DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
Business
Liberty Media buy MotoGP
Business
Omantel approves cash dividend
Business
Huawei profit tops $12bn
Business
DAE to acquire 17 aircraft for $1 bn
This portfolio comprises 100 percent next-generation aircraft
Business
Embracer sells Borderlands
Business
BYD posts record 2023 profit
Business
RSG, Hyundai Motor ink pact
Business
ESA, SAP ink agreement
Business
Business
Solutions-Devoteam deal completed
Devoteam Middle East is a subsidiary of Devoteam Group.
- The total value of Devoteam Middle East is approximately SAR741.7 million.
- Solutions by stc had signed a binding offer and first unveiled details of the transaction in June 2023.
Business
SAIB profit jumps 17% in 2023
The net profit for the fourth quarter increased by 28 percent.
- Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission.
- Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023.
Business
AD Ports Group, KPT ink pact
The pact deals with bulk and general cargo terminal.
- A JV between AD Ports Group and Kaheel Terminals will develop, operate and manage bulk and general cargo terminal berths 11-17 at Karachi Port.
- General cargo operations will primarily handle steel, paper and clinker, while the clean bulk terminal will focus on grains and fertilizers.
Business
Deutsche Bank to slash 3,500 jobs
The bank said it would buy back shares and pay dividends.
- The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
- The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year
Shares in India’s Paytm dive 20%
Banking arm asked to stop accepting fresh deposits.
- Paytm collapsed 20 percent at the open of trade in Mumbai before a trading halt, the day after the RBI reported "persistent non-compliances" at Paytm Payments Bank
- RBI said it would not be able to accept new deposits, offer fund transfers or help facilitate credit transactions from March, although customers will be able to withdraw cash
Business
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.
- Borouge management intends to distribute 15.9 fils per share in dividends for the full year 2024, equating to a 6.6 percent current dividend yield.
- Fourth quarter revenue reached $1.5 billion, unchanged quarter-on-quarter and declining 6 percent on a year-on-year basis on weaker global demand.
Business
GSK profit in 2023 falls
The drug maker said revenues swelled 3 percent to $38.54bn.
- Profit after tax slid sharply to £4.9 billion ($6.2 billion) last year from £14.9 billion in 2022, when it received a massive gain from the Haleon demerger
- However, underlying adjusted operating profit, excluding exceptional items, jumped 12 percent to £8.8 billion last year to beat company guidance
Business
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
- Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
- The bank proposed record cash dividend of 44.38 fils per share. It added that higher market interest rates contributed to the increase in revenue.
Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
- The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
- The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.
- Three-quarters of the reductions are set to come in the first half, UPS CEO said.
- The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
Business
Company News
Liberty Media buy MotoGP
Business
Omantel approves cash dividend
Business
Huawei profit tops $12bn
Business
Latest News
Amanat FY 2023 revenue $195m
Business
Embracer sells Borderlands
Business
BYD posts record 2023 profit
Business
RSG, Hyundai Motor ink pact
Business
Fujifilm ups biotech plant investment
The cost of investment in North Carolina plant is $1.2 billion.
Business
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Most Read
Business
Liberty Media buy MotoGP
Formula One owners paid US$4.5 billion for the deal.
- The acquisition is expected to be completed by the end of 2024 subject to clearances and approvals.
- MotoGP said Liberty Media would acquire "approximately 86 percent" stake from Spain-based owners Dorna.
Business
Omantel approves cash dividend
Net profit grew by 13.1 percent compared to 2022
- Omantel continued to successfully implement its strategy Shift Gear despite market challenges and increasing competition.
- Omantel Group revenues and profits, as the group's revenues were up by 9.7percent
Business
Huawei profit tops $12bn
The profits more than doubled compared to 2022.
- Huawei has been at the center of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage.
- Sanctions since 2019 have cut Huawei's access to US-made components and technologies, forcing it to diversify.