Mubadala invests in Manipal Health
Manipal Health offers multispecialty care through 30 hospitals.
Business
Business
Sharjah Islamic Bank’s profit rises 24%
Operating profit before provisions rose by 12%.
- Operating profit rose by 11.9 percent, amounting to $198 million for the 3rd quarter of 2022, compared to $178 million
- The bank recorded impairment provisions of $44 million, compared to $53 million during the last period
Business
ADCB Q3 net profit at US$432m
The diversification of revenue streams boosted the bank's profitability.
- The bank reported a non-interest income of US$259 million (AED 952 million).
- ADCB said its operating income surged by 21 percent to reach US$955 million (AED 3.510 billion).
Business
Empower to sell 10% stake, list on DFM
Empower will make 1 bn shares, each valued AED0.10, available in IPO.
- The company said that all shares to be offered represent the sale of existing shares held in aggregate by DEWA and Emirates Power.
- The subscription period will open on 31 October 2022 and is expected to close on 7 November 2022 for the UAE Retail Investors and on 8 November 2022 for Qualified Investors.
Business
Credit Suisse to pay $234m fine
Bank to pay fine on money laundering, tax fraud charges.
- Credit Suisse said it had reached the settlement to resolve a legacy matter in relation to investigation into historical cross-border private-banking services.
- The bank added that the settlement does not comprise a recognition of criminal liability.
Business
Aliph Capital secures $125m investment for its maiden fund from ADQ
Aliph Capital is an alternative investment firm focused on private equity investing.
- Aliph Fund I (LP) is a $250 million target private equity fund domiciled in ADGM aiming to invest in high-quality mid-sized companies in the UAE.
- Aliph Capital will seek to acquire sizeable, active positions in privately owned mid-market companies across the GCC that possess robust business fundamentals, the company said.
Business
Mubadala, KKR in $1bn capital tieup
The two firms signed a partnership to provide bespoke credit solutions.
- In APAC, KKR has deployed nearly US$3 billion in credit capital since 2019.
- The APAC credit business is part of KKR's approximately $178 billion global credit platform.
Business
Philips to cut 4,000 jobs as losses deepen
The step followed penalty for faulty sleep respirators.
- The new chief executive Roy Jakobs said Philips would double down on patient safety and quality management
- The company posted a net profit of three billion euros in the third quarter last year, helped by the sale of its domestic appliances business
Business
Reliance Q2 net profit at $1.65bn
RIL's core oil-refining business hit overall profits.
- Revenues from operations increased 33.7 percent on-year to US$28.19 billion helped by strong contributions from Reliance's newer consumer-facing businesses.
- Additional excise duties cost Reliance US$488 million (40.4 billion rupees) in the quarter, the company said,
Business
Bayanat AI IPO tranche oversubscribed
The offering saw significant demand and commitment from IHC.
- The subscription period ends on 25 October 2022 while the listing of shares and trading on ADX is anticipated on 31 October 2022.
- Dubai Islamic Bank is the Lead Manager, and First Abu Dhabi Bank is acting as the Lead Receiving Bank. International Securities are the Lead Placement Agent on the IPO.
Business
Credit Suisse sells 8.6% stake in Allfunds
Bank raised US$325m from its stake sale of Spanish firm.
- Credit Suisse acquired the minority stake in 2020 after selling its business-to-business investment fund platform, InvestLab, to Allfunds.
- The bank was rocked last year by the collapse of the British financial firm Greensill.
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Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
Business
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Americana Restaurants reports $1,897m revenue
The company's adjusted EBITDA reaching $446.5 million.
- Profitability remained a key highlight, with the company's adjusted EBITDA reaching $446.5 million for the first nine months of 2023
- The company's steady expansion continued, adding 184 gross new restaurants, bringing the total portfolio to 2,338 restaurants
Business
e& net profit up 20% in Q3
The company's revenues increased by 3.3 percent to $3.64 billion.
- The company said that at constant exchange rates, consolidated revenue increased by 8 percent and consolidated EBITDA increased by 6.9 per cent.
- The number of etisalat by e& subscribers in the UAE reached 14.0 million in Q3 2023, representing an increase of 4.7 percent.
Toyota hikes annual profit forecast
The company plans a $13.9bn investment in a battery plant.
- Toyota said a weaker yen and cost-cutting efforts meant it now expects annual net profit of 3.95 trillion yen, from a previous estimate of 2.58 trillion yen
- Toyota on Tuesday said it now plans a $13.9 billion investment in a battery plant in North Carolina in US, expanding a previous commitment to spend $5.9 billion