The net earnings of 123 listed Emirati companies reached Dh191 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 Dh72 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 Dh137.384 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 Dh53.506 billion in 2022.
Banking sector leads
The banking sector continued to dominate the earnings, with 18 banks recording net earnings of Dh50.319 billion last year, a growth of 32 per cent compared to around Dh38.111 billion in 2021.
The International Holding Company (IHC) emerged as the most profitable listed company, recording a 175 per cent increase in net earnings to Dh31.86 billion in 2022, compared to 2021, with revenues growing by 76 per cent to Dh50.4 billion.
The Multiply Group's net earnings also surged to Dh18.56 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 Dh13.4 billion in 2022, a rise of seven per cent compared to 2021, highlighting its significant growth, while Emirates NBD saw its earnings increase by 40 per cent to Dh13 billion in the same year.
Alpha Dhabi Holding registered net earnings of Dh10.6 billion in 2022 compared to Dh5.16 billion in 2021, with revenues increasing to Dh39.64 billion, confirming the group's commitment to expanding its operations.
The Abu Dhabi National Energy Company (Taqa) recorded net earnings of over Dh8.2 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 Dh27.4 billion and net earnings of Dh8 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 Dh6.8 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 Dh6.434 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 per cent to Dh5.55 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 per cent 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 Dh3.7 billion at the end of 2022, and its operating profits rose by 39.2 per cent to Dh4.4 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 Dh3.62 billion, a growth of 55 per cent.
The earnings of Aldar Properties increased on an annual basis by 35 per cent to Dh3.1 billion in 2022, while its revenues rose 31 per cent to Dh11.2 billion, and its total profits reached Dh4.7 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 Dh2.95 billion, a rise of 33 per cent on an annual basis, as well as a strong increase in its revenues to Dh9.82 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 Dh2.75 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. — Wam
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