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DUBAI ISLAMIC BANK-
Dubai Islamic Bank (DIB) saw its net income climb 20.9% y-o-y to AED 2.1 bn during 3Q 2024 on the back of a strengthening balance sheet, according to its financial statements (pdf) and earnings release (pdf). The lender reported an 8.9% y-o-y increase in its top line to AED 5.7 bn during the three-month period.
The bank recorded AED 5.5 bn in net income in 9M 2024, marking a 12.9% y-o-y increase, on the back of “improving operating conditions and continued strong underwriting on new business,” Group CEO Adnan Chilwan said. DIB’s top line rose 16.8% y-o-y to AED 17 bn during the nine-month period.
ABU DHABI NATIONAL HOTELS-
Abu Dhabi National Hotels (ADNH) saw net income fall 38.9% y-o-y to AED 30.2 mn in 3Q 2024, according to the company’s consolidated financials (pdf). ADNH’s revenues rose 131% y-o-y to AED 694.5 mn.
On a nine-month basis: ADNH’s net income after tax rose 308.8% y-o-y to AED 1.2 bn on the back of the recognition of a fair value gain of AED 916 mn from the acquisition of its remaining stake in its JV with Compass Group, ADNH Compass, according to a separate earnings release (pdf). The company’s revenues also rose 73.1% y-o-y to AED 1.9 bn, which was mainly attributed to the consolidation of the catering unit and the full acquisition of ADNH Catering earlier this year from Compass Group.
APEX INVESTMENT-
Apex Investment saw its net income fall 84.9% y-o-y to AED 28.1 mn in 3Q 2024, according to the company’s financials (pdf). The company’s revenues fell 11.7% y-o-y to AED 197.5 mn.
On a nine month basis: Apex turned to the black in 9M, with a net income of AED 51.1 mn, up from a net loss of AED 12.5 bn last year. Apex booked an 18.5% y-o-y revenue increase to AED 622.7 mn on the back of new contracts acquired with Adnoc in 2023, and an increase in sales volumes of cement and clinker compared to the previous year, according to a separate earnings release (pdf).
BURJEEL HOLDINGS-
Healthcare services provider Burjeel Holdings’ net income rose marginally to AED 137.4 mn in 3Q 2024, according to its financials (pdf). The company’s revenues increased by 14.1% y-o-y to AED 1.3 bn in this quarter, driven by 12% growth in patient footfall and improved patient yield, according to its earnings release (pdf).
On a 9M basis, net income declined by 15.4% y-o-y to AED 306.2 mn, while the revenue increased by 11.7% y-o-y to AED 3.7 bn.
UNION COOP-
Union Coop’s net income after tax rose 16.9% y-o-y to AED 49.6 mn in 3Q 2024, according to its financial statements (pdf). The company logged AED 430 mn in revenues from sale of goods during the quarter, up 4.5% y-o-y. On a nine-month basis, Union Coop’s net income rose 19.7% y-o-y to AED 212.7 mn, while income increased to AED 1.4 bn during the first nine months of the year, up 5% y-o-y.
