Markets Profits of 123 Emirates-listed companies at $52bn in 2022 By Pramod Kumar February 20, 2023 WAM The net profits of UAE-listed firms increased by 60 percent, or AED 72 billion, in 2022 The net earnings of 123 UAE-listed companies reached AED191 billion ($52 billion) in 2022, indicating their strong financial position and healthy revenue growth. The net profits of listed firms increased by 60 percent, or AED72 billion, last year, according to a state-owned Emirates News Agency (WAM) report. Out of the total earnings, nearly 77 companies listed on the Abu Dhabi Stock Exchange (ADX) accounted for the largest proportion, valued at AED137.38 billion, up 71 percent. A total of 46 companies listed on the Dubai Financial Market (DFM) saw their earnings grow by 38 percent to AED53.5 billion in 2022. The banking sector continued to dominate the earnings, with 18 banks recording net earnings of AED50.32 billion last year, a growth of 32 percent from nearly AED38.11 billion in 2021. International Holding Company (IHC) emerged as the most profitable listed company, recording a 175 percent increase year-on-year in net earnings to AED31.86 billion in 2022, with revenue growing by 76 percent to AED50.4 billion. Multiply Group’s net profit surged to AED18.56 billion in 2022, supported by the strong performance of its investments and the growth of its operating portfolio. First Abu Dhabi Bank recorded a net profit of AED13.4 billion in 2022, a rise of 7 percent year on year, while Emirates NBD saw a 40 percent year-on-year earnings increase to AED13 billion. Abu Dhabi National Energy Company’s (TAQA) net profit stood at over AED8.2 billion, driven by significant contributions from the oil and gas sector and lower expenses. Dubai Electricity and Water Authority (Dewa) announced revenues of AED27.4 billion and net earnings of AED8 billion, the best annual consolidated and independent financial performance in its operating history. Emaar Properties’ net earnings grew by 80 percent to AED6.8 billion last year, driven by sustainable revenues, improving profit margins and cost-saving measures. Abu Dhabi Commercial Bank (ADCB) saw its profit increase to AED6.434 billion in 2022, a rise of 23 percent year on year. Dubai Islamic Bank’s profit also increased by 26 percent to AED 5.55 billion, aided by higher revenue, prudent cost management and an ongoing decline in impairment provisions. Mashreq Bank’s net earnings increased to AED3.7 billion at the end of 2022, while operating profit rose by 39.2 percent to AED 4.4 billion. On the other hand, Abu Dhabi Islamic Bank achieved its best performance last year, with net profit reaching AED3.62 billion, a year-on-year growth of 55 percent. The earnings of Aldar Properties increased annually by 35 percent to AED3.1 billion in 2022, while revenue rose 31 percent to AED11.2 billion. The net profit of Adnoc Distribution increased by 22 percent annually, reaching AED2.75 billion in 2022 on a continuous rise in the total quantities of fuel sold.