{"id":97800,"date":"2024-11-12T00:00:00","date_gmt":"2024-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/more-and-more-earnings\/"},"modified":"2024-11-12T00:00:00","modified_gmt":"2024-11-12T00:00:00","slug":"more-and-more-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/","title":{"rendered":"More and more earnings"},"content":{"rendered":"

\n

EMAAR-<\/p>\n

Real estate developer Emaar Properties\u2019 net income <\/strong>rose 12.2% y-o-y to AED 11.1 bn in 9M 2024<\/strong>, according to its earnings release (pdf)<\/a>. Meanwhile, revenues rose 30% y-o-y to AED 23.8 bn during the nine-month period, fueled by strong demand in the real estate market, steady project rollouts, and solid investor confidence amid the ongoing rise in tourism and retail sales in Dubai. <\/p>\n

The developer saw its sales increase 60% y-o-y<\/strong>, reaching AED 50 bn during the first nine months of 2024. The sales bolstered Emaar\u2019s revenue backlog from property sales to over AED 100 bn, up 45% y-o-y \u2014 set to be recognized as revenue over the next 4-5 years.<\/p>\n

REMEMBER- In real estate, sales \u2260 revenues.<\/strong> Off-plan sales dominate, with companies booking sales when contracts are signed but recognizing revenue only when units are delivered or reach a certain completion percentage. As a result, revenues typically come from past sales, while current sales are recognized in future periods.<\/p>\n

How Emaar\u2019s subsidiaries performed: <\/strong>Emaar Development reported AED 12.5 bn in revenues, up 69% y-o-y, with AED 48 bn in property sales (up 66% y-o-y). Its sales backlog rose to AED 83.7 bn, according to a separate earnings release (pdf<\/a>)<\/a>. Emaar Malls generated AED 4.2 bn in revenues, while the hospitality, leisure, and entertainment divisions increased revenues by 7% y-o-y, contributing AED 2.6 bn.<\/p>\n

\n

DEWA-<\/p>\n

Dubai Electricity and Water Authority saw its net income decline 14% y-o-y to AED 2<\/strong>.9 bn in 3Q 2024,<\/strong> according to the company's consolidated financial statements (pdf)<\/a>. The company's revenues climbed 4.8% y-o-y to AED 9.9 bn.<\/p>\n

On a 9M basis:<\/strong> Dewa reported a 10.7% decline y-o-y in net income to AED 5.5 bn. The authority booked a 6.2% y-o-y increase in its revenues to AED 23.5 bn on the back of an increase in demand for electricity, water and cooling services, according to a separate earnings release (pdf<\/a>)<\/a>. <\/p>\n

\n

AIR ARABIA-<\/p>\n

Budget carrier Air Arabia saw its bottom line increase 8% y-o-y to AED 564 mn in 3Q 2024<\/strong> on the back of expanded operating capacity and an increase in routes, according to an earnings release (pdf)<\/a>. The airline\u2019s topline rose 10% y-o-y during the period to AED 1.8 bn.<\/p>\n

On a nine-month basis<\/strong>, Air Arabia\u2019s net income fell 5% y-o-y to AED 1.3 bn in 9M 2024. The company\u2019s revenues rose 12% y-o-y to AED 5 bn, driven by strong passenger demand, with over 14 mn passengers traveling with Air Arabia during the period, marking a 13% y-o-y increase.<\/p>\n

\n

LULU RETAIL-<\/p>\n

LuLu Retail\u2019s posts financial results ahead of ADX listing:<\/strong> Lulu Group\u2019s retail arm Lulu Retail\u2019s net income in 2Q 2024 doubled y-o-y to USD 56.2 mn, while revenues increased by 3.6% y-o-y to USD 1.9 bn, according to the company\u2019s financials<\/a>. On a 1H basis, the firm\u2019s bottom line rose by 133% y-o-y to USD 149.3 mn, and the revenue increased by 5.6% y-o-y to USD 3.9 bn.<\/p>\n

REMEMBER-<\/strong> The company raised AED 6.3 bn from its IPO last week<\/a> with an order book that was 25x oversubscribed, excluding cornerstone investors.<\/p>\n

\n

PRESIGHT-<\/p>\n

Data analytics firm Presight saw its net income after tax fall 16.4% y-o-y to AED 10<\/strong>9.1 mn in 3Q 2024<\/strong>, on the back of the introduction of the corporate tax this year and lower interest income accounting for 14.3% of the decline, according to its financials (pdf)<\/a> and earnings release (pdf)<\/a>. The company\u2019s revenues increased 2.4% y-o-y to AED 566.2 mn, supported by growth in in multi-year contracts, a favorable deployment mix, and \u201crobust revenue generation from AIQ,\u201d in which it acquired<\/a> a 51% stake in June for USD 350 mn.<\/p>\n

In 9M 2024<\/strong>, the company\u2019s net income after tax increased 5.8% y-o-y to AED 285.5 mn, while revenues grew 9.6% y-o-y to AED 1.2 bn.<\/p>\n

\n

EMIRATES INS. COMPANY-<\/p>\n

Emirates Ins. Company recorded a 4.4% y-o-y increase in net income to AED 29.2 mn in <\/strong>3Q 2024<\/strong>, according to its financial statements (pdf)<\/a>. The company\u2019s revenues also rose during the quarter, standing at approximately AED 351 mn, up 17.5% y-o-y.<\/p>\n

On a nine-month basis<\/strong>, the company saw its net income fall 7.4% y-o-y to AED 81.6 mn, while revenues increased 13.4% y-o-y to AED 978.1 mn. A 20% y-o-y increase in investment earnings helped partially offset the negative impact of severe weather events across the country this year, including April\u2019s storm, the company said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emaaar | Dewa | Lulu Retail | Air Arabia | Emirates Ins. | Presight<\/p>\n","protected":false},"author":1,"featured_media":97801,"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":[1226,296,237,184,7,1951,1673],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-air-arabia","tag-dewa","tag-earnings-watch","tag-emaar","tag-enterpriseam-uae","tag-lulu-retail","tag-presight","wpautop","entry"],"acf":{"mongo_id":"e76d21cc-0048-4628-9bc5-8031e9321f36","order":"12","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/998.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More and more earnings","related_issue":[97778],"teaser":"Emaaar | Dewa | Lulu Retail | Air Arabia | Emirates Ins. | Presight","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.da9cf6db-838b-49ec-84b5-07ae6cec229f.mp3"},"yoast_head":"\nMore and more earnings - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More and more earnings\" \/>\n<meta property=\"og:description\" content=\"Emaaar | Dewa | Lulu Retail | Air Arabia | Emirates Ins. | Presight\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-12T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"More and more earnings\",\"datePublished\":\"2024-11-12T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/\"},\"wordCount\":671,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Air Arabia\",\"DEWA\",\"EARNINGS WATCH\",\"Emaar\",\"EnterpriseAM UAE\",\"Lulu Retail\",\"Presight\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/\",\"name\":\"More and more earnings - UAE\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2024-11-12T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/uae\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"More and more earnings\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"name\":\"UAE\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\",\"name\":\"UAE\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"UAE\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"More and more earnings - UAE","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/","og_locale":"en_US","og_type":"article","og_title":"More and more earnings","og_description":"Emaaar | Dewa | Lulu Retail | Air Arabia | Emirates Ins. | Presight","og_url":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/","og_site_name":"UAE","article_published_time":"2024-11-12T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"More and more earnings","datePublished":"2024-11-12T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/"},"wordCount":671,"publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1","keywords":["Air Arabia","DEWA","EARNINGS WATCH","Emaar","EnterpriseAM UAE","Lulu Retail","Presight"],"articleSection":["EARNINGS WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/","url":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/","name":"More and more earnings - UAE","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1","datePublished":"2024-11-12T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/more-and-more-earnings\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/uae\/"},{"@type":"ListItem","position":2,"name":"More and more earnings"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/uae\/#website","url":"https:\/\/enterpriseam.com\/uae\/","name":"UAE","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/uae\/#organization","name":"UAE","url":"https:\/\/enterpriseam.com\/uae\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"UAE"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/998.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/97800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/comments?post=97800"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/97800\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/issue\/97778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media\/97801"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media?parent=97800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/categories?post=97800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/tags?post=97800"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/brand?post=97800"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=97800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}