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Adnoc Distribution saw its full-year net income fall 5.4% y-o-y to AED 2.6 bn in 2023 on the back of lower inventory gains, the company said in its earnings report (pdf). Revenues grew 7.8% y-o-y to AED 34.63 bn in 202 on the back of an increase in fuel volumes and higher non-fuel retail segment contribution.
On a quarterly basis: The company’s net income jumped 61.4% y-o-y in 4Q 2023 to AED 677 mn. Adnoc Distribution booked net revenues of AED 9.56, up 16.8% y-o-y during the same period.
2024 is about sustainability: The company is expecting a solid outlook for 2024 driven by growth in fuel volumes and international operations, as well as higher contribution of non-fuel retail, and growth in international operations, according to the report. The company is also targeting the next phase of growth “with a focus on sustainable mobility and convenience,” Adnoc Distribution CEO Bader Al Lamki said. “It includes optimizing existing assets to improve our profitability, doubling down on non-fuel retail, and generating new revenue streams offered by energy transition to future-proof our business and increase customer satisfaction.”
The fuel retailer’s board will pay out AED 1.285 bn in dividends for 2H 2023, after it paid the same amount for 1H 2023, the company said.
Dubai Taxi had a good year: Recently-listed Dubai Taxi’s net income grew 54% y-o-y in 2023 to AED 345.3 mn, according to the company’s preliminary financials (pdf). The company booked AED 1.95 bn in revenues, climbing 11% y-o-y in 2023 on the back of better performance in its regular taxi segment, which the company attributed to “positive economic activity in the country, as well as enhanced operational utilization of vehicles due to increased number of drivers during the year,” the statement read.
REMEMBER- Dubai Taxi debuted on DFM last year: Dubai’s Road and Transport Authority listed Dubai Taxi on DFM in December, raising AED 1.16 bn on the back of heavy investor appetite, with orders covering the transaction 130x.
Abu Dhabi-based investment firm Multiply Group reported a 240% y-o-y increase in its net income to AED 1.1 bn in 2023, excluding fair value changes in investments, according to its earnings release (pdf). The company attributed the uptick to higher investment income and increased income from its JV with International Energy Holding’s renewables firm Kalyon Enerji. Including unrealized fair value changes on market volatility, the group’s net income came in at AED 552 mn.
Group revenues increased 15% y-o-y to AED 1.3 bn in 2023, demonstrating strong growth across the company’s four key sectors: Mobility, energy and utilities, media and communications, and beauty and wellness. The mobility sector accounted for 28% of revenues and 48% of net income, while energy and utilities contributed 23% of revenues.
Background: Multiply finalized its acquisition of a majority stake in outdoor advertising firm Media 247 in 2023, and integrated Fisio and The Juice Spa and Salon into its beauty and wellness division. The company also made a significant investment of AED 367 mn for a minority stake in EIG’s Breakwater Energy.
BHM Capital revenues doubled in 2023: BHM Capital saw its net income more thandouble in 2023, rising 101% y-o-y to AED 31.5 mn, according to a DFM filing (pdf). The company’s revenues jumped 60% y-o-y in 2023 to AED 136.7 mn, reflecting “the company’s solid strategy and continuous efforts to diversify revenue sources, establishing its position as a leading provider of advanced financial services and solutions to clients,” BHM Capital CEO Abdel Hadi Al Sa’di said.
WATCH THIS SPACE- BMH is in the “final stages” of inking an investment management agreement to take over Ethmar International Holding’s local equity portfolio, the company said in a separate DFM disclosure (pdf). Ethmar acquired a 67% stake in BHM in October 2023, in a bid to expand and diversify its investments.
Dubai plane lessorDubai Aerospace Enterprise (DAE) turned to the black in 2023, recording a bottom line ofUSD 350.6 mn (AED 1.3 bn), compared to net losses of USD 279.3 mn in 2022 according to the company’s financial statements (pdf). DAE’s revenues climbed 15.6% y-o-y to USD 1.3 bn (AED 4.77 bn).
What they said: “Our full year 2023 financial results demonstrate the continued strength of our expanding franchise as we acquired 20 aircraft and a 64 aircraft order book with near-term delivery positions,” DAE CEO Firoz Tarapore said in an earnings release. “Our engineering division posted record results with sizable increases in output and revenue,” Tarapre said, adding that the company plans to continue to invest in its flagship facility in Amman.
AI company Bayanat saw its net income increase 15% y-o-y in 2023 to hit AED 232.4 mn, the company said in its financials (pdf). Bayanat noted in its earnings release (pdf) that its net income as a percentage of revenue was lower compared to the previous year due to the company’s ongoing investment in talent, R&D, product strategy, and new processes aligned with its IPO strategy. Revenues rose 47% y-o-y to AED 1.16 bn, which the company credits to its AI solutions, the statement reads.
Presight AI Holding’s 2023 net income came in at AED 570.6 mn, rising 5.1% y-o-y, according to the company’s maiden full-year earnings release (pdf) after listing on the ADX in March 2023. The AI company’s revenues increased 14.7% y-o-y to AED 1.7 bn. Presight’s results were supported by domestic projects throughout the year, the statement reads.
Looking ahead: “The 2023 numbers are backed by an additional AED1.56 bn of multi-year revenue contracts which will support strong future revenue and cashflow. The health of our balance sheet gives us the potential to accelerate our growth through future capital deployments which could include targeted geographical expansion, new product development to future proof growth, or value-adding acquisitions,” Presight CEO Thomas Pramotedham said.
