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EMIRATES-
Emirates posts record earnings: Emirates Group’s net income rose 71% y-o-y to a record AED 18.66 bn in its fiscal year ending 31 March 2024, marking its “best financial results ever,” according to the company’s annual report (pdf). The company posted a 14.6% y-o-y jump in total revenues to AED 137.34 bn during the period. The performance was attributed to heightened customer demand across markets and the group’s divisions.
Thank the post-pandemic travel rebound: Emirates carried 51.9 mn passengers during the year, marking a 19% y-o-y increase, the airline said. Capacity also increased by 20%, “closing [the] gap to pre-pandemic levels,” the statement said.
Emirates + dnata results: National airline Emirates’ net income rose to AED 17.23 bn, up 62.9% y-o-y, with revenue growing 12.9% y-o-y during the period to AED 121.22 bn. Emirates Group’s air services provider subsidiary dnata saw its net income jump more than 300% during the fiscal year to AED 1.42 bn. The company logged AED 19.24 bn in revenues, marking a 29.1% y-o-y increase.
Looking ahead: The company forecasts significant growth, driven by the Dubai government’s AED 128 bn investment to expand Al Maktoum International Airport. It plans to onboard 10 new A350 aircraft during 2024-25 to offer new routes, and five new 777 freighters from mid-2024 onward to boost cargo operations. Emirates Group is also eyeing international expansion, with plans to commence construction of advanced cargo facilities in the Netherlands and Iraq, the company said.
Dividends: The company’s subsidiaries plan to pay the owner company, the Investment Corporation of Dubai, combined dividends of AED 4 bn.
Emirate’s earnings got ink in the foreign press, including from CNBC and Reuters.
SALIK-
Dubai road-toll operator Salik’s net income inched up 0.7% y-o-y in 1Q 2024 to AED 277 mn, according to its earnings release (pdf). Salik attributed the modest growth to the recently-introduced 9% corporate tax. Its net income before tax rose 10.7% y-o-y to AED 304.7 mn.
The toll operator’s revenues climbed 8.1% y-o-y to AED 562 mn, driven by an 8.1% increase in toll usage revenue to AED 491 mn, which accounts for 87.4% of the total revenue. The revenue growth was bolstered by “continued strong growth in tourism and residency, with Dubai remaining an attractive destination both for visitors and new residents relocating to the city,” according to the earnings release.
What they said: “We are very pleased to have started the year strongly, with revenue-generating trips increasing by over 8% year-on-year, supporting our ambition to become a global leader in mobility solutions. We continue to thrive in our core tolling business and remain focused on diversifying our portfolio through the expansion of ancillary revenue streams,” Salik CEO Ibrahim Sultan Al Haddad said.
AIR ARABIA-
Budget carrier Air Arabia’s net income fell 22% y-o-y to AED 266 mn in 1Q 2024, according to its earnings release (pdf). The carrier attributed the sluggish growth to “seasonality shift during the month of Ramadan, higher fuel price, currency fluctuations in key markets, and ongoing supply chain challenges that contributed to higher inflationary costs across the industry.” Air Arabia reported 8% y-o-y growth in revenues, turning in AED 1.54 bn over the three-month period.
PHOENIX GROUP-
Phoenix Group reported a 165% y-o-y jump in its net income in 1Q 2024, reaching USD 66 mn, according to its financial statements (pdf). The bitcoin mining company saw its revenues fall to USD 68.9 mn, down 16% y-o-y during the quarter.
Remember: Phoenix debuted on the ADX last December, raising some AED 1.36 bn. The company owns over 23 businesses and nine mining facilities in the US, Canada, CIS, and the UAE, with a USD 2 bn crypto mining farm in the UAE, one of the largest in the Middle East.
EMIRATES INS. COMPANY-
Emirates Ins. Company’s bottom line rose 7% y-o-y to AED 40 mn in 1Q 2024, according to its financial statements (pdf). The ins. firm posted a 6.3% y-o-y growth in total ins. income to AED 11.4 mn during the quarter.
Looking ahead: Emirates Ins. anticipates an increase in claims during the second quarter of the year on the back of the heavy rainfall that took place in April.
DUBAI REFRESHMENTS-
Dubai Refreshment posted a 2.3%y-o-y decline in its net income to AED 25.6 mn in 1Q 2024, according to its financial statements (pdf). The F&B firm’s revenues also inched down 0.5% y-o-y to AED 167.4 mn.
AL RAMZ-
Al Ramz Corporation saw its net income fall 78% y-o-y to AED 2 mn in 1Q 2024, according to its earnings release (pdf). The DFM-listed investment company’s revenues also fell to AED 22 mn, declining 21% y-o-y during the quarter. The company attributed the decline to a contraction in its investment revenues on the back of regional geopolitical unrest.
RAS AL KHAIMAH FOR WHITE CEMENT AND CONSTRUCTION MATERIALS-
Ras Al Khaimah for White Cement and Construction Materials saw its net income rise more than 2000% to AED 13.1 in 1Q 2024, according to its financials (pdf). Revenues from contracts with customers fell 5% to AED 63 mn.
RAPCO-
Rapco Investment turned a loss in 1Q 2024, logging AED 187k in losses during the quarter, compared to AED 2 mn in the same quarter last year, according to its financials (pdf). Its revenues came in at AED 539k, due to an unrealized fair value loss of AED 1 mn.
