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ADNOC DRILLING-
Adnoc Drilling saw its net income increase 30% y-o-y to USD 334.9 mn in 3Q 2024, according to the drilling company’s financials (pdf). Revenues also climbed 32% y-o-y to USD 1 bn on the back of growth in its oilfield services segment and the expansion of its onshore and offshore fleets, according to a separate earnings release (pdf). Adnoc Drilling also credited initial contributions from its newly formed JVs, Turnwell and Enersol, as driving growth in 3Q.
On a 9M basis: Adnoc Drilling’s bottom line grew 29% y-o-y to USD 904.5 mn in 9M 2024. The company posted USD 2.9 bn in revenues for the period, up 28% y-o-y.
Looking ahead: The company expects to expand its rig count to 142 by the end of the year, with two new jack-up rigs set to join its fleet in 4Q, the company said.
e&-
Emirates Telecommunications Group’s (e&) net income fell 5.3% y-o-y to AED 3.1 bn in 3Q 2024, according to its financials (pdf). The company’s revenue increased by 7.7% y-o-y to AED 14.4 bn in this quarter, on the back of solid performance across both the digital and telecom verticals, according to its earnings release (pdf).
On a 9M basis, e&’s net income attributable to owners grew 10% y-o-y to AED 8.5 bn, while revenues increased by 6.8% y-o-y to AED 42.7 bn. This nine-month performance was attributed to an expansion of operations both domestically and abroad, CEO Hatem Dowidar said.
ICYMI- e& completed its acquisition of a controlling stake (50% +1 economic share) in PPF Telecom Group last week, expanding operations into Central and Eastern Europe.
ADIB-
Abu Dhabi Islamic Bank’s (ADIB) net income after tax rose 12.7% y-o-y to AED 1.6 bn in 3Q 2024, according to the lender’s financial statements (pdf). The bank booked AED 2.6 bn in revenues during the quarter, up 9% y-o-y.
On a nine-month basis, ADIB’s net income rose 23.6% y-o-y to AED 4.6 bn, thanks to “strong balance sheet growth coupled with increased business momentum and diversified revenue growth,” according to its earnings release (pdf). The bank’s revenues grew 19% y-o-y to AED 8 bn, driven by growth in income from financing activities and non-funding income, as well as strong performance in fee-based businesses.
Assets and deposits: The bank saw its assets grow 21% y-o-y to AED 223 bn by the end of September, while customer deposits increased 19% y-o-y to AED 180 bn at the end of the nine-month period.
DUBAI AEROSPACE ENTERPRISE-
Dubai Aerospace Enterprise (DAE) saw its net income rise 54.9% y-o-y to USD 310.8 mn in 9M 2024, according to its financials (pdf). The company’s revenues grew 2.8% y-o-y to USD 1 bn during the same period.
ICYMI-DAE saw its net income grow 12.8% y-o-y to USD 81 mn in 2Q 2024, while revenues dropped 2.7% y-o-y to USD 331.1 mn. DAE’s income rose 5.5% y-o-y to USD 148.8 mn in 1H 2024. The company saw its revenues edge up 1.9% y-o-y to USD 662.4 mn during the first six months of 2024.
HSBC-
UAE-based HSBC Middle East’s pre-tax net income declined by 5.4% y-o-y to USD 331 mn in 3Q 2024, according to the bank’s financials (pdf). The financial institution’s net operating income declined by 1.9% y-o-y to USD 626 mn, while net interest income increased marginally to USD 400 mn. Meanwhile, HSBC’s global performance witnessed a 10.4% y-o-y increase in pre-tax net income to USD 8.5 bn in 3Q 2024.
On a 9M basis: The lender’s pre-tax net income declined by 15.2% y-o-y to USD 867 mn, while net operating income increased by 2.5% y-o-y to USD 1.9 bn. The financial institution’s net interest income increased by 3.6% y-o-y to USD 1.2 bn.
STANDARD CHARTERED-
Standard Chartered logged USD 98 mn in net income before tax from its UAE operations in 3Q 2024, down 5.7% y-o-y, according to its financial statements (pdf). Meanwhile, the lender saw its operating income rise 5.2% y-o-y to USD 201 mn during the quarter.
Standard Chartered’s total assets in the UAE totaled USD 21 bn by the end of the quarter, remaining relatively flat y-o-y.
