stc Group posts 9-month revenue
Business
Mulk, Ajman Holding form JV
Business
Borouge Q3 net profit up 22%
Business
Arab Bank posts net profit
Business
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.
Business
OMV Q3 net profit at $3.28bn amid high energy prices
Revenue doubled year-on-year to US$17.1 billion.
- OMV has worked closely with Russian giant Gazprom until the invasion of Ukraine.
- Following European sanctions on Moscow, OMV froze its investments in Russia.
Business
Amanat Holdings buys 60% stake in HDC for US$58m
HDC provides special education and care services in S Arabia.
- HDC has a presence across six provinces of Saudi Arabia and caters to over 3,000 beneficiaries.
- It has a network of nine schools, 22 daycare centers and specialized rehabilitation medical clinics.
Business
Borouge Q3 profit $308m, paid $325m dividend in October
The company reported a 13.5% increase in revenue to $5.13 billion for 9M.
- Overall production capacity grew by 7.9 percent year-on-year as the ramp-up of the PP5 plant was completed.
- Adjusted EBITDA for the nine months declined by 3.6 percent to $2.10 billion due to globally elevated logistics and material costs, Borouge said.
Business
Volkswagen profits slip by 26 percent in third quarter
Bottomline took a hit from Russia production halt
- The company halted exports to Russia after the invasion of Ukraine and closed its local production sites
- The car manufacturer made a net profit of 2.13 billion euros ($2.12 billion) in July to September
Business
Apple reports solid profits on rising revenues
The tech giant's iPhone sales missed estimates
- Shares of Apple edged higher in after-hours trading, as the tech titan avoided a stumble akin to those experienced by Facebook parent Meta and Amazon
- Profits edged up one percent to $20.7 billion, on an eight percent rise in revenues to $90.1 billion in Apple's fiscal fourth quarter ending September 24
Business
Emirates NBD profit rises 25 percent to $2.47 bn for Jan-Sept period
Q3 profit was AED3.8 bn, up 51 percent year-on-year, exceeding the $1bn mark.
- A record quarter for retail lending and customer transactions, together with improving margins, drove income 31 percent higher YoY to AED22.7 billion.
- New corporate lending grew by AED24 billion in the first nine months of 2022 and impairment was down 12 percent.Â
Company News
Bupa Arabia’s 9M 2023 up 27%
Business
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AlUla signs pact with Six Senses
Business
stc Group posts 9-month revenue
Business
Mulk, Ajman Holding form JV
Business
Borouge Q3 net profit up 22%
Business
Andalusia Labs secures $48m funding
The company deals in risk management infrastructure for digital assets.
Business
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Business
UAE, Korean firms ink pact
The partnership will utilize low-cost indoor farming solution.
- The facility will be co-located within livestock farms to localize animal feed in Al Ain, UAE.
- The facility will be using 95 percent less water per kilogram versus traditional farming means.
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.