stc Group posts 9-month revenue
Business
Mulk, Ajman Holding form JV
Business
Borouge Q3 net profit up 22%
Business
BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
Business
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.
Business
Emirates Islamic bank net profit for Jan-Sept period $285 million
The bank attributed the profit to higher funded and non-funded income.
- Expenses increased 22 percent YoY, Impairment Allowances decreased 23 percent YoY reflecting improved business sentiment.
- The bank's total assets increased to AED 73 billion, customer financing stood at AED 48 billion, rising 12 percent from 2021.
Business
Volvo Cars posts Q3 net profit of US$61m
Retail sales declined in its main markets Europe and the US.
- Volvo Cars was hit hard by rising raw material prices, record inflation, higher interest rates and the war in Ukraine.
- Revenue rose to $7.28 billion boosted by "robust" demand for the company's SUVs.
Business
TotalEnergies posts Q3 net profit of US$6.6bn
Firm said surging oil, gas prices helped it post massive profits.
- Net profits at TotalEnergies soared 43 percent from the same period last year with record performances for its natural gas and liquefied natural gas activities.
- The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.
Business
First Abu Dhabi Bank Group net profit for nine months of 2022 $2.96 billion
The bank said impairment charges were AED1.7 billion, 11 percent lower YOY.
- The bank said that the total income reached AED18 billion, up 13 percent yoy, driven by 18 percent growth in net interest income.
- Total income for the nine months includes an AED3.1 billion net gain on the sale of a stake in Magnati.
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AlUla signs pact with Six Senses
Business
stc Group posts 9-month revenue
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Mulk, Ajman Holding form JV
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Borouge Q3 net profit up 22%
Business
Latest News
SABIC announces 16% H2 cash dividend
The dividend of $1.27 billion is payable on Mar 4, 2024.
Business
PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
Business
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Business
Bosch to cut 1,500 jobs
The firm said the cuts will be completed by the end of 2025.
- Bosch is facing major structural changes when it comes to transmissions as the shift to electromobility gathers pace.
- The company stressed there would be no compulsory redundancies in the forthcoming cuts, in line with a recent agreement.
Business
Shell eyes $6bn in Nigeria
The investment opportunities are being explored in offshore gas projects.
- Nigeria, the continent's top economy and major oil producer, is seeking to attract more foreign investment since President Bola Ahmed Tinubu came to office in May.
- OPEC member Nigeria has seen its oil output on the decline in recent years due to widespread theft from pipelines and attacks and high operating costs deterring on-shore investors.
Business
KPMG to merge UK, Swiss ops
The UK unit employs about 17,000 staff and the Swiss over 2,600.
- KPMG UK said it is in discussion with Swiss firm to explore ways to bring greater benefits
- KPMG rival EY recently failed in a bid to split its audit and consulting units, causing its boss Carmine Di Sibio to retire a year early