Earnings of 123 listed Emirati companies total Dhs191 billion

The net earnings of 123 listed Emirati companies reached Dhs191 billion in 2022, indicating their robust financial position and healthy revenue growth.

According to a report by the Emirates News Agency (WAM), the net earnings of national listed companies increased by 60 per cent or Dhs72 billion from January 2022 to December 2022.

Out of the total earnings, nearly 77 companies listed on the Abu Dhabi Stock Exchange (ADX) accounted for the largest share valued at Dhs137.384 billion, reflecting a rise of 71 per cent, while 46 companies listed on the Dubai Financial Market saw their earnings grow by 38 per cent to Dhs53.506 billion in 2022.

The banking sector continued to dominate the earnings, with 18 banks recording net earnings of Dhs50.319 billion last year, a growth of 32 percent compared to around Dhs38.111 billion in 2021.

The International Holding Company (IHC) emerged as the most profitable listed company, recording a 175 percent increase in net earnings to Dhs31.86 billion in 2022, compared to 2021, with revenues growing by 76 per cent to Dhs50.4 billion.

The Multiply Group’s net earnings also surged to Dhs18.56 billion in 2022, supported by the strong performance of its investments and growth of its operating portfolio.

First Abu Dhabi Bank recorded net earnings of Dhs13.4 billion in 2022, a rise of 7 per cent compared to 2021, highlighting its significant growth, while Emirates NBD saw its earnings increase by 40 percent to Dhs13 billion in the same year.

Alpha Dhabi Holding registered net earnings of Dhs10.6 billion in 2022, compared to Dhs5.16 billion in 2021, with revenues increasing to Dhs39.64 billion, confirming the group’s commitment to expanding its operations.

The Abu Dhabi National Energy Company (TAQA) recorded net earnings of over Dhs8.2 billion, achieved with significant contributions from the oil and gas sector and lower expenses, which supported the company’s net income growth.

The Dubai Electricity and Water Authority (DEWA) announced revenues of Dhs27.4 billion and net earnings of Dhs8 billion, achieving its best annual consolidated and independent financial performance in its operating history.

Emaar Properties’ net earnings also grew by 80 per cent to Dhs6.8 billion in 2022, driven by sustainable revenues and improving profit margins, as well as cost-saving measures.

Abu Dhabi Commercial Bank (ADCB) saw its profits increase to Dhs6.434 billion in 2022, a rise of 23 per cent compared to 2021, enabling the bank to continue its upward growth trend.

Dubai Islamic Bank’s profits also increased by 26 percent to Dhs5.55 billion, aided by higher revenues, wise cost management, and the ongoing decline in impairment provisions.

Fertiglobe recorded a 52 per cent increase in its 2022 revenues to $5 billion, with its adjusted net profit increasing by 75 percent to $1.3 billion. Meanwhile, Borouge recorded net profits of $1.4 billion, with its revenues increasing significantly.

Mashreq Bank’s net earnings increased to Dhs3.7 billion at the end of 2022, and its operating profits rose by 39.2 per cent to Dhs4.4 billion compared to 2021, due to a rise in its operating income, while Abu Dhabi Islamic Bank achieved its best performance in 2022, with its net profits reaching Dhs3.62 billion, a growth of 55 per cent.

The earnings of Aldar Properties increased on an annual basis by 35 percent to Dhs3.1 billion in 2022, while its revenues rose 31 percent to Dhs11.2 billion, and its total profits reached Dhs4.7 billion, a growth of 31 per cent, resulting from its strong operating performance and massive capital investments.

In 2022, Adnoc Drilling recorded net profits of Dhs2.95 billion, a rise of 33 percent on an annual basis, as well as a strong increase in its revenues to Dhs9.82 billion, driven by the onshore drilling service and oilfield service sectors, coinciding with all other sectors achieving positive results.

The net profits of Adnoc Distribution increased by 22 per cent on an annual basis, reaching Dhs2.75 billion in 2022 after achieving a continuous rise in the total quantities of fuel sold over the past year. This growth is mainly due to the company’s ongoing economic expansion within the country.

Separately, In 2022, the total written premiums for insurance companies listed in local financial markets increased on an annual basis by 13 per cent, equivalent to Dhs3.34 billion while net profits reached Dhs1.52 billion.

According to a report by the Emirates News Agency on the disclosures of 29 listed national insurance companies of their financial results on financial market websites, their total written premiums increased from Dhs25.750 million in 2021 to Dhs29.88 billion in 2022.

Some 13 companies listed on the Dubai Financial Market acquired nearly 59 per cent, or Dhs17.18 billion, of total insurance premiums written for companies listed in 2022, a 17.1 per cent increase compared to Dhs14.676 billion in 2021.

The 16 companies listed on the Abu Dhabi Securities Exchange accounted for around 41 per cent, equivalent to Dhs11.89 billion, of total companies’ premiums in 2022, a 7.5 per cent rise compared to Dhs11.07 billion in 2021.The Orient Insurance Company had the largest share of total premiums for listed companies last year, increasing 21 per cent from Dhs5 billion to Dhs6 billion, and its profits rose by around 9.5 per cent to Dhs521 million while its technical profits increased by 19 per cent, reaching Dhs306 million in 2022.