UAE April-June 2026 earnings: real estate out-earns the market

The Emirates closed the April-June 2026 quarter. We went through 23 issuers with a comparable base. Median revenue growth was 7% and net profit growth 6%, making this the quietest market in our international coverage. The mix explains it: banks, real estate and infrastructure dominate, and the commodity leverage that drove Australian results is largely absent.

- Real estate out-earns everything: Emaar Development runs a 40.7% net margin with profit up 44%.

- Banks move steadily and trade cheaply: profit growth from zero to 4%, valuations of 7-10x earnings.

- The best report on the market is Fertiglobe: profit up almost six-fold.

- The setbacks are name-specific: ADNOC Gas lost 52% of profit as revenue fell a third, Air Arabia lost 75%.

- Salik, the Dubai toll road operator, saw revenue fall 12% and profit 16%.

Infrastructure and real estate

Emaar Development - revenue 6.48 bn dirhams (+32%), EBITDA 3.22 (+37%), net profit 2.64 (+44%). Net margin 41%, +3pp; 3.0x ebitda; net cash.

TAQA (Abu Dhabi National Energy) - revenue 13.8 bn dirhams (-2%), net profit 1.98 (+22%). Net margin 14%, +3pp.

Parkin - revenue 0.36 bn dirhams (+14%), EBITDA 0.21 (+15%), net profit 0.17 (+12%). Net margin 46%, -1pp; 20.9x ebitda; net debt 0.8x.

Aldar Properties - revenue 8.11 bn dirhams (+5%), EBITDA 2.65 (+19%), net profit 2.17 (+10%). Net margin 27%, +1pp; 8.7x ebitda; net debt 3.0x.

Emaar Properties - revenue 11.5 bn dirhams (+18%), EBITDA 5.54 (+16%), net profit 3.67 (+9%). Net margin 32%, -3pp; 3.8x ebitda; net debt 0.1x.

TECOM Group - revenue 0.79 bn dirhams (+11%), EBITDA 0.61 (+9%), net profit 0.40 (+7%). Net margin 51%, -2pp; 9.5x ebitda; net debt 2.1x.

DEWA (Dubai Electricity & Water) - revenue 8.41 bn dirhams (-3%), net profit 2.29 (+1%). Net margin 27%, +1pp; 12.7x ebitda; net debt 2.6x.

Salik - revenue 0.68 bn dirhams (-12%), EBITDA 0.47 (-14%), net profit 0.33 (-16%). Net margin 49%, -3pp; 21.6x ebitda; net debt 1.9x.

Banks and finance

Abu Dhabi Commercial Bank - revenue 5.51 bn dirhams (+21%), net profit 3.38 (+32%). Net margin 61%, +5pp; 9.1x earnings.

Abu Dhabi Islamic Bank - revenue 3.15 bn dirhams (+10%), net profit 1.81 (+8%). Net margin 58%, -1pp; 12.0x earnings.

First Abu Dhabi Bank - revenue 9.22 bn dirhams (+5%), net profit 5.71 (+4%). Net margin 62%, -1pp; 10.3x earnings.

Emirates NBD - revenue 13.0 bn dirhams (+12%), net profit 6.42 (+2%). Net margin 50%, -5pp; 7.9x earnings.

Dubai Islamic Bank - revenue 3.18 bn dirhams (+2%), net profit 1.86 (-0%). Net margin 58%, -1pp; 7.0x earnings.

Consumer

Americana Restaurants - revenue 715 mn dollars (+11%), EBITDA 183 (+22%), net profit 83.9 (+40%). Net margin 12%, +2pp; 9.3x ebitda; net debt 0.8x.

Spinneys - revenue 0.90 bn dirhams (-2%), EBITDA 0.18 (+1%), net profit 0.09 (+6%). Net margin 10%, +1pp; 5.3x ebitda; net cash.

Talabat - revenue 1141 mn dollars (+16%), EBITDA 135 (-12%), net profit 99.6 (-18%). Net margin 9%, -4pp; 13.6x ebitda; net cash.

Oil and gas

ADNOC Drilling - revenue 1232 mn dollars (+3%), EBITDA 549 (+3%), net profit 359 (+2%). Net margin 29%; 12.8x ebitda; net debt 1.0x.

ADNOC Gas - revenue 3111 mn dollars (-33%), EBITDA 1157 (-42%), net profit 665 (-52%). Net margin 21%, -8pp; 13.5x ebitda; net cash.

Chemicals and materials

Fertiglobe - revenue 1086 mn dollars (+92%), EBITDA 338 (+80%), net profit 114 (6x). Net margin 10%, +7pp; 5.3x ebitda; net debt 0.5x.

Borouge - revenue 1406 mn dollars (+8%), EBITDA 395 (-10%), net profit 191 (-0%). Net margin 14%, -1pp; 11.9x ebitda; net debt 1.7x.

Technology and telecom

du (EITC) - revenue 4.08 bn dirhams (+5%), EBITDA 1.46 (+17%), net profit 0.80 (+10%). Net margin 20%, +1pp; 10.3x ebitda; net debt 0.3x.

e& (Etisalat Group) - revenue 19.2 bn dirhams (+6%), net profit 3.12 (-10%). Net margin 16%, -3pp; 6.8x ebitda; net debt 1.1x.

Transport, autos and defence

Air Arabia - revenue 1.69 bn dirhams (-0%), EBITDA 0.23 (-41%), net profit 0.09 (-75%). Net margin 5%, -16pp; 20.8x ebitda; net debt 0.9x.

What looks interesting

Emaar Properties at 3.8x EBITDA with almost no net debt.

Dubai Islamic Bank has the lowest valuation among the banks at 7.0x earnings.

Fertiglobe at 5.3x EBITDA with profit up almost six-fold.

Notes on the data

Emaar Development screens very cheap, but a large part of a developer's cash sits in escrow accounts and is not freely the company's own.

Talabat's figures are tagged in dirhams while they are in fact in dollars, so the valuation is overstated; the fix is queued.

ADNOC Distribution is excluded: its second-quarter line turned out to be a half-year cumulative.