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ALPHA DHABI-
Alpha Dhabi saw its net income increase 236.6% y-o-y to AED 4.4 bn in 3Q 2024, according to the company’s financials (pdf). Revenues also climbed 45.4% y-o-y to AED 14.9 bn. The company attributed the growth in the third quarter to contributions from strategic acquisitions and investments made since 2022 and an increase in operations according to an earnings release (pdf).
On a 9M basis, the conglomerate’s net income fell 4.9% y-o-y to AED 11.1 bn, owing to an increase in operations. Meanwhile revenues increased by 36.5% y-o-y to AED 44.2 bn.
TECOM GROUP-
Business district developer Tecom Group saw its net income rise 20% y-o-y to a record AED 339.6 mn in 3Q 2024 on the back of strong demand from new and existing customers, according to its financials (pdf). Growth was supported by revenue growth and cost optimization measures, the company said in an earnings release (pdf). The company booked AED 610.9 mn in revenues in 3Q, up 12.3% y-o-y.
On a nine-months basis, Tecom’s bottom line climbed 22.8% y-o-y to AED 942.7 mn in 9M 2024. The developer’s revenues rose 10.4% y-o-y, reaching AED 1.8 bn thanks to customer growth, increased rental rates, and sustained occupancy levels — which reached 94% at the end of September.
Looking ahead, Tecom will “focus on project delivery across its business districts,” with the second phases of Innovation Hub and the storage and logistics spaces at Dubai Science Park scheduled to be delivered in 1Q 2025.
EMSTEEL-
Materials manufacturer Emsteel reported a net loss of AED 82.9 mn in 3Q 2024, down from a net income of AED 107.1 mn during the same period last year, according to its financials (pdf). The company’s revenues declined by 6.4% y-o-y to AED 1.9 bn in this quarter. On a 9M basis, net income fell 76.3% y-o-y to AED 91.6 mn, while revenues dropped by 9.3% y-o-y, hitting AED 5.9 bn.
This nine-month performance was attributed to fluctuations in global steel prices, elevated competition, and changing demand patterns influenced by economic uncertainties in key markets, according to its earnings report (pdf).
