DFM: Top profit gainers and decliners in H1 2026

Top 10 Profit Gainers in H1 2026 – AED mln

Period

H1
2025

H1
2026

Change %

Reason for Growth

Aramex

7.9

64.4

+720%

Higher revenue by 12%, lower general expenses 4%, and H1 2025 included direct professional expenses related to K-Logistics Holding’s preliminary acquisition offer (Apollo Project) at AED 8.3 million.

Salama

5.7

26.8

+370%

Delivered a profit from takaful services of AED 28.3 million, compared to a loss of AED 1.9 million, and investment results jumped 92%. Other operating expenses fell 22%.

Amlak Finance

18.5

77.3

+317%

Rise in profit from discontinued operations to AED 33.4 million, compared to a loss of AED 17,000, and cost of real estate development sales declined 78%. Provision write-back increased 27%. H1 2025 results included fair value write-down losses on investment deposits and on held-for-sale assets, and distributions to financiers totaling AED 15.5 million, AED 21.4 million, and AED 14.1 million, respectively.

Etihad Energy Holding

8.1

30.7

+277%

Revenue rose 48%, and H1 2025 results included fair value losses on derivative financial instruments totaling AED 8.3 million.

United Foods

12.3

34.9

+183%

Revenue rose 49%, and other income increased by 121%.

National International Holding

5.4

11.0

+102%

AED 11.8 million profit from takaful service results versus a loss of AED 895,000, with total investment revenue rising 100%.

Al Ramz Corporation

18.8

35.8

+90%

Rise in revenue from corporate financing, advisory income and other income by 103%, growth in net commission income by 35%, and a decline in net financing costs by 48%.

Alliance Insurance

10.8

20.2

+86%

Generated a profit from insurance service results amounting to AED 2.9 million compared to a loss of AED 8.5 million.

Orient Takaful

30.2

51.1

+69%

Rise in takaful service results by 37%, and a decline in net takaful financing expenses by 21%.

Sukoon Takaful

9.5

14.5

+52%

Growth in takaful service results by 36%, and a 24% increase in investment income.

Top 10 Companies with Largest Profit Declines in H1 2026 – AED mln

Period

H1
2025

H1
2026

Change %

Reason for Decline

Emirates Investment Bank

49.3

11.1

(77%)

Operating revenue fell 4%, while general and administrative expenses surged 99%.

Dubai Taxi

189.0

61.1

(68%)

Total income margin dropped to 9.8% from 24.6% due to a 15% decline in revenue, booking of AED 2.6 million in expected credit loss provisions versus a write-back of AED 3.7 million in provisions a year earlier.

Unikai Foods

16.1

7.3

(55%)

Income margin declined to 32.1% from 33.3% due to a higher increase in cost of sales relative to revenue, a 7% rise in general, selling and distribution expenses, and a 55% drop in net other non-operating income.

Air Arabia

654.9

336.0

(49%)

Income margin fell to 12.7% from 21.2%, as a result of higher direct costs and lower revenue, as well as increases in both finance costs and general and administrative expenses by 43% and 16%, respectively.

Dubai Financial Market

711.8

407.5

(43%)

H1 2025 includes AED 462.2 million profit from sale of investment property, while revenue from dividends fell 8%.

National Cement Company

168.1

109.0

(35%)

Decline in dividend income from equity investments by 49%, recognition of losses from fair value changes in debt instruments at fair value through profit and loss worth AED 3.8 million versus a profit of AED 600,000, and a 40% decrease in net financing income.

Tabreed

275.7

191.8

(30%)

Increase in net finance costs by 33%, higher general and other expenses by 17%, and a 54% decline in share of results from associates.

Al Ansari Financial Services

212.2

151.3

(29%)

Increase in salaries and benefits expense by 11%, along with higher depreciation and amortization, and general and administrative expenses by 20% and 15%, respectively.

Talabat

824.9

683.9

(17%)

Increase in general and administrative expenses by 28%, a 14% rise in marketing expenses, as well as an increase in other expenses and IT expenses by 7% each, and a 55% increase in expected credit loss provision.

ALEC Holdings

237.8

214.3

(10%)

Decline in margin to around 5.7% compared to 10.0%, due to higher growth in cost of revenues than revenue growth, plus a 5% rise in administrative and marketing expenses, a 16% increase in income tax expense, and a 5% rise in finance costs.

Companies that Turned Profitable after Losses – H1 2026

Company

H1
2025

H1
2026

Reason for Profit Turnaround

Aman

(9.4)

1.3

Higher other operating income to AED 8.4 million, versus AED 6,100; and a 47% drop in general and administrative expenses.

Companies that Reported Losses after Profits – H1 2026 (AED mln)

Period

H1
2025

H1
2026

Reason for Turning to Loss

SHUAA Capital

214.4

(0.5)

Profit in the prior period driven by mandatory convertible bonds worth AED 214.8 million, and a 69% drop in other income.

Emirates Reem Investments

8.3

(1.1)

Rise in sales and distribution expenses and G&A by 41% and 17%, respectively; and recording AED 3.8 million in fair value losses on investments in financial assets at FVTPL versus a profit of AED 4 million a year earlier.

Companies with Widened Losses in H1 2026 (AED mln)

Company

H1 2025

H1 2026

Reason for Higher Losses

Al Sagr National Insurance

(21)

(39.2)

Higher underwriting losses at AED 30.1 million versus AED 3.4 million.