug":"dubai-companies-saw-net-income-rise-30-9-y-o-y-in-2q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/30\/dubai-companies-saw-net-income-rise-30-9-y-o-y-in-2q-2024\/","title":{"rendered":"Dubai companies saw net income rise 30.9% y-o-y in 2Q 2024"},"content":{"rendered":"

Dubai-listed companies logged the second-largest y-o-y bottom line gro<\/strong>wth in the <\/strong>GCC in 2Q 2024<\/strong>, totaling USD 6.7 bn, up 30.9% y-o-y, according to a Kamco Invest GCC Corporate Earnings report (pdf)<\/a>. Bahrain led the way with the biggest bottom line growth in the region. <\/p>\n

Growth was largely attributed to accounting adjustments and restructuring efforts by Dubai-based contractor <\/strong>Drake and Scull<\/a><\/strong>.<\/strong> The company reported a net income of USD 1 bn in 2Q 2024, a significant turnaround from a USD 11.8 mn net loss in the second quarter of 2023. This contributed to a 68.3% y-o-y increase in the capital goods sector's bottom line across the GCC. <\/p>\n

The banking, capital goods, and telecom sectors were key contributors to the emirate\u2019s <\/strong>profitability<\/strong>, accounting for 83.1% of Dubai\u2019s aggregate earnings, with banks leading the way with a USD 3.3 bn aggregate net income. The emirate\u2019s capital goods sector saw earnings jump up nearly 11x y-o-y in 2Q to a record USD 1.2 bn, supported by DSI\u2019s restructuring, while its real estate sector saw profitability rise 29% y-o-y to USD 1.1 bn, with Emaar Properties<\/a> driving growth with a 39% y-o-y increase in net income to USD 658.7 mn. <\/p>\n

Meanwhile in neighboring Abu Dhabi, ADX-listed companies posted a 4.7% y-o-y increase in net income<\/strong>, hitting USD 8.3 bn in 2Q. Growth came on the back of a 20.7% y-o-y increase in profitability in the energy sector to USD 2.2 bn, with Adnoc Gas reporting USD 1.2 bn<\/a> in net earnings for the quarter.<\/p>\n

Other sectors to thank: <\/strong>Abu Dhabi\u2019s transportation sector saw net income more than double y-o-y in 2Q to USD 504.5 mn, on the back of Abu Dhabi Aviation\u2019s return to profitability, with USD 190.9 mn booked in net earnings. The banking sector delivered an aggregate bottom line of USD 2.5 bn, up 12.7% y-o-y, supported by FAB and Abu Dhabi Commercial Bank.<\/p>\n

In 1H 2024, Dubai logged a 20% y-o-y increase in net income, <\/strong>while neighboring Abu Dhabi saw net income decrease 2.2% y-o-y.<\/p>\n

\n

THE REGIONAL PICTURE-<\/p>\n

Aggregate net income for GCC-listed companies grew 5.7% y-o-y to USD 60.7 bn<\/strong> in 2Q, according to the report. Companies listed on Dubai and Bahrain bourses led the growth.<\/p>\n

The energy sector saw profitability fall 0.9% y-o-y, <\/strong>driven by a 2.5% y-o-y drop in net income for Saudi Aramco overshadowing gains in other companies within the sector.<\/p>\n

In 1H 2024, GCC-listed companies\u2019 profitability remained relatively flat, <\/strong>increasing 0.1% y-o-y to USD 116.9 bn. Growth was driven by improved performance across the banking, telecom, and capital goods sectors, and hindered by declines in the energy and F&B sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Companies listed in Abu Dhabi saw profitability rise 4.7% y-o-y in 2Q<\/p>\n","protected":false},"author":1,"featured_media":95305,"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":[1547],"tags":[1360,74,29,130,87,1419,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-abu-dhabi","tag-adx","tag-capital-markets","tag-dfm","tag-dubai","tag-earnings","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"ae44463c-5596-446e-be3e-93480428b030","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2335.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai companies saw net income rise 30.9% y-o-y in 2Q 2024","related_issue":[95292],"teaser":"Companies listed in Abu Dhabi saw profitability rise 4.7% y-o-y in 2Q","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.4d3eb7ef-b4bc-4163-a539-cb9ffa52b7e5.mp3"},"yoast_head":"\nDubai companies saw net income rise 30.9% y-o-y in 2Q 2024 - 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