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e& saw its net income after federal royalty inch up 25% y-o-y to a record AED 3.17 bn in 2Q 2024, driven by a higher share of results from its non-controlling interests, according to its earnings release (pdf). The group’s revenues climbed 4% y-o-y to AED 14.09 bn, aided by growth across its domestic and international operations.
In 1H 2024, e& saw its net income increase 17% y-o-y to AED 5.49 bn amid growth across both its telecom and digital verticals, with revenues inching up 6% y-o-y to AED 28.31 bn. The recently rebranded “techo” also saw its aggregate subscribers rise 6% y-o-y to 175 mn users, on the back of subscriber growth in Egypt, Pakistan, UAE and West Africa.
Dividends: The telecoms company approved interim dividends of 41.5 fils per share for 1H 2024.
FERTIGLOBE-
Fertiglobe’s bottom line falls in 2Q: Fertiglobe — a UAE-headquartered urea and ammonia exporter and MENA’s largest producer of nitrogen fertilizers — reported an 81.9% y-o-y drop in net income attributable to shareholders in 2Q 2024 to USD 42.7 mn, according to its financial statement (pdf). Its revenues were down 10.1% y-o-y to USD 495.7 mn during the period.
Gas supply shortages in Egypt drove a decline in sales: Fertiglobe said its own-produced sales volumes were down 2% y-o-y in 2Q 2024 due to a 5% decline in urea volumes during the period, according to its earnings release (pdf). The drop offset a 12% rise in ammonia sales volumes during the quarter. Excluding the impact of gas supply shortages in Egypt, sales volumes would have been up 8.1% y-o-y in 2Q 2024 and 6.6% y-o-y in 1H 2024, according to the release.
“Cautious” buying of urea during 2Q: Fertiglobe said nitrogen prices took a hit during the period due to “delayed demand, cautious buying behavior and reduced urea imports from India, partially offset by some supply disruptions towards the end of the quarter.” The impact came despite a rise in natural gas prices and constant grain prices during the period.
For the year to date: Fertiglobe’s net income fell 39% y-o-y to USD 130.6 mn y-o-y during 1H 2024, while revenues were down 16.7% y-o-y during the period to USD 1.05 bn.
Adnoc’s acquisition of a stake in the firm is on track: Fertiglobe said regulatory approvals for Adnoc’s acquisition of OCI Global’s 50% stake in the company was “progressing well,” expecting the acquisition to close this year, according to the release.
The outlook for the market: “The short-term outlook for ammonia and urea is favorable, driven by tight markets, while the medium to long-term outlook continues to be supported by improving demand from new and existing applications coupled with limited supply additions,” Fertiglobe said.
ABU DHABI NATIONAL HOTELS-
Abu Dhabi National Hotels (ADNH) Group’s bottom line grew 41% y-o-y to AED 129.4 mn in 2Q 2024, according to the company’s financial statements (pdf). The group’s consolidated revenue doubled to AED 772.1 mn during the period, driven by improved performance across the company’s hotel and transport segments, in addition to increased revenues from its catering business following the acquisition of its remaining stake in its JV with Compass Group, ADNH Compass, for AED 227 mn in March, according to a separate earnings release (pdf).
On a six-month basis, ADNH Group’s bottom line jumped 381% y-o-y to AED 1.15 bn in 1H 2024, padded by the recognition of the equity interest gain of AED 916 mn from the acquisition of ADNH Compass, as well as an AED 29.7 mn one-off gain from the sale of a penthouse in 2024. Revenue increased 52% y-o-y to AED 1.23 bn during the period, primarily driven by the company’s hotel segment.
ALPHA DHABI-
Investment holding company Alpha Dhabi saw its net income attributable to shareholders fall 59% y-o-y to AED 937.6 mn in 2Q 2024, according to the firm’s financial statements (pdf). The company’s revenues stood at AED 15.12 bn during the quarter, marking a 61% y-o-y increase.
On a 1H basis: Alpha Dhabi’s bottom line halved to AED 4.33 bn, while net income from operations increased 92% y-o-y to AED 5.1 bn, according to a separate earnings release (pdf). Revenues increased 32% y-o-y, reaching AED 29.3 bn. Alpha Dhabi’s net income declined in 2024 due to the derecognition of PureHealth’s assets on its balance sheet and the introduction of corporate income tax.
The first half demonstrated robust performance across all segments, with industrials making up 41% to revenues, real estate 30%, and construction 17%.
NCTH-
NCTH in the red: The National Corporation for Tourism and Hotels (NCTH)’s net income decreased 36% y-o-y to AED 10.6 mn in 2Q 2024, according to the company’s financials (pdf). The company’s revenues fell 0.2% y-o-y to AED 163.4 mn. NCTH’s bottom line reached AED 30.2 mn in 1H 2024, marking a 15.8% y-o-y decease, while revenues inched down 0.4% y-o-y to AED 335.1 mn, according to a separate earnings release (pdf).
FUJAIRAH CEMENT-
Fujairah Cement Industries’ net losses deepened 40% y-o-y to AED 50.3 mn in 2Q 2024, compared to a net loss of AED 35.7 mn during the same period last year, according to the company’s financial statements (pdf). The company saw its revenues fall 99% y-o-y to AED 504k in 2Q 2024.
The company also penciled an AED 88.6 mn net loss in 1H, deepening 47% y-o-y compared to the corresponding period. The company attributed losses to an increase in fuel and energy costs due to rising inflation and geopolitical tensions, and a weak clinker market, according to a separate discussion report (pdf).
UNION PROPERTIES-
Dubai-based Union Properties saw its net income increase 238% y-o-y to AED 18.3 mn in 2Q 2024, according to its financials (pdf). Union’s revenues from customer contracts rose 8% y-o-y to AED 127.7 mn.
On a six-month basis, Union’s net income rose 93% y-o-y to AED 34.8 mn, while its revenues from customer contracts increased 10% y-o-y to AED 265.8 mn in 1H 2024. The growth came on the back of “robust operational strategies and effective cost management,” the developer said in its earnings release (pdf).
WATCH THIS SPACE- Union Properties is mulling the acquisition of an outsourcing company through one of its subsidiaries, the developer said. The purchase is expected to “enhance the value of the company’s assets and improve its profitability.”
WAHA CAPITAL-
Investment management firm Waha Capital incurred AED 11.7 mn in losses in 2Q 2024, falling 93% from a net income of AED 170 mn during the same period last year, according to its financials (pdf). The company’s revenues from the sale of goods and services rose 8% y-o-y to AED 38.7 mn.
In 1H 2024, the company posted AED 269.4 mn in net income, down 18% y-o-y, while its revenue from sales rose 8% y-o-y to AED 77.8 mn. Waha Capital’s net operating income rose 6% y-o-y to AED 529 mn in 1H 2024, driven by “an increase in fee income, strong inflows of third-party capital into Waha Investment and supported by the robust performance of the private investments business,” the company said in its earnings release (pdf).
