Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
Business
ADNOC Gas H1 revenue $10.6bn
Business
Empower H1 2023 revenue at $333m
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Business
AD Ports to develop Egypt projects
AD Ports to develop, operate, and manage a terminal in Safaga seaport.
- Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority sign a term sheet and a head of terms agreement for the development of these projects.
- AD Ports Group will also develop plans for cruise ships lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba.
Business
Shell profit up on high oil prices
Revenue rallied 51 percent to $84.2 billion.
- Profit after tax leapt to $7.1 billion (6.7 billion euros) compared with a year earlier, Shell said in a statement
- While the group took a $3.9-billion charge on its exit from Russia after Moscow invaded Ukraine, it saw lower costs elsewhere
Business
Record Airbnb bookings in Q1
The firm says results signal travel rebound.
- Revenue in the first quarter was $1.5 billion, up 70 percent from the same period a year earlier, the company said.
- The booking platform has found traction around the globe, but is fighting various regulatory challenges in several jurisdictions.
Business
Pfizer Covid pill sees demand
The drugmaker reported another round of strong earnings.
- The US pharmaceutical giant said its Paxlovid treatment for the virus would be a valuable means for governments to limit the severity of outbreaks
- Pfizer Chief Executive Albert Bourla said the company is seeing “very strong signs of increasing demand for Paxlovid as it remains one of the best tools we have.”
Business
Arab Bank Group Q1 net income $166m
The net income increased by 29.4 percent compared to $128.3m for Q1 2021.
- The Group loan portfolio grew by 5 percent to reach $35.2 billion as of March 31, 2022 compared to $33.5 billion for Q1 2021.
- Customer deposits grew by 3 percent to reach $47.3 billion compared to $45.8 billion for the same period last year.
Business
EITC Q1 net profit $86.44m
Revenues grew 8.5 percent to AED 3,128 million.
- Mobile service revenues increased 6.9 percent to AED 1,402 million while handset sales generated AED 216 million in revenues.
- Fixed services revenues jumped 22.8 percent to AED 815 million on sustained demand from consumer and enterprise customers.
Business
ADNOC acquires stake in Borealis
The oil giant acquired shareholding from Mubadala Investment Company.
- Borealis now will be owned 25 percent by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on Vienna Stock Exchange.
- ADNOC and Borealis have been partners for two decades through their jointly held Abu Dhabi-based polyolefins company Borouge.
Business
Amazon reports rare quarterly loss
The company warns of continuing challenges in the months ahead.
- The e-commerce giant said it lost $3.8 billion in the first three months of the year, plunging into the red on a $7.6 billion loss in value of its stock in Rivian.
- Sales in the recently ended quarter climbed to $116.4 billion, a seven percent increase from the same period a year earlier.
Business
Apple Q2 profits rise 5.8%
However, it warned of a $4-8bn hit from Covid and supply chain woes.
- The iPhone-maker enjoyed another solid performance for the period ending March 26, registering record revenues for the quarter
- However, executives said the difficulties of the pandemic have returned with a vengeance since the reporting period ended
Business
FAB Q1 net profit $1.38 bn
The results represent the highest quarterly net profit in the bank's history.
- The bank's total income reached AED 7.3 billion and includes an AED 2.8 billion net gain on the disposal of majority stake in payments business Magnati.
- Core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions.
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
Business
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ADNOC Gas H1 revenue $10.6bn
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Empower H1 2023 revenue at $333m
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Business
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
- The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.
- The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.
Geostrategy
DIB to buy stake in TOM Group
DIB felt Turkey is a great investment destination.
- DIB will acquire 20 percent shareholding across T.O.M. Group with an option to increase shareholding to 25 percent within 12 months.
- DIB has long held the view that Turkey was an attractive investment destination for a financial services institution.
Business
Credit Suisse expects Q3 loss
The bank said the loss could be as much as $2.2 billion.
- Its exit from certain loan portfolios is expected to result in a $1.6 billion loss, Credit Suisse said in a first-half results statement
- The winding down of certain management arrangements may result in an additional loss of up to $600 million, the bank added