Four UAE Firms Report Growth in H1 2025

ADNOC Drilling and three other companies – EMSTEEL, Mashreq Bank and NMDC Group – on Wednesday announced record-breaking performance across revenue, EBITDA and net profit while maintaining strong momentum in shareholder returns and delivering regional expansion during the first two quarters of this year.

Fuelled by fleet expansion, rig utilisation and offshore growth, ADNOC Drilling reported a revenue of $2.37 billion, +30% y-o-y, EBITDA of $1.08 billion, +19% y-o-y and a net profit of $692 million, +21% y-o-y.

ADNOC Drilling CEO Abdulla Ateya Al Messabi said that their record first half 2025 results once again demonstrated the strength, resilience, and scalability of ADNOC Drilling. The company continues to deliver outstanding financial performance, dependable shareholder returns and disciplined regional expansion, all underpinned by our commitment to deploying AI and advanced technologies.

“With this momentum, we are firmly on track to achieving our full-year growth targets. ADNOC Drilling has consistently demonstrated its ability to grow in any phase of the energy cycle. With high and visible cash flows, growing earnings and strong visibility of future returns, we remain confident in our ability to continue delivering long-term value to our shareholders,” he added.

Mashreq Bank

Underpinned by robust loan growth, best-in-class risk/return profile, market-leading capitalisation, and Strategic Expansion, Mashreq Bank said that it has recorded $1.69 billion in operating income driven by 21% y-o-y growth in loans and robust contributions from investment and other non-interest income streams—highlighting Mashreq’s ability to capture value across cycles and deliver quality growth amid moderating interest rates.

The Net Interest Income increased 1% q-o-q $540 million in Q2 2025, as sustained volume growth and disciplined asset repricing offset the cumulative 100bps rate cut implemented since 2024.

Mashreq’s profit before tax reached $1.12 billion and net profit after tax stood at $950 million, reflecting its ability to deliver solid earnings and maintain profitability in the face of a significantly higher tax burden following the implementation of the UAE’s 15% global minimum tax under the Pillar Two framework.

EMSTEEL

The Group delivered strong operational performance during the period, increasing sales volumes of finished steel products by 24% y-o-y to 1,616 thousand tonnes. As of 30 June 2025, the Group maintained a robust net cash position of $101.29 million, compared with $91.76 million as of 31 December 2024.

EBITDA reached $147.04 million, up 6% y-o-y, with an EBITDA margin of 12.6%, compared with 12.8% in H1 2024, while profit after tax for H1 2025 amounted to $51.19 million, compared to $47.38 million for the same period last year.

The Emirates Steel division contributed $1.06 billion in revenue, representing a 7% increase compared to H1 2024, and generated $122.26 million in EBITDA.

The Emirates Cement division recorded $116.54 million in revenue, reflecting 21% y-o-y growth, and generated $24.78 million in EBITDA. Within this division, the Pipes & Other segment contributed $24.51 million in revenue during the period.

NMDC Group

The company said that H1 revenue reached $3.65 billion and net profit increased 20% y-o-y to $490 million. The backlog remained strong, reaching $18.03 billion, supported by $4.11 billion in awarded projects.

The Group continues to build its pipeline of projects, valued at around $270 billion. In Q2 2025, Group revenue rose 5% year on year to $1.93 billion, while net profit came at $264.4 million, up 18% y-o-y, reflecting operational discipline and margin expansion.