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INTERNATIONAL HOLDING COMPANY-
State-owned International Holding Company (IHC) saw its net income grow 17.8% y-o-y to AED 5.7 bn in 3Q 2024, according to its financial statements (pdf). The conglomerate’s revenues jumped 57% y-o-y, reaching AED 22.2 bn during the quarter. The marine and dredging segment led revenue growth, recording a 22.5% y-o-y increase to AED 6.8 bn during the quarter, with the property development segment following closely, rising 131.3% y-o-y to AED 3.5 bn in revenues.
On a nine-month basis, the conglomerate’s bottom line climbed 18.3% y-o-y to AED 18 bn. IHC’s revenues stood at AED 64 bn by the end of the 9M period, up 49.4% y-o-y,
Behind the revenue growth: The conglomerate attributed the strong performance to “the positive performance from key segments,” growth in Alpha Dhabi-backed Aldar Properties’ revenues as well as revenues from acquisitions and new construction projects, and the transfer of several assets under Modon Holding, IHC said in its earnings release (pdf).
DEYAAR DEVELOPMENT-
Dubai’s Deyaar Development’s bottom line rose 17.4% y-o-y increase in net income to AED 139.8 mn in 3Q 2024, according to its financials (pdf). The real estate developer’s revenues reached AED 376.1 mn, up 21% y-o-y in 3Q 2024.
On a nine-month basis, Deyaar posted a 38% y-o-y increase in net income to AED 328.4 mn in 9M 2024. The developer saw its top line rise 10.7% y-o-y to AED 1 bn, driven by “progress on a number of projects,” the developer said in an earnings release (pdf).
AGTHIA-
ADQ-owned F&B firm Agthia Group recorded a 5.7% y-o-y increase in net income to AED 65 mn 3Q 2024, according to its financial statements (pdf). The company’s revenues remained relatively flat during the quarter, standing at AED 1.08 bn, up 1.1% y-o-y.
On a nine-month basis, the company saw its net income increase 24% y-o-y to AED 254.9 mn in 9M 2024, while revenues increased 10.3% y-o-y to AED 3.6 bn, driven by growth in various business segments.
9M breakdown: The company’s snacking segment grew 14.2% y-o-y, bolstered by its coffee category’s strong performance, the company said in its earnings release (pdf). Protein & frozen reported a slight 1.1% y-o-y in revenue, largely due to the impact of Egypt’s currency devaluation. Meanwhile, water & food posted a 5.8% revenue boost y-o-y, fueled by a 9.6% jump in UAE water sales, and agri-business’ revenue rose 18.3% y-o-y.
DUBAI TAXI-
Dubai Taxi saw its net income fall 26.1% y-o-y to AED 59.7 mn in 3Q 2024, according to its financials (pdf). The company booked AED 507.3 mn in revenues, up 11% y-o-y. On a 9M basis, the company’s net income stood at AED 247.1 mn, down 7% y-o-y. Meanwhile, revenues climbed 12.9% y-o-y to AED 1.6 bn driven by positive performance across its segments, DTC said in its earnings release (pdf).
Looking ahead, Dubai Taxi expects to grow its market share in the overall taxi and e-hailing sector, thanks to its partnership with Bolt to introduce an e-hailing platform in Dubai. This initiative aims to shift 80% of taxi trips in Dubai to e-booking over the next few years.
WAHA CAPITAL-
Waha Capital saw its net income climb 180.3% y-o-y to AED 249.6 mn in 3Q 2024, according to the company’s consolidated financial statements (pdf). The company saw a 109.9% y-o-y increase in its net operating income to AED 376 mn, while revenues from sales came in at AED 33.2 mn, up 12% y-o-y.
On a nine-month basis: The company’s net income rose 27.5% y-o-y to AED 519 mn in 9M, on the back of Waha EM Credit Fund gains and increased fee income, according to a separate earnings release (pdf). Net operating income came at AED 905.2 mn, up 33.2% y-o-y, while revenues from sales were up 9.3% y-o-y to AED 111 mn.
