The Finance World Magazine| Edition: March 2023

DEWA
2022 Net Profit: AED 5.5B
Dubai Electricity and Water Authority
(DEWA) announced a surge in net
profits for the year 2022, a boost in
electricity and water demand. The net
profit for the year reached AED 5.5B,
an increase of 10% compared to the
previous year. DEWA also unveiled a
special dividend payout of AED 2.1B,
equivalent to 38.6% of its capital, to its
shareholders. This payout highlights
the authority’s commitment to provide
value to its shareholders while achieving
its strategic goals. The impressive
financial results were attributed to
DEWA’s smart initiatives, innovative
projects, and investments in renewable
energy, which aim to reduce carbon
emissions and enhance sustainable
development in the UAE.
ADCB
2022 Net Profit: AED 6.434B
Abu Dhabi Commercial Bank (ADCB),
one of the leading banks in the UAE, has
announced a record-breaking full-year
net profit of AED 6.434B, representing
a year-on-year increase of 23%. The
bank’s strong financial performance
was driven by an increase in operating
income, improved cost efficiencies and
a reduction in impairment charges.
ADCB’s Q4’22 net profit also rose by
23% YoY to AED 1.784B, highlighting the
bank’s continued resilience in the face of
the challenging economic environment.
The bank’s robust financial position has
enabled it to consistently deliver value
to its stakeholders, while maintaining
a strong focus on risk management and
customer service.
du
2022 Net Profit: AED 1.22B
UAE’s telecom operator Emirates
Integrated Telecommunications
Company, also known as du, reported
a 10.8% growth in 2022 full year net
profit. Net profit for the year rose to
AED 1.22B, while the telco recorded
a 9.2% increase in revenue, equalling
AED 12.75B, on “sustained demand for
broadband services and 5G handsets
as well as a gradual recovery of mobile
services”, the company said on Tuesday.
Full-year earnings before interest, tax,
depreciation and tax (EBITDA) also
grew by 12% to reach AED 5.14B, owed
to strong services revenues growth,
expansion of gross margins and cost
optimisation initiatives, the operator
added. Capital expenditures for the
full year totalled Dhs2.21bn.
Aramex
2022 Net Profit: AED 165.3M
Dubai-based logistics firm Aramex
has reported a 27% drop in net profit
for 2022, with earnings falling to AED
165.3M due to a decline in international
activity. The company, which provides
delivery and logistics services in more
than 70 countries, has been hit hard
by the ongoing Covid-19 pandemic,
as international trade and shipping
volumes continue to be disrupted.
Despite this, Aramex’s revenues
remained steady, with the company
generating AED 5.5B in revenue for
the year. Aramex’s management team
remains confident in the company’s
long-term prospects, however, and has
outlined plans to continue investing in
technology and expanding its operations
in key markets.
Mashreq Bank
2022 Net Profit: AED 3.7B
Mashreq Bank, which is based in Dubai,
reported a net profit of AED 3.7B
($1B) for the year 2022, representing a
270% increase from the previous year,
according to the bank’s chairman, who
referred to it as a “transformative year”.
The bank also announced a fourthquarter
net profit of AED 1.126B, up
from the previous quarter and yearon-year.
The operating profit for the
year 2022 was AED 7.496B, an increase
from the previous year’s AED 5.806B. In
addition, the retail banking operations
grew by 42% in the year, while the digital
solutions Neo and personal banking net
profit grew by 43%, according to the
Group CEO Ahmed Abdelaal.
Borouge
2022 Net Profit: $1.41B
Abu Dhabi-based polyolefin company
Borouge posted a 17% year-on-year
(y-o-y) fall in its Q4 2022 net profit to
$247M from $299M. Profit for the full
year came in 8% lower y-o-y to $1.41B,
the ADX-listed company said. The
quarter’s effort missed Refinitiv’s mean
analysts’ estimates of $258M, but was
in line with the FY estimate of $1.41B.
Revenue in the quarter was $1.59B, 6%
lower compared with $1.69B in the
prior period. The specialty chemicals
company, which listed in June last year
following an IPO which raised more
than $2B, said it was committed to
pay $975M in dividends for 2022, and
at least $1.3B for FY 2023.
March 2023 www.thefinanceworld.com 87