Page 47 - ALEF EDUCATION PR REPORT - JULY 2025

8/1/25, 1:23 PM Adnoc Drilling, Ghitha, Emsteel, Americana and Alef report 1H results

For the six-month period, net income reached US D 691.9 mn, up
21.5% y-o-y, while revenues rose 29.9 % y-o-y to USD 2.4 bn. Oilfield
services saw the most growth, with revenues more than doubling to
US D 689 mn due to increased contributions from the unconventional
drilling segment and expanded integrated drilling services, according
to a separate earnings release (pdf ). Its onshore services brought in
the lion’s share of revenues with US D 1 bn.

1H growth was further underpinned by some USD 4.8 bn in new
contracts — its strongest ever backlog expansion. Adnoc Drilling also
moved to acquire a 70% stake in SLB’s land rig businesses in Kuwait
and Oman.

Looking ahead, 2H is set to outperform 1H, CFO Youssef Salem said
in an earnings call yesterday. The firm raised the lower end of its 2025
revenue and earnings guidance to USD 4.65 from USD 4 bn, with net
income expected to land between USD 1.3 75-1.4 5 bn.

The firm also upped its refinancing target from USD 1 bn to USD
1.5 bn, citing strong demand from banks, Salem told Asharq
Business (watch, runtime: 8: 59 ).

The M&A pipeline for its JV with Alpha Dhabi, Enersol, is healthy,
with several transactions expected to be signed this year, and most of
its US D 380 mn equity stake likely to be deployed in 2026.

AMERICANA-

ADX and Tadawul-listed F&B giant Americana Restaurants
reported a net income of USD 92.5 mn in 1H 2025, up 15.7% y-o-y
with revenues growing 15.6% to US D 1.2 bn, according to an earnings
release (pdf ). The growth came on the back of an increase in like-for-
like sales, strategic expansion, product innovation, and continued cost
discipline. The company maintained last year ’s net income margin of
7.6% despite some US D 8.2 mn in new taxes in its main markets in
2025.

The firm expanded its footprint by opening 36 new stores and
integrating 46 Pizza Hut outlets in Oma n, bringing the company’s
total store count to 2.6k locations across 12 countries. Americana also
signed an exclusive franchise agreement with Greek food and
beverage brand carpo earlier this month with rights in Kuwait and
Qatar, and further expansion planned in Bahrain and Saudi Arabia. It
is also in talks to buy a stake in Dubai-based Cravia, the MENA
operator of Five Guys, Cinnabon, and Zaatar w Zeit.

GHITHA-

Ghitha Holding saw its net income drop to AED 2 mn in 2Q, down
from AED 106.8 mn the year before, according to its financials (pdf ).
This is due to a AED 71.8 mn boost from gains on a bargain purchase
during 2Q 2024, while 2Q 2025 saw it take an AED 105.4 mn hit from
discontinued operations. On the other hand, the Abu Dhabi-based food
manufacturer ’s revenues rose 8.9% to AED 1.3 bn during the quarter.
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