Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.
Business
L’Occitane shares nosedive
Business
Arm seeks $52bn valuation
Business
Emirates NBD invests in Komgo
Business
PIF to buy Hadeed, Rajhi Steel
Business
Alahmadi joins SHUAA Board
Business
Economy
Ma’aden H1 net profit at $1.6bn
H1 2022 net profit increased by 232 percent
- H1 2022 EBITDA increased by 128 percent, compared with the same period in the prior year, to $ 3billion.
- Q2 2022 EBITDA increased to $1.8 billion reflecting robust sales performance.
Business
DEWA H1 2022 revenue is $3.3bn
DEWA's net profit in H1 2022 is US$898 million
- In H1 2022, DEWA's revenue is US$3.3 billion (AED12.08 billion), and net profit is US$898 million (AED3.30 billion).
- DEWA's first half revenue increase of 15 percent to $3.3 b (AED12.08 b) was mainly driven by an increase in demand.
Business
IHC acquires stake in Kaylon
The 50 percent stake was acquired for $490m.
- Kalyon Enerji is owned by the giant Turkish group Kalyon Holding, which operates in the Construction, Energy and Aviation industries.
- The acquisition comes four months after its AED7.3 billion investment in Indian conglomerate Adani Group- green energy-owned companies.
Business
Aramex H1 profit is $0.75 bn
The company sustains a very healthy liquidity profile.
- On a group level, GP margins remained stable over six-month period, driven by accelerated growth in the Logistics and Freight-Forwarding business
- Aramex's strong balance sheet will support the company's growth strategy, including investments in digital and technological infrastructure
Business
Air Arabia H1 profit $122.8m
More than 2.7 million passengers flew with Air Arabia from Mar-June.
- More than 5.2 million passengers flew with Air Arabia between January and June 2022 across the carrier’s five hubs.
- The company’s turnover for the second quarter of 2022 increased by 125 percent as demand for air travel increased.
Business
ADNIC H1 net profit $50m
The company's gross written premiums up by 20.9%.
- The company's net underwriting income stood at AED253.9 million, against AED280.3 million during 2021.
- ADNIC's net investment and other income were AED62.0 million, compared to AED87.3 million last year.
Business
Salam International H1 net profit $8.6m
The profit dropped by 3.21 percent compared to H1 2021.
- In a bourse filing on Tuesday, the company said the Earnings per share (EPS) amounted to QR 0.027 versus QR 0.028 for the same period of 2021.
- brokerage firm Dlala Holding posted a net profit of QR 4.943 million for the first half of 2022.
Business
Vodafone Qatar profit up 61%
Net profit for H1 2022 reaches $60 million.
- The increase in profit is mainly due to growth in earnings before finance, tax, depreciation and amortization
- Vodafone Qatar commenced commercial operations in 2009 with a capital of QR 4.277 billion
Business
Micron to invest in chip production
The firm will invest $40bn by the end of the decade.
- There has been a global shortage of computer chips in recent months caused by production and transportation snags.
- The spending on US production is part of the company's planned $150 billion global investment in manufacturing.
Business
IHG H1 profits surge to $216mn
IHG said it would resume its interim dividend
- InterContinental Hotels Group said that profits rose sharply in the first half after Covid travel restrictions were lifted around the world
- IHG, which also owns brands such as Crowne Plaza and Holiday Inn, said that first-half revenues jumped by 52 percent to $1.8 billion.
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.
Business
Company News
ADCB prices $650m green bond
Business
L’Occitane shares nosedive
Business
Arm seeks $52bn valuation
Business
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Mubadala, Petrobras sign MoU
Business
Emirates NBD invests in Komgo
Business
PIF to buy Hadeed, Rajhi Steel
Business
Alahmadi joins SHUAA Board
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General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
Business
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Business
Aramco, ENOWA ink pact
The firms will jointly establish an e-fuel demonstration plant.
- The e-fuel technology has the potential to reduce CO2 emissions by over 70 percent on a complete life cycle basis.
- The integrated facility will generate 12 tons of synthetic methanol per day from green hydrogen and CO2, using proprietary technologies.
Business
RSG, KHC set up joint venture
The JV will develop and own the Four Seasons Resort Red Sea.
- The anticipated luxury resort is situated on Shura Island, the main hub for Red Sea destinations.
- It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets.
Business
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
- Al Seer Marine said the renewal of this new agreement will capitalize on L3Harris' extensive international experience in the design and deployment of uncrewed platforms.
- It will also enhance Al Seer Marine's ability to continue manufacturing and delivering Unmanned Surface Vessels (USV) across various markets in the Gulf Cooperation Council region.