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DU-
du posts 43% increase in 3Q bottom line: Emirates Integrated Telecommunications Company’s (du) net income climbed 42.7% y-o-y to AED 719 mn in 3Q 2024, according to the company’s financial statements (pdf). The telco’s revenues grew 9.1% y-o-y to AED 3.6 bn on the back of “robust growth in all [its] segments,” du CEO Fahad Al Hassawi said in its earnings release (pdf).
The breakdown: du’s mobile services alone contributed AED 1.6 bn in revenues, marking a 7% y-o-y increase. The company also saw its fixed service revenues grow 8% y-o-y to AED 1.01 bn driven by sustained demand for its home wireless product, enterprise broadband services, and expanded fixed network.
du’s net income over the first nine months of the year rose 49.6% y-o-y to AED 1.9 bn. Meanwhile, the company booked AED 10.8 bn in revenues for 9M 2024, up 6.7 y-o-y.
UNION PROPERTIES-
Dubai-based Union Properties’ net income declined by 7% y-o-y to AED 18 mn
in 3Q 2024, due to a decrease in the value of other sources of income, with operating income growing 283% to AED 28.6 mn, according to its financial statements (pdf). The real estate developer’s revenue stayed nearly flat at AED 123.3 mn during the quarter.
On a 9M basis, the firm’s net income increased by 41.9% y-o-y to AED 53.1 mn on the back of its cost management and operational strategies. The company’s revenues grew 6.8% y-o-y to AED 389 mn during the first nine months. Its financial costs amounted to AED 22 mn in the first nine months, decreasing from AED 85 mn in 2023 due to long-term debt restructuring with financial institutions, according to its earnings release (pdf). The developer had reached a debt settlement agreement with Emirates NBD last February to pay AED 850 mn within nine months of signing it.
LOOKING AHEAD- The company plans on launching AED 6 bn projects in the next 18 months, CEO Amer Khansaheb said. The company recently launched its AED 1.16 bn Takaya project in Motor City as part of its expansion plan, consisting of 744 residential units, which is expected to generate AED 200 mn in net income for Union as of 2025.
NCTH-
The National Corporation for Tourism and Hotels’ (NCTH) net income more than doubled, increasing 113.0% y-o-y to AED 10.6 mn in 3Q 2024, according to the company’s financials (pdf). The company’s revenues rose 5.7% y-o-y to AED 160.5 mn.
On a 9M basis, NCTH’s bottom line narrowed 14% y-oy to AED 40.8 mn, while revenues inched up 2.1% y-o-y to AED 495.6 mn during the first nine months of 2024.
EMIRATES STALLIONS GROUP-
IHC subsidiary and construction and real estate firm Emirates Stallions Group (ESG) saw its net income fall 17.7% y-o-y to AED 31.9 mn in 3Q 2024, according to its financials (pdf). Meanwhile, the company’s revenues climbed 95.1% y-o-y to AED 261 mn, driven by “organic growth and strategic expansion,” the company said in its earnings release (pdf).
On a 9M basis, the company’s bottom line narrowed 74.4% y-o-y to AED 162.9 mn. ESG’s revenues grew 125% y-o-y to reach AED 900 mn during the same period.
