Many, many earnings…

Abu Dhabi National Oil Company (Adnoc) Distribution reported a 20.1% y-o-y decrease in net income attributable to shareholders to AED 667.4 mn in 3Q 2024, according to its financials (pdf). The company’s revenues rose 1.7% y-o-y to AED 9.1 bn, driven by growth in fuel volumes and international operations, as well as higher contribution of non-fuel retail, Adnoc Distribution said in its earnings release (pdf).

On a nine-month basis, Adnoc Distribution saw its net income attributable to shareholders fall 4.4% y-o-y to AED 1.8 bn. The fuel retailer booked AED 26.6 bn in revenues, increasing 6.2% y-o-y in 9M 2024, attributable to “highest-ever nine-month fuel volumes, robust non-fuel retail contributions, and cost efficiency improvements.”

Dividends: Adnoc Distribution will distribute dividends for 2H 2024 in April 2025, although the exact payout amount remains undisclosed, the company said in its earnings release. The company approved earlier this year a new five-year dividend policy that will see it shell out USD 700 mn or a minimum of 75% of net income, whichever is higher, from 2024 to 2028. For 1H 2024, the company distributed USD 350 mn in October.

Looking ahead, the fuel retailer plans to invest between USD 250-300 mn in Capex during 2024, with 70% of the sum to be allocated towards “growth-focused initiatives.”

PURE HEALTH-

Healthcare group Pure Health Holding’s turned to the black, reporting a AED 432 mn bottom line in 3Q 2024, after incurring losses worth AED 80 mn during the same period last year, according to its financials (pdf). The company’s revenue increased by 62.7% y-o-y to AED 6.5 bn in this quarter. On a 9M basis, net income climbed by 12.9% y-o-y to AED 1.4 bn, while revenues increased by 56.4% y-o-y to AED 19 bn.

This nine-month performance was driven by the hospital segment’s positive performance, organic growth, and local and international acquisitions, according to a company earnings release (pdf). The ins. segment’s improved value propositions, key account retention at higher premiums, and a 4% increase in active members of the Daman health ins. platform to 3.1 mn.

ALEF EDUCATION-

Alef Education’s net income after tax remained relatively flat y-o-y at AED 119.1 mn in 3Q 2024, according to its consolidated financial statements (pdf). Without the impact of corporate tax and excluding income from financial assets carried at fair value, net income was up 10% y-o-y to AED 130.9 mn, on the back of “stable revenue performance” and cost efficiencies, Alef said in a separate earnings release (pdf). The recently listed edtech firm’s revenues from contracts increased 5.8% y-o-y to AED 197.3 mn.

On a nine-month basis, Alef’s net income fell 30.2% y-o-y to AED 345.3 mn in 9M 2024. Without the impact of the corporate tax, net income reached AED 379.4 mn, with margin expansion to 69%. The company’s revenues rose 2.4% y-o-y to AED 551.5 mn during the first nine months of the year.

Looking ahead: Alef expects “a significant boost” to revenues from a new government contract in the UAE, valued at over AED 30 mn, it said in the release. The company’s agreement with the Abu Dhabi Department of Education and Knowledge — which provisions a minimum of 80k students with a fixed fee per student — also provides “significant revenue visibility,” with Alef planning to extend the contract to ten years, following a potential three-year extension.

REMEMBER- Alef debuted on the ADX in June, raising AED 1.89 bn but seeing a lackluster debut, with shares falling 18% on its first day of trading. The company’s flagship learning platform spans several international markets, including the UAE, where it has already captured a 20% market share, as well as the US, Morocco and Indonesia.

AMERICANA-

Americana Restaurants saw net income attributed to shareholders fall 54.3% y-o-y to USD 37.4 mn in 3Q 2024, on the back of fewer sales amid geopolitical tensions and slowed consumer demand in some markets, despite opening new stores, according to its financials (pdf) and earnings release (pdf). Revenues also decreased 15.3% to USD 555 mn.

REMEMBER- Bloomberg reported earlier this year that the company has slashed nearly 100 jobs — most of them in Dubai — as it both restructures and faces the impact of a consumer boycott of its brands that came after the start of Israel’s war on Gaza.

On a 9M basis, Americana’s net income attributable to shareholders also halved y-o-y to USD 114.3 mn in 9M 2024, with revenues also down 15.2% to USD 1.61 bn, despite the opening of 113 new stores during the period. Aside from geopolitical effects, higher depreciation charges and the introduction of the corporate tax in the UAE also contributed to the decline in performance.

Looking ahead: The restaurant operator aims to ramp up revenue recovery efforts, emphasizing everyday value offers and targeted promotional activities to improve its margins, it said. “A strategic blend of […] store expansion program, cost-saving practices, and technology integration” will also be implemented to drive operational performance.

DUBAI FINANCIAL MARKET-

Dubai Financial Market (DFM) posted AED 94.1 mn in net income after tax, up 26.9% y-o-y in 3Q 2024, according to its financials (pdf). Its operating income increased 6.2% y-o-y to AED 91.5 mn in 3Q, compared to AED 86.2 mn during the same period last year.

On a nine-month basis, the exchange’s net income after tax jumped 47.9% y-o-y, reaching AED 275.5 mn in 9M 2024. Operating income increased 13.5% y-o-y, coming in at AED 245.5 mn during the nine-month period.

The bourse saw robust trading activity, with the number of trades climbing 20% y-o-y to 1.7 mn in 9M 2024, according to the DFM’s earnings release (pdf). However, total trading value decreased 6% y-o-y to AED 72.7 bn during 9M 2024.

DFM drew in 91.2k new investors in 9M 2024, with foreign investors accounting for 85% of the newcomers. Foreigners invested around AED 1.5 bn, representing nearly half of all trades during the period, while institutional investors held a 65% share.