Page 43 - ALEF EDUCATION PR RPEORT MAY 2025

What they said: “These results reflect the continued strength of our diversified business model
and our disciplined execution, even amid a more measured interest rate environment,” CEO Ahmed
Abdelaal said.
Looking ahead: “We remain focused on scaling our Banking-as-a-Service model, deepening
embedded finance capabilities, and accelerating the deployment of AI-driven solutions to deliver
seamless, hyperpersonalized client experiences,” Abdelaal said.

BOROUGE-

Adnoc petrochemicals JV Borouge reported a 2.9% y-o-y rise in net income to USD 281 mn in
1Q 2025, driven by increased production and a 10.3% y-o-y uptick in total sales volume to 1.3 mn
tonnes, according to its earnings release (pdf). Revenues came in at USD 1.4 bn, up 9.1% y-o-y,
supported by a 13.2% volume growth in polypropylene and gains of 7.6% in polyethylene, according
to figures in a separate management report (pdf).

Borouge continued to outperform its pricing benchmarks, with average premiums of USD 224
per tonne for polyethylene and USD 154 for polypropylene, and an asset utilization rate of 98%
helped production reach an all-time high in March.

Looking ahead:A planned turnaround at Borouge 3 is expected to cut 2Q 2025 output by 320k
tonnes, but the company reaffirmed its pricing outlook and focus on high-margin products and
regional allocation. Two newly signed contracts aim to boost capacity beyond 6.6 mn tpa by 2028,
with expected annual EBITDA of AED 600-730 mn once operational. Borouge is also executing
a 2.5% share buyback, having repurchased 64 mn shares to date.

Dividends: The company plans on an annual dividend distribution equal to 16.2 fils per share
between 2025 and 2030. Following the expected completion of the USD 60 bn merger with Borealis
and Nova Chemicals in 1Q 2026, Borouge is targeting an annual dividend of USD 2.2 bn — implying
a 6.3% yield at current share prices.

AMERICANA RESTAURANTS INTERNATIONAL-
UAE-headquartered restaurant giant Americana Restaurants International saw its bottom line
grow 19.8% y-o-y in 1Q 2025, reaching USD 31.9 mn, according to its financials (pdf). The
company’s revenues also surged by 16.2% y-o-y to USD 573.4 mn in 1Q.

Americana’s growth was mainly fueled by higher sales and the company’s expansion of its
store footprint, which now totals 2.6k outlets across 12 countries, according to a
separate earnings release (pdf). The company’s growth in net income attributable to the parent
company shareholders, up 16.5% y-o-y to USD 32.6 mn, was supported by its strong topline and
improved gross margins through cost-cutting measures.

DUBAI AEROSPACE ENTERPRISE-

Dubai Aerospace Enterprise (DAE) recorded a 26.5% y-o-y growth in its bottom line to USD 85.8
mn in 1Q 2025, which the firm attributed to increased operating net income largely
counterbalanced by high net finance costs and income tax expenses during the quarter, according
to an earnings release (pdf). The firm’s topline increased by 15.2% y-o-y to USD 395.9 mn during the

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