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SALIK-
Salik’s net income increased by 8.8% y-o-y to AED 277.3 mn in 3Q 2024, according to its financials (pdf). The company’s revenue rose by 7.3% y-o-y to AED 546.1 mn in this quarter. This performance came on the back of a 5.7% y-o-y increase in revenue-generating trips, CEO Ibrahim Sultan Al Haddad said in the earnings release (pdf).
On a 9M basis, net income climbed by 2.4% y-o-y to AED 822 mn, while revenues increased by 6.2% y-o-y to AED 1.6 bn, on the back of sizable growth in several revenue streams, including toll usage fees, fines, and tag activation fees.
What’s next? The company will operate two new toll gates at the Business Bay Crossing and Al Safa South on Sheikh Zayed Road in Dubai starting from 24 November, which is expected to contribute positively to revenue growth, Al Haddad mentioned.
ADNOC LOGISTICS & SERVICES-
Adnoc Logistics and Services saw its bottom line grow 18% y-o-y to USD 175 mn in 3Q 2024, while revenues grew 32% y-o-y to USD 928 mn, according to its earnings release (pdf). On a 9M basis, net income increased 27% y-o-y to USD 576 mn, while revenues grew 38% to USD 2.7 bn.
Driving growth: The company saw increased revenues from its shipping segment on the back of strong charter rates for tankers and dry bulk, as well as additional revenues from newly acquired carriers. Its services segment also saw improvements on the back of increased volumes in petroleum port and onshore terminal operations.
Looking ahead: The Adnoc subsidiary’s acquisition of Navig8 is set to boost earnings per share by at least 20% in the first full year. The acquisition is set for completion by the end of March 2025.
SHARJAH CEMENT AND INDUSTRIAL DEVELOPMENT-
Sharjah Cement and Industrial Development reported a net income of AED 11.9 mn in 3Q 2024, a turnaround from a net loss of AED 5.8 mn during the same period last year, according to its financials (pdf). The company’s revenues increased by 3.2% y-o-y to AED 162.1 mn in this quarter.
On a 9M basis, net income reached AED 21.5 mn, compared to a net loss of AED 11.6 mn in 9M 2023, while revenue rose by 9.1% y-o-y to AED 500 mn. This was attributed to an increase in sales volume, a decrease in energy costs, and an increase in income from investment properties, according to an earnings release (pdf).
UNION INS.-
Union Ins.’s net income amounted to AED 9.8 mn in 3Q 2024, a turnaround from a net loss of AED 11.3 mn during the same period last year, according to its financials (pdf). The company’s ins. revenue decreased by 5% y-o-y to AED 144.4 mn in this quarter. On a 9M basis, net income increased by 950.6% y-o-y to AED 22.7 mn, while ins. revenues fell 6.3% y-o-y to AED 442.2 mn.
ALSO- The ins. firm will sell a plot of land in Ras Al Khor Industrial Area 1 for AED 75 mn, expecting it to contribute to its net income for FY 2024, according to a disclosure (pdf). The sale comes as part of Union’s plan to divest “non-productive assets” and strengthen its balance sheet, with the transaction slated to be closed before year-end.
NATIONAL GENERAL INS.-
National General Ins.’s net income decreased by 29.3% y-o-y to AED 27.8 mn in 3Q 2024, according to its financials (pdf). The company’s ins. revenue increased by 11.1% y-o-y to AED 216.8 mn in this quarter. On a 9M basis, the net income rose by 74.8% y-o-y to AED 108.7 mn, while the revenue climbed by 22% y-o-y to AED 660.4 mn.
INVESTCORP CAPITAL-
Investcorp Capital’s bottom line dropped 7.7% y-o-y to USD 12 mn in 1Q of its fiscal year starting in July, according to its financials (pdf). Gross operating income rose to USD 20 mn during the period, up 5.3% y-o-y. The company — the investment vehicle of Investcorp Holdings — has a fiscal year that runs from July-June.
DUBAI NATIONAL INS. AND REINS.-
Dubai National Ins. and Reins. Co.’s net income increased by 4.5% y-o-y to AED 6.7 mn in 3Q 2024, according to its financials (pdf). The company’s ins. revenues rose 7.1% y-o-y to AED 120.6 mn in this quarter. On a 9M basis, net income decreased by 10.4% y-o-y to AED 30.9 mn, while ins. revenues declined marginally to AED 341.4 mn.
DUBAI INVESTMENTS-
Dubai Investments saw its net income rise 12.7% y-o-y to AED 235.6 mn in 3Q 2024, according to its financials (pdf). The company booked AED 932.2 mn in revenues during the quarter, down 3.7% y-o-y. On a nine-month basis, Dubai Investment’s bottom line dipped 16.1% y-o-y to AED 637.1 mn, while its revenues inched down 1.2% y-o-y to AED 3 bn during 9M 2024.
AMANAT HOLDINGS-
Amanat Holdings recorded AED 10.8 mn in net loss in 3Q 2024, according to the company’s financials (pdf), compared to a net loss of 8.2 mn. The company’s revenues rose 5.8% y-o-y to AED 132.8 mn in 3Q. On a 9M basis, Amanat’s net income was down 11% y-o-y to AED 78.4 mn. Amanat saw its revenues rise 14.4% y-o-y to AED 566.3 mn during 9M.
AL FUJAIRAH NATIONAL INS.-
Al Fujairah National Ins. Company recorded a net income of AED 2.4 mn in 3Q 2024, compared to AED 100.8k in 3Q 2023, according to its financials (pdf). The company’s ins. revenues climbed 42.5% y-o-y to AED 112.4 mn during the same period. On a nine-months basis, the firms posted AED 15.9 mn in net income in 9M 2024, up from a recorded AED 13.4 mn in net loss during the same period last year. The firm booked AED 291 mn in revenues in 9M, up 44.6% y-o-y.
ABU DHABI NATIONAL TAKAFUL COMPANY-
Abu Dhabi National Takaful Company reported AED 26.9 mn in net income, down 2.6% y-o-y in 3Q 2024, according to the company’s financials (pdf). The firm saw its revenues inch up 2.9% y-o-y to AED 197.2 mn in 3Q. On a 9M basis, the firm saw its bottom line decrease 3.6% y-o-y to AED 55.4 mn in 9M 2024, while its revenues climbed 17.4% y-o-y to AED 563.6 mn.
