Business
Sovcomflot 2023 net profit $900m
In 2023, the firm demonstrated strong financial results.
- The company's revenue increased by 22.6 percent in 2023
- Sovcomflot’s operating profit in 2023 doubled to $1.16 billion.
Business
Du, Samsung ink agreement
The two companies have signed a three-year partnership.
- This collaboration allows for expansion in the business-to-consumer (B2C) and business-to-business (B2B) segments.
- The companies will also collaborate on reaching the younger generation, with joint participation in events like the Dubai Esports Festival.
Business
AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
- The London-listed group added that the transaction would bolster its rare diseases division Alexion.
- AstraZeneca's share price was up 0.1 percent in early morning London trading following the news.
Business
DP World 2023 profit is $1.5bn
The company's revenue grew 6.6 percent to $18.25 billion.
- DP World logged a 13 percent decarbonization in Scope 1 and Scope 2 carbon emissions.
- The cash generated from the company's operating activities rose to $4.5 billion in 2023.
Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
- The net profit of Inditex reached 5.4 billion euros ($5.9 billion) last year, up 30 percent from 4.1 billion euros in 2022
- The figure was in line with the expectations of analysts polled by financial data firm FactSet, who predicted profits of 5.36 billion euros
Business
Lego net profit falls
Its net profit fell five percent to 13.1 billion kroner ($1.24bn).
- The Danish toy giant's overall sales inched up by two percent to 65.9 billion kroner ($9.6 billion).
- Sales made directly to consumers through Lego's physical and online stores rose by four percent.
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
- The group’s total on-balance sheet financing portfolio ended the year at US$373 million.
- Corplease, the group’s leasing arm, saw its revenue rise 70 percent to reach US$74 million.
Business
Burjeel Holdings net profit up
The company’s 2023 annual revenue rises to US$1.2 billion.
- The group continued to implement its geographic expansion strategy with the launch of the PhysioTherabia rehabilitation network in Saudi Arabia.
- It opened eight new centers in March 2024 in Riyadh, Jeddah, Dammam, Khobar, and Yanbu which significantly expanded its geographical reach.
Business
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
- Nationwide management believe the transaction will broaden and deepen its products and services faster than could be achieved organically.
- The deal remains subject to due diligence and approvals from Virgin Money shareholders as well as Nationwide's borrowers and depositors.
Business
TECOM 2023 net profit $299m
Revenue in 2023 grew by 10 percent YoY to $599 million.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
- TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.
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Business
Borouge Q1 net profit $281 million
The total dividend paid to shareholders in 2024 $1.3bn.
- Q1 2025 operational performance remained strong, with production volumes rising 7 percent year-on-year in the first quarter of 2025.
- Revenue in Q1 2025 grew 9 percent year-on-year to $1.42 billion, driven by higher average selling prices and increased sales volumes.
Business
Emirates expects first 777X delivery in H2 2026
Boeing had pushed back the first delivery to 2026 from 2025.
- In 2024, group's chairman Sheikh Ahmed bin Saeed Al Maktoum urged Boeing to "fix" its problems, warning the embattled aircraft-maker he was unhappy with delays to the 777X.
- Boeing had been mired in problems including safety concerns after two 737 MAX crashes within five months and another scare involving the aircraft over Alaska in Jan 2024.
Business
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
- Sinopec and its unit shall contribute $990 million and $1.98 billion in cash, respectively.
- AAS will allocate the remaining amount, representing 25 percent of the JV’s registered capital.