Borouge to pay $660m H1 dividend
Business
TAQA secures $2.31bn loan
Business
Aramco signs $11bn deal
Business
TAQA H1 net income $1bn
Business
Business
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
- As a result of strong underwriting and investment performance, ADNIC's net profit before tax grew by 16.3 percent year on year to AED 466.4 million.
- Its total assets grew by 52.9 percent year on year to reach AED 11.8 billion and total shareholders equity grew by 20.6 percent for year on year to reach AED 3.5 billion.
Business
stc net profit for 2024 $6.58bn
This is an increase of 85.7 percent over the previous year.
- Revenues for 2024 rose 5.7 percent over the previous year to reach SAR 75.893 billion, and gross profit reached SAR 37.30 billion.
- Operating profit increased 9.6 percent over the previous year to reach SAR 14.426 billion.
Business
e& reports $2.94 billion in net profit
e&’s subscriber base rose 11.7% to 189.3m
- The company acquired PPF Telecom’s assets, expanding into Central and Eastern Europe
- e& announced a progressive dividend policy, aiming for USD 0.24 per share by 2026
Business
AD Ports Group 2024 net profit $484m
The Group's revenue increased 48 percent year-on-year.
- Net profit attributable to owners grew 24 percent YoY to AED1.33 billion led by strong operating performance.
- Total assets grew by 15 percent YoY to AED63.70 billion in 2024 while total equity increased 15 percent YoY to AED27.83 billion.
Business
TAQA net income $1.93bn in 2024
The company's revenues increased 6.7 percent year-on-year.
- TAQA said the net income excludes one-off items (AED 10.8 billion) related to the acquisition of a 5 percent stake in ADNOC Gas.
- The company's revenues increased 6.7 percent year-on-year to AED55.2 billion, driven by sustained Transmission & Distribution (T&D) growth.
Business
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
- EBITDA rose by 31 percent to $1.149 billion (AED 4.219 billion) in the same period, driven by robust performance across all business segments.
- The Company's Q4 revenue increased by 6 percent year-on-year (y-o-y) to $881 million (AED 3.237 billion).
Business
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
- The company achieved its highest-ever (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 percent year-on-year.
- The company's Board of Directors has recommended a cash dividend of $350 million (AED1.285 billion) for H2 2024.
Business
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
- The five-year tranche of $750 million consists of 3,750 Sukuk based on the minimum denomination and total issue size.
- Maaden said the annual return on the five-year tranche is 5.25 percent and 5.50 percent for the 10-year tranche.
Business
DAE net profit up 36.2%
Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.
- Total assets reached more than US$13 billion by the end of 2024 compared to US$12.26 billion in 2023.
- DAE said it acquired 83 aircraft (owned: 30; managed: 53) and sold 68 (owned: 19; managed: 49).
Business
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
- EBITDA climbed 14 percent year-on-year to $2.48 billion, driven by a 4 percent year-on-year revenue increase to $6 billion.
- Sales volumes reached their highest-ever level of 5.3 million tonnes, supported by strategic positioning in high-growth markets across Asia, the Middle East and Africa.
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Company News
Bosch to cut 13,000 jobs
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Aldar ups stake in Aldar Estates
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ADCB to raise $1.66bn
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EGA H1 revenue $4.11bn
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Business
Bosch to cut 13,000 jobs
This is a blow to Germany's ailing car sector.
- The cuts, all of which will take place in Germany, represent about 10 percent of Bosch's total workforce in the country.
- Bosch said the layoffs were needed to help make annual savings of 2.5 billion euros ($2.9 billion) in the group's automotive unit.
Business
Aldar ups stake in Aldar Estates
Acquires Modon Holding’s 17.45% stake
- Aldar Estates has become the region’s largest integrated real estate services company with over AED3 billion worth of active contracts.
- The platform manages more than 155,000 residential units, which is a 15 percent increase in the past two years.
Business
Oracle shares up 35%
Huge AI contracts lead to the surge.
- About 40 minutes into trading, shares were at $337.02, up nearly 40 percent, lifting the company's market valuation to around $950 billion.
- The surge will significantly boost the wealth of Oracle Chairman Larry Ellison, who could potentially surpass Elon Musk as the world's richest person.