A. SREENIVASA REDDY (ABU DHABI)
Companies listed on the UAE’s stock exchanges delivered another quarter of solid earnings performance in Q3 2025, with both Abu Dhabi and Dubai markets together delivering nearly $19.2 billion, according to quarterly data released by Kamco Invest for listed companies in the GCC region.
Companies listed on Abu Dhabi Securities Exchange (ADX) reported a 17% year-on-year increase in total net profits, reaching $11.1 billion in Q3 2025, up from $9.5 billion in the same period last year. The emirate’s strong quarterly performance was underpinned by higher earnings across almost all key sectors, led by banks and energy producers. Over the first nine months of the year, ADX maintained its position as one of the region’s best-performing markets, with cumulative net profits rising 14.9% year-on-year to $30.5 billion, compared with $26.5 billion in 9M 2024.
The banking sector remained the backbone of Abu Dhabi’s corporate earnings. Listed banks recorded a 21.2% year-on-year jump in quarterly net profits to $3.3 billion. Kamco Invest noted that 10 of 11 banks reported profit growth during the quarter. First Abu Dhabi Bank (FAB) retained its position as the largest earnings contributor, with net profits rising 20.8% to $1.5 billion in Q3 2025, up from $1.2 billion a year earlier. FAB’s profitability, the report said, was driven by “strong execution across the franchise, delivering double-digit growth in all business divisions, supported by increased client activity, diversified revenue streams, and growing contributions from strategic trade corridors.”
Abu Dhabi Commercial Bank (ADCB) ranked next, delivering net profits of $841.4 million, compared with $651.0 million in Q3 2024 – an increase of more than 29%. ADCB’s performance was supported by steady growth in both interest and non-interest income.
The energy sector was the second-largest contributor to Abu Dhabi’s quarterly earnings. Energy companies posted $2.5 billion in Q3 2025, a rise of 10.9% year-on-year. The sector’s performance was driven by higher profits across three of its five constituents. ADNOC Gas reported $1.34 billion in quarterly earnings, up from $1.24 billion a year earlier, supported by continued strength in domestic demand. TAQA posted one of the strongest improvements, with a 26.6% rise in net profit to $645 million, reflecting lower operating costs during the period. ADNOC Drilling also recorded a 9.9% year-on-year rise in net profits to $368.2 million, contributing to the sector’s overall resilience.
Other sectors too added to Abu Dhabi’s growth story. The Food, Beverage & Tobacco sector reported a rise in quarterly net profits, reaching $1.3 billion in Q3 2025, compared with $1.0 billion a year earlier. This increase was largely driven by International Holding Company (IHC), whose net profits rose 27.7%, from $1 billion to $1.3 billion.
Dubai Financial Market (DFM)-listed companies delivered one of their strongest quarterly earnings performances in years. Total net profits surged 29.7% year-on-year in Q3 2025 to $8.1 billion, from $6.2 billion in Q3 2024.
According to Kamco Invest, banks, real estate companies and utilities collectively accounted for more than 87% of Dubai’s total earnings during the quarter.
The banking sector led Dubai’s earnings, with net profits rising 28.7% year-on-year to $3.7 billion. Five of the seven listed banks reported higher profits. Emirates NBD, the sector’s largest constituent, recorded a 23.3% increase in net profit, reaching $1.7 billion, supported by strong loan growth, improved margins and higher fee income. Dubai Islamic Bank posted an 18% surge in quarterly earnings to $529.3 million, reflecting broad-based growth in business activity.
Dubai’s real estate sector recorded a robust 43.7% year-on-year increase in net profits, rising to $2.3 billion in Q3 2025. The sector’s performance was powered overwhelmingly by Emaar Properties, which delivered $1.2 billion in quarterly net profit, a 37.4% increase from Q3 2024. Emaar Development also posted strong earnings momentum, delivering $884.8 million, up 57.1% year-on-year.
Dubai’s utilities sector added further momentum to the emirate’s growth narrative. The sector’s net profits increased 23.3% year-on-year to $1.1 billion in Q3 2025. The performance was led by DEWA, which reported a 26.3% rise in quarterly net profit to $983.1 million.
DEWA’s net profit for the first nine months rose 18.4% year-on-year to $1.7 billion.
Across the wider region, GCC-listed companies posted combined net profits of $65.6 billion in Q3-2025, up 7.9% year-on-year. The UAE contributed the second-largest share after Saudi Arabia, with Abu Dhabi and Dubai together accounting for nearly $19.2 billion of total quarterly earnings.