ABU DHABI, The net earnings of 123 listed Emirati companies reached AED 191 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 percent or AED 72 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 AED 137.384 billion, reflecting a rise of 71 percent, while 46 companies listed on the Dubai Financial Market saw their earnings grow by 38 percent to AED 53.506 billion in 2022.
The banking sector continued to dominate the earnings, with 18 banks recording net earnings of AED 50.319 billion last year, a growth of 32 percent compared to around AED 38.111 billion in 2021.
The International Holding Company (IHC) emerged as the most profitable listed company, recording a 175 percent increase in net earnings to AED 31.86 billion in 2022, compared to 2021, with revenues growing by 76 percent to AED 50.4 billion.
The Multiply Group’s net earnings also surged to AED 18.56 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 AED 13.4 billion in 2022, a rise of 7 percent compared to 2021, highlighting its significant growth, while Emirates NBD saw its earnings increase by 40 percent to AED 13 billion in the same year.
Alpha Dhabi Holding registered net earnings of AED 10.6 billion in 2022, compared to AED 5.16 billion in 2021, with revenues increasing to AED 39.64 billion, confirming the group’s commitment to expanding its operations.
The Abu Dhabi National Energy Company (TAQA) recorded net earnings of over AED 8.2 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 AED 27.4 billion and net earnings of AED 8 billion, achieving its best annual consolidated and independent financial performance in its operating history.
Emaar Properties’ net earnings also grew by 80 percent to AED 6.8 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 AED 6.434 billion in 2022, a rise of 23 percent compared to 2021, enabling the bank to continue its upward growth trend.
Dubai Islamic Bank’s profits also increased by 26 percent to AED 5.55 billion, aided by higher revenues, wise cost management, and the ongoing decline in impairment provisions.
Fertiglobe recorded a 52 percent increase in its 2022 revenues to US$ 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 AED 3.7 billion at the end of 2022, and its operating profits rose by 39.2 percent to AED 4.4 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 AED3.62 billion, a growth of 55 percent.
The earnings of Aldar Properties increased on an annual basis by 35 percent to AED3.1 billion in 2022, while its revenues rose 31 percent to AED11.2 billion, and its total profits reached AED4.7 billion, a growth of 31 percent, resulting from its strong operating performance and massive capital investments.
In 2022, ADNOC Drilling recorded net profits of AED2.95 billion, a rise of 33 percent on an annual basis, as well as a strong increase in its revenues to AED9.82 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 percent on an annual basis, reaching AED2.75 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.
Source: Emirates News Agency