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It’s another busy day for earnings, bringing us a healthy helping of financial reports:
DU-
Emirates Integrated Telecommunications Company’s (du) reported AED 603 mn in 1Q 2024 net income, rising 62.7% y-o-y, according to the company’s earnings release (pdf). Du’s revenues rose 4.1% y-o-y to AED 3.58 bn on the back of growth across various business segments.
The breakdown: The telecom company saw its mobile service revenues amount to AED 1.62 bn, marking a 7.4% y-o-y increase, given strong demand from the enterprise sector and successful offers. Fixed service revenues also increased 2.7% y-o-y, reaching AED 961 mn, driven by du’s home wireless and enterprise broadband plans. Other revenues increased by 62.7% y-o-y, reaching AED 1.01 bn.
DFM-
The Dubai Financial Market (DFM) posted a net income before tax of AED 95.6 mn in 1Q 2024, marking a 171% y-o-y increase, it said in its earnings release (pdf). The DFM’s revenues grew 64% y-o-y during the quarter, reaching AED 90.1 mn. The exchange’s operating income reached AED 62.5 mn, while investment returns reached AED 85.6 mn.
Foreign investors held a market share of around 47% in the DFM, with net purchases amounting to AED 1.3 bn during the quarter. Institutional investors held a 65% share, with net purchases reaching AED 717 mn. The DFM’s trading value reached around AED 25 bn, compared to AED 19 bn during the same period last year.
RAKBANK-
Rakbank achieved its highest-ever quarterly net income after tax in 1Q 2024, reaching AED 574.2 mn, up 27.5% y-o-y, according to an earnings release (pdf). The lender’s revenue grew 11% y-o-y to AED 1.1 bn during the quarter. Net interest income rose to AED 879.5 mn, up 11.5% y-o-y, while non-interest income rose to AED 294.8 mn, reflecting a 9.6% y-o-y increase, mainly driven by strong investment income.
NATIONAL BANK OF FUJAIRAH-
The National Bank of Fujairah’s (NBF) net income before tax amounted to AED 274.8 mn during 1Q 2024, rising 80.8% y-o-y, according to the lender’s earnings release (pdf). NBF’s operating revenues rose 10.8% y-o-y to AED 438.5 mn.
Net interest income and net income from Islamic financing and investment activities rose 11.0% y-o-y to AED 448.4 mn. Meanwhile, net fees, commission, and other income rose 6.1% y-o-y to AED 119.7 mn.
