ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
SVC inks pact with IMPACT46
Business
RSI buys stake in First Fix
Business
Ducab bags 30 major contracts
Business
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
Credit Suisse expects Q3 loss
Business
EDGE acquires 50% stake in SIATT
Business
Aramco to invest in LNG
Business
Business
TotalEnergies doubles Q2 profit
Rising oil, gas prices are yielding bumper profits across the sector.
- TotalEnergies profit amounted to $5.8 billion in the period from April to June.
- TotalEnergies second-quarter sales were up 37 percent at 74.8 billion euros.
Business
FAB profit up 50 percent
The company's net profit amounted to $2.18 billion.
- FAB said the total income was AED12.5 bn, up 31% year-on-year
- Customer deposits reached AED648 billion, up 8% sequentially
Business
Etihad profit for H1 $296 million
The profits rose despite 60 percent hike in fuel costs.
- Etihad carried 4.02 million passengers in H1 2022, over 3 million more than last year (H1 2021: 980,000), with an average seat load factor of 75 percent.
- Passenger loads increased consistently over the first six months, rising by 21.9 percentage points as travel demand recovered.
Business
DP World signs two deals
The projects will strengthen F&B cluster in Jebel Ali.
- The new integrated quayside facilities will enhance year-round availability and production of essential grains and pulses, DP World said.
- The concessions with Adroit Canada and Al Amir Foods in the Jebel Ali Port will ensure a reliable, consistent, and safe agricultural value chain within the region, it added.
Business
Multiply H1 2022 profit up US$126m
Net profit equates to a healthy 91% of revenue for the period.
- Net profit equates to a healthy 91 percent of revenue for the period with investment and other income of AED 300 million helping to drive profitability
- The Group continues to benefit from a strong liquidity position, with AED 3.24 billion in cash and bank balances and negligible debt
Business
UDC profit up 23% in H1 2022
The company earned a profit of US$37,302,472 in HI 2021.
- The EPS amounted to QR 0.047 as of June 30, 2022, versus an EPS of QR 0.038 for the same period in 2021
- United Development Company was established in 1999 and has an authorized capital of QR 3.5 billion
Business
Tabreed H1 profit $65 million
The profit saw an increase of 3 percent over H1 2021.
- Total connected capacity reached 1,241,331 Refrigeration Tons (RT); 31,235 Refrigeration Tons (RT) of new customer connections added.
- Group revenue increased by 12.3 percent to AED 975.7 million (H1 2021: AED 869.0 million).
Business
NMDC, James Fisher sign MoU
They will collaborate on key oil and gas projects.
- The two groups will focus initially on exclusive diving projects in the Middle East and turnkey decommissioning opportunities in the North Sea and internationally.
- They will develop a series of collaborative joint ventures and consortia to deliver major projects across multiple sectors, markets, and geographies.
Business
Aldar acquires Doubletree
DoubleTree by Hilton Resort & Spa Marjan Island is a beachfront resort.
- The property, which benefits from above-market average occupancy levels, is located on the first section of Al Marjan Island, a growing tourism hub.
- Aldar now has a total of over 4,250 keys, and brings Aldar’s total investment in Ras Al Khaimah to AED2 billion.
Business
Rolls-Royce picks new CEO
Tufan Erginbilgic replaces Warren East from the start of 2023.
- East is stepping down after a tumultuous eight years in the top role during which time he turned around performance and slashed thousands of jobs.
- Erginbilgic left the British energy major in 2020 and is a partner at private equity firm Global Infrastructure Partners.
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ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
Company News
Birkenstock declares IPO prize
Business
SVC inks pact with IMPACT46
Business
RSI buys stake in First Fix
Business
Ducab bags 30 major contracts
Business
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DIB to buy stake in TOM Group
Geostrategy
Credit Suisse expects Q3 loss
Business
EDGE acquires 50% stake in SIATT
Business
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
Business
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Business
Al Ghurair to use Oracle solution
This will help HR teams improve business operations.
- Through this strategic collaboration, Al Ghurair seeks to empower its employees through self-service capabilities.
- Oracle Cloud HCM transforms the traditional functions of HR departments such as recruiting, training, payroll.
Business
GA-ASI partners with EDGE
The pact is aimed at integrating smart weapons into MQ-9B.
- The partnership marks the first time that UAE-made smart weapons will be integrated into a US unmanned platform.
- The EDGE smart weapons designated for integration include the DESERT STING family of GGWs and THUNDER family of cost-effective PGMs from HALCON.
Business
ADNOC L&S reports 162% rise in profit
The company also reported an EBITDA of $635 million.
- The company also reported an EBITDA of $635 million (AED2,332 million), marking a substantial 124% year-on-year increase
- The third quarter of 2023 specifically contributed to the positive financial performance, with a 30% year-on-year increase in revenue