More and more earnings

ETIHAD AIRWAYS-

Etihad Airways saw its net income after tax climb 66% y-o-y to AED 1.4 bn in 9M 2024, according to an earnings release. The Abu Dhabi-based carrier’s revenues rose 21.4% y-o-y to AED 18.4 bn during the same period, on the back of 21% y-o-y growth in passenger revenues to AED 15.2 bn, due to network expansion and high flight frequencies, Etihad said, adding that it carried almost 14 mn passengers during the period.

As for Etihad Cargo: Etihad Cargo’s revenues increased 21% y-o-y to AED 3 bn, with overall cargo volumes up by 14% on the back of increased capacity in 3Q 2024, according to a statement.

Etihad’s operating fleet continues to expand, with all six A321NEOs scheduled for delivery in 2024 now operating. The airline’s fleet has increased to 95 aircraft, an increase of 16 aircraft from last year. The carrier has also extended its network to 83 destinations as of September, up from 72 last year, with more growth expected by year-end.

What’s next? Etihad Airways is planning to invest some USD 1 bn to modify its older Boeing 777 and 787 Dreamliner aircraft starting 2026, part of the carrier’s plans to pour USD 7 bn into new aircraft and other expenditures by 2030, CEO Antonoaldo Neves told The National. Etihad is also seeking to triple passenger numbers to 33 mn and double its fleet to 150 aircraft by the end of the decade, with a possible — and frequently rumored — listing as part of its growth plans.

TAQA-

Abu Dhabi state-owned energy firm Taqa saw an 18.6% rise in net income to AED 2 bn in 3Q 2024, according to its financial statements (pdf). The company’s topline rose 14.3% y-o-y to AED 14.6 bn, supported by the integration of Taqa Water Solutions, according to a separate earnings release (pdf).

Taqa’s net income grew 13.2% y-o-y to AED 6.3 bn in 9M 2024, excluding one-off items. Those items included AED 10.8 bn tied to a 5% stake in Adnoc Gas and a AED 1.1 bn deferred tax charge linked to UAE’s new corporate tax. The company’s revenues climbed 6% y-o-y to AED 41.7 bn during the nine month period.

SHUAA-

Shuaa Capital reported a loss attributable to shareholders of AED 22 mn in 3Q 2024, down from AED 590 mn in the same period last year, according to the company’s financial statements (pdf). The asset management and banking platform’s revenue fell 37.4% y-o-y to 19.2 mn.

On a 9M basis: Shuaa posted a loss attributable to shareholders of AED 148 mn compared to a net loss of AED 570 mn AED in the same period of 2023. The company’s topline amounted to AED 69.3 mn down 45.9% y-o-y.

Breakdown: Shuaa Capital’s losses are primarily due to fair value impairments of investments and goodwill, write-offs related to UK investments, and impairments of legacy real estate assets, according to a separate analysis report (pdf).

REMEMBER- Shuaa is mid-restructuring: Shuaa Capital reached an agreement with its bondholders to restructure some USD 150 mn in outstanding bonds owed by a special purpose vehicle it owns. Shuaa plans to initiate its mandatory convertible bonds offering by 1Q 2025, completing a USD 175 mn offering aimed at converting debt to equity.

INVEST BANK-

Invest Bank recorded a net income of AED 13 mn in 3Q 2024, making a solid recovery compared to a net loss of AED 354.7 mn in 3Q 2023, according to its financials (pdf). Total operating income decreased by 42.7% to AED 69 mn in the quarter, while net interest income dropped by 66.1% y-o-y to AED 35 mn.

In 9M 2024, Invest Bank posted a net income of AED 111.7 mn, a turnaround from a net loss of AED 354.7 mn during the same period last year. The bank’s total operating income increased by 4.5% y-o-y to AED 207.9 mn in this period, while the net interest income declined by 14.5% to AED 127.8 mn.

This nine-month performance was mainly attributed to a 62% increase in non-interest income, including higher fees and commission income from new businesses and rental income from repossessed properties, according to its earnings release (pdf). The bank also noted that these results reflect recovery from past loan impairments, according to its management report (pdf).

AL BUHAIRA NATIONAL INS.-

Al Buhaira National Ins. cuts losses in 3Q: Al Buhaira National Ins. narrowed its net losses to AED 23.2 mn in 3Q 2024, an improvement from AED 49.3 mn in net losses during the same period last year, according to its financial statements (pdf). Ins. revenues rose 20.5% y-o-y, reaching AED 381.5 mn. On a 9M basis, the company recorded AED 34.5 mn in net losses, down from AED 85.2 mn in 9M 2023, while revenues rose 20.7% y-o-y to AED 1.1 bn.

ABU DHABI SHIP BUILDING-

Abu Dhabi Ship Building sails into stronger profits: Abu Dhabi Ship Building reported a net income of AED 16.6 mn in 3Q 2024, up from AED 2.3 mn in the same period last year, according to its financial statements (pdf). Revenues surged 99% y-o-y, reaching AED 339 mn. For the first nine months of 2024, net income rose 73.2% y-o-y to AED 40.5 mn, while revenues climbed 41.7% y-o-y to hit AED 1 bn.

AL AIN AHLIA INS.-

Al Ain Ahlia Ins. reported a net loss of AED 37.4 mn in 3Q 2024 compared to a net income of AED 21 mn during the same period last year, according to the company’s financial statements (pdf). The company’s ins. revenue dropped by 14.3% y-o-y to AED 300.2 mn in this quarter. The company recorded a net loss of AED 38.8 mn in 9M 2024, down from a net income of AED 39 mn in 9M 2023. The firm’s ins. revenue decreased by 23.1% y-o-y to AED 799.8 mn during the first nine months of 2024.

UNITED FOODS –

United Foods’ net income rose 21.1% y-o-y to AED 5.8 mn in 3Q 2024, according to the company’s financial statements (pdf). The Dubai-based food and beverage company’s revenues from contracts also increased 13.3% y-o-y during the quarter to AED 143.5 mn. On a nine-month basis, United Foods saw its net income increase 44.4% y-o-y to AED 28.1 mn in 9M 2024. Revenues from contracts remained relatively flat, falling 0.5% y-o-y to AED 449.3 mn.

SALAMA-

Ins. provider Islamic Arab Ins. — known as Salama — reported a 56.6% y-o-y increase in net income to AED 9.9 mn in 3Q 2024, according to the company’s financials (pdf). The company’s takaful revenues decreased 2.1% y-o-y to AED 274.2 mn during the quarter.

Over the first nine months of 2024, net income climbed 63.8% to AED 30.4 mn. Takaful revenues for the period totaled AED 802.8 mn, down 2.6% despite a competitive environment, according to an earnings release (pdf).