Search Site

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.

Italy’s Enel doubles net profit

Enel is 23.6 percent owned by the Italian state. (Enel)
  • Enel said that before exceptional items, profit rose 21 percent to $7.04 billion, in line with the company's objectives
  • The company's revenue fell 32 percent to $103.62bn as prices declined as part of a "normalization of the energy sector"

Milan, Italy–Italian utility Enel said its net profit more than doubled in 2023 to 3.4 billion euros ($3.7 billion) despite falling electricity and gas prices.

Before exceptional items, profit rose 21 percent to $7.04 billion, in line with the company’s objectives.

“We achieved all 2023 targets that we had already revised upwards last November,” CEO Flavio Cattaneo said in a statement.

Revenue fell 32 percent to $103.62 billion as prices declined as part of a “gradual normalization of the energy sector” after peaking in 2022 following Russia’s invasion of Ukraine.

Net debt declined only marginally by 0.8 percent to 60.2 billion euros.

The debt, however, would be 53.5 billion euros if units in the process of being sold are excluded, the company said.

Enel, which is 23.6 percent owned by the Italian state, had announced at the end of 2022 it would sell 21 billion euros worth of activities to cut its debt, and says about half those sales have been completed or are underway.