Emirates Mobility H1 Profit Falls to AED 145 Million Despite Revenue Growth and Strong Liquidity

Abu Dhabi | EcoPulse24

Emirates Mobility Company PJSC (ADX: EMOBILITY) reported revenue of AED 361 million for the first half of 2026, an increase of 2% year-on-year, while profit for the period declined to AED 145 million from AED 159 million a year earlier, reflecting the absence of one-off gains recognized in the prior-year period and lower fair value gains.

The company said its gross profit remained broadly stable at AED 226 million, while EBITDA reached AED 185 million, underscoring the resilience of its core mobility operations despite a more normalized earnings profile.

H1 2026 Financial Highlights

The Group ended June with AED 761 million in cash and bank balances, representing approximately 39% of total assets, while shareholders' equity reached AED 1.43 billion, providing substantial financial flexibility to support future investments.

Core Business Maintains Strong Margins

Emirates Driving Company, the Group's flagship driver training business in Abu Dhabi, continued to deliver robust operating performance.

Revenue from the business increased 3% to AED 227 million, while maintaining an impressive 82% gross margin and generating AED 151 million in profit, broadly consistent with the first half of 2025.

Meanwhile, Excellence Group generated AED 134 million in revenue, broadly unchanged from the previous year.

Within the segment, limousine services recorded 21% revenue growth to AED 6 million, supported by fleet expansion. However, profitability was affected by weaker demand from the hospitality and corporate travel sectors, alongside development costs associated with newer business activities.

Profit Impacted by One-Off Comparisons

Management said the year-on-year decline in profit primarily reflected the non-recurrence of several income items booked in H1 2025, including:

• AED 3 million in Tabieah rental income.

• AED 4 million in gains from the disposal of Tabieah assets.

• Approximately AED 4 million lower net fair value gains.

• A AED 5 million general and administrative expense accrual, which management expects to reverse by year-end.

These factors were partially offset by the first profit contribution from Mowasalat, which added AED 4 million to Group earnings during the period.

Strategic Expansion Continues

During the first half, Emirates Mobility completed its corporate rebranding from Emirates Driving Company to Emirates Mobility Company, reflecting its transformation into an integrated mobility platform. The company's ADX ticker also changed from DRIVE to EMOBILITY.

The Group continued advancing several strategic initiatives, including:

• Proposed acquisition of a 51% stake in Performise Labs.

• Expansion into EV charging, digital mobility, and autonomous mobility solutions.

• Acquisition of strategic land in Ghantout, Jebel Ali, and Al Qusais to support future expansion.

• Expansion of customer service through eight mall locations in Abu Dhabi.

• Achievement of ESG 1000 and MSI 20000 certifications.

Mowasalat, in which Emirates Mobility owns 22.5%, continued its strong operational performance, reporting 18% revenue growth to AED 440 million and 28% EBITDA growth to AED 122 million.

Dividend and Capital Position

The Group distributed its FY2025 dividend of 20 fils per share, equivalent to AED 215 million, representing an 18% increase compared with the previous year.

Management said the Group remains well positioned to fund future investments while maintaining financial discipline and focusing on long-term shareholder returns.

EcoPulse24 View

Although reported profit declined during the first half, Emirates Mobility's underlying operating performance remained resilient. Revenue growth, consistently high margins in its core driver training business, a strong cash position, and continued investment in mobility, EV infrastructure, and digital services indicate that the earnings decline was primarily driven by accounting comparisons with prior-year one-off gains rather than deterioration in the core business. Investors are likely to focus on the company's strategic transformation into a diversified mobility platform and its ability to translate these investments into sustainable long-term earnings growth.