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TAQA-
Abu Dhabi National Energy Company’s (Taqa) net income fell 81.5% y-o-y to AED 2.14 bn in 1Q 2024, on the back of “one-off items recognised in 2023,” according to the company’s consolidated financial statements (pdf) and a separate earnings release (pdf). Excluding the one-offs, net income rose 6.9% y-o-y. Revenues stood at AED 13.68 bn, up 5.3% y-o-y on the back of contributions from the Sustainable Water Solutions Holding Company (SWS Holding), which it acquired in June 2023.
Taqa worked to expand its global footprint during 1Q: “We joined forces with industry leaders Jera, Satorp (a joint venture company owned by Saudi Aramco and TotalEnergies), committing to the development of a state-of-the-art power and steam cogeneration plant in Jubail, Saudi Arabia as well as being part of the consortium that won the Juranah project, to support water security in Makkah,” said Taqa CEO Jasim Husain Thabet.
DEYAAR DEVELOPMENT-
Dubai’s Deyaar Development recorded a 29.5% y-o-y increase in net income after tax to AED 73 mn in 1Q 2024, according to its unaudited financial statements (pdf). Without the impact of the corporate tax, net income reached AED 77.5 mn. The real estate developer and service provider’s total revenue reached AED 327.8 mn, up 4.9% y-o-y.
The rise in earnings can be credited to a surge in “new projects launched in key locations and significant progress on existing projects,” according to a separate earnings release (pdf). The company documented two new developments during the quarter — including Rosalia Residences, its third development in Dubai’s Al Furjan community out of a total project portfolio worth AED 300 mn — and announced a new passenger terminal at Al Maktoum International Airport.
REMEMBER- In real estate, sales ≠ revenues. Real estate companies rely heavily on off-plan sales, recording sales upon contract signing but recognizing unit value only upon delivery or project completion. This practice results in revenues primarily comprising past sales, with current quarter sales reflected as future revenues upon unit handover.
Dividends: The company approved distributing AED 175 mn in dividends, equivalent to 4 fils per share, marking its first ever dividend payout.
AGTHIA-
ADQ-owned F&B firm Agthia Group’s net income rose 32% y-o-y to AED 127.6 mn in 1Q 2024, according to its earnings release (pdf). The company booked AED 1.45 bn in revenues, up 22.6% y-o-y.
Agthia’s growth came from various business segments, including 17.7% y-o-y growth in the company’s snacking portfolio, 3.5% growth in water and food, as well as 50.6% growth in agri-business, according to the statement.
UNION PROPERTIES-
Dubai-based Union Properties’ net income rose 25% y-o-y in 1Q 2024 to AED 16.5 mn, according to the developer’s financial statements (pdf).The developer logged AED 138.1 mn in revenues from customer contracts during the period, marking a 13% y-o-y increase compared to the previous year.
ICYMI- The Motor City developer settled its debt in February with Dubailand and Emirates NBD, securing a no-objection certificate from Dubailand to repurpose Motor City land for new projects and reaching a debt settlement of AED 850 mn with Emirates NBD. This move comes as part of Union Properties’ efforts to revitalize its projects and manage its debt following the 2009 property market correction in Dubai.
SALAMA INS.-
Ins. provider Salama’s net income more than doubled to AED 17.6 mn in 1Q 2024, surging 118% y-o-y, according to its earnings release (pdf). The company booked AED 271.5 mn in Takaful revenues, inching up 2% y-o-y during the quarter.
NATIONAL GENERAL INS.-
National General Ins. saw its net income rise 598% y-o-y to AED 30.3 mn in 1Q 2024,according to the ins. firm’s financial statements (pdf). The firm’s ins. revenues increased 24% y-o-y to AED 217.6 mn during the quarter.
JULPHAR-
Gulf Pharma Industries (Julphar) turned profitable in 1Q 2024, recording AED 1.6 mn in net income, compared to a net loss of AED 3.9 mn in 1Q 2023, according to its financial statements (pdf). Julphar’s revenues dipped 3.3% y-o-y during the quarter to AED 439 mn. The revenue growth was impacted by currency devaluation in Egypt and regional geopolitical unrest, though the decline was offset by the company’s expansion across the GCC, according to a separate disclosure (pdf).
FUJAIRAH CEMENT INDUSTRIES-
Fujairah Cement Industries’ net losses deepened 45% y-o-y to AED 38.3 mn in 1Q 2024,compared to a net loss of AED 26.3 mn during the same period last year, according to the company’s financial statements (pdf). The company saw its revenues fall 99% y-o-y to AED 278k in 1Q 2024.
UNITED FOODS-
Dubai-based food and beverage company United Foods saw its net income increase 26.4% y-o-y to AED 14.3 mn in 1Q 2024, according to its quarterly financials (pdf). Revenues from contracts fell 11.5% y-o-y to AED 157 mn.
DUBAI INS.-
Dubai Ins. saw its net income more than double to AED 44 mn in 1Q 2024, up 122.5% y-o-y, according to its quarterly financials (pdf). Ins. revenues also rose 71% y-o-y to AED 697.2 mn.
ABU DHABI AVIATION-
Abu Dhabi Aviation’s net income more than doubled to AED 223.2 mn in 1Q 2024, up 119% y-o-y, according to its quarterly financials (pdf). Revenues from its contracts fell 34.4% y-o-y to AED 407.8 mn.
AGILITY GLOBAL-
Kuwaiti logistics outfit Agility Global’s bottom line rose 320.8% y-o-y to USD 44.7 mn during 1Q 2024, according to its first quarterly financials (pdf) following its technical listing on the ADX earlier this month. The company’s topline inched up 5.5% during the quarter to USD 979.4 mn.
GULF NAVIGATION-
GulfNav earnings drop in 1Q 2024: Gulf Navigation (Gulf Nav)’s net income fell 14% y-o-y to AED 11.5 mn during 1Q 2024, according to its financial statements (pdf). The company’s revenues fell 38% y-o-y to AED 23.8 mn during the quarter, the disclosure noted.
ESHRAQ-
Real estate investment company Eshraq Investments reported AED 306.1 mn in net losses in 1Q 2024, on the back of a “change in the value of the Goldilocks Fund,” which it exited to reduce its debt, the company said in its earnings release (pdf). Eshraq’s revenues from commercial operations fell 65% y-o-y to AED 4.1 mn during the quarter, due to a drop in the company’s rental income after Eshraq offloaded its Dubai assets in 2023.
