INSEAD Day 4 - 728x90

Company News

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

Business

ADNOC Gas to pay $3.41bn dividend

It includes $1.7 billion scheduled for distribution in Q2 2025.

Business
Business

Banque Saudi Fransi net profit up 15%

The bank’s profit for the nine-month period peaked at $719m.
  • The hike in profit was driven by boost in total operating income, partially offset by an increase in total operating expenses by 20.18 percent.
  • The bank said the increase in total operating income was driven by higher net special commission income, exchange income, net as well as other operating income.
Business

Nedaa, Nokia ink 5G deal in Dubai

5G network will help Nedaa provide better services.
  • With the introduction of 5G, Nedaa will be able to support enhanced services for public safety and management of vital operations.
  • The MoU sets a framework for upgrading the existing network capabilities and introducing agile and advanced services.
Business

Empower IPO priced AED1.31-1.33 per share

The total offering size expected between $357m and $362m.
  • On Oct. 24, Empower announced it will list 10 percent stake in its IPO and list a portion of its ordinary shares for trading on the Dubai Financial Market (DFM).
  • Empower said that 1 billion shares, each with a nominal value of AED0.10 (ten fils) will be made available in the offering.
Business

QLM profits fall by 33 percent in first nine months of 2022

The company had reported a net profit of $12.27mn for H1.
  • The gross written premium for the six-month period that ended on June 30, 2022 had increased by 33 percent to QR742mn.
  • QLM Life & Medical Insurance Company was established in 2018, and was listed on Qatar Stock Exchange last year, with a capital of QR 350 million. 
Business

Sheikh Khaled bin Mohamed bin Zayed meets CEOs of INPEX, BP

Energy security, enhancing partnerships were discussed.
  • The meeting discussed ways of harnessing opportunities in renewables and hydrogen.
  • The meetings deliberated on ways of expanding existing relationships to enable a more sustainable future.
Business

ConocoPhillips buys 6.25% in Qatar’s North Field South project

Project is part of the world's biggest natural gas reserves.
  • Energy Minister Saad Sherida al-Kaabi said Qatar was talking with Asian nations over a share in its campaign to increase annual production by 60 percent.
  • France's TotalEnergies and Britain's Shell both have 9.37 percent stakes in the field, while state-owned Qatar Energy has the remaining 75 percent.
Business

Arab Bank Group net income up 49 percent in first nine months of 2022

Compared to $271.7m in 2021, the net income at Sept end was $405.8m.
  • At the end of September 2022, loans were up by 4 percent from September 2021 level to reach $35.6 billion.
  • The deposits reached $47.8 billion, up by 3 percent from the 2021 level.
Business

Octopus Energy acquires Bulb

Firm said it was paying the government a nine-digit sum.
  • Bulb, Britain's seventh-biggest supplier, collapsed in 2021 due to soaring wholesale prices
  • The government will give financial support to buy energy for Bulb customers over this winter.
Business

ExxonMobil Q3 net surges to US$19.7bn

Hike in profit was due to high oil, natural gas prices.
  • The US oil giant became the latest petroleum heavyweight to report stunning third-quarter figures, with year-on-year profits nearly tripling.
  • The results show how the surge in crude prices in the aftermath of Russia's invasion of Ukraine has boosted oil company profits.
Business

QGIRCO posts Q3 net profit of US$1.1m

Firm's Q3, 2022 profit fell compared to Q3 in 2021.
  • The company's data indicated that the earnings per share amounted to $.01 in the third quarter of this year,
  • The company's earnings per share was $.02 for the same period last year.

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.
Business

Company News

Enbridge inks $14bn pact

OIA invests in US battery firm ONE

ADCB prices $650m green bond

L’Occitane shares nosedive

Arm seeks $52bn valuation

Latest News

Andalusia Labs secures $48m funding

The company deals in risk management infrastructure for digital assets.
Business

Pfizer set to acquire Seagen

The drugmaker will complete its US$43bn buyout this week.
Business

Aramco to acquire 40% stake in GO

Gas & Oil is one of the largest retail and storage firms in Pakistan.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

SABIC announces 16% H2 cash dividend

The dividend of $1.27 billion is payable on Mar 4, 2024.
  • SABIC has announced full-year dividend of SAR 10.2 billion or 34 percent (SAR 3.4 a share) of its current capital of SAR 30 billion.
  • The company had posted a net loss of SAR 1.04 billion ($277 million) in the first nine months of 2023, against a net profit of SAR 16.24 billion a year earlier.
Business

PureHealth offer price $0.89 per share

The IPO witnesses demand of over AED 265bn ($72.15bn).
  • The offering will generate gross proceeds of AED 3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED 36.2 billion.
  • Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023.
Business

ENEC, X-energy sign agreement

The firms will collaborate on nuclear energy technologies.
  • The MoU was signed at COP28 and comes in line with ENEC’s recently announced ADVANCE Program.
  • The central aim of ENEC’s ADVANCE program is to harness the latest advancements in nuclear energy technologies.