ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
Business
GFH acquires housing portfolio
The acquisition is in partnership with GFH subsidiary Student Quarters.
- Student housing assets are considered among the safest given prevailing inflation climate
- The sector has exhibited strong performance throughout and following Covid lockdowns
Business
AD Ports Group, SEG sign MoUs
A logistics and freight business and food trading hub will be built in Uzbekistan.
- The logistics venture will deploy new technology and specialised processes to address the challenges caused by Uzbekistan's double-landlocked geographical location.
- Based upon the 'Regional Food Hub – Abu Dhabi' currently under development in KIZAD, AD Ports Group will share their expertise towards the food trading hub.
Business
Shell joins Qatar gas project
Shell is the fifth and final international partner in the North Field expansion.
- The British-based company took a 6.25 percent stake for an undisclosed sum, joining TotalEnergies, Eni, ConocoPhillips and ExxonMobil in the North Field East project.
- The North Field expansion is the biggest liquefied natural gas (LNG) project ever seen, Qatar Energy said. It comes at a time of intense geopolitical tensions over energy supplies.
Business
Siemens writes off $2.8 billion
The move came after share price of its former energy unit fell sharply.
- The drop in the value of Siemens Energy meant the parent company's 35 percent holding in the spin-off at "significantly below the book value".
- Siemens Energy's wind-energy subsidiary Siemens Gamesa has struggled to turn a profit despite surging demand for renewable energy.
Business
AD Ports acquires stake in IACC
AD Ports Group's cash reserves to fully fund the deal.
- It is the first international acquisition by AD Ports Group.
- IACC wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International S.A.E.
Business
DP World, NIIF expand ties
NIIF Master Fund will invest $300m in DP World subsidiary HPPL.
- With this transaction, which is also the Master Fund’s single largest investment, NIIF’s investment under this partnership will reach around $500 million.
- HPPL is one of India’s leading container terminal platforms with a proven track record of growth over the long-term.
Business
Drydocks World, KANFA AS sign contract
This is the first collaboration between Drydocks World and KANFA AS.
- Under the contract, the M10 module will be placed on the main deck of a floating production, storage and offloading (FPSO) vessel.
- It will be used to process crude oil received from oil wells, which will be dewatered and stabilized to meet export quality specifications.
Business
Invictus listed on ADX’s Growth Market
Invictus Investment specializes in agro-food commodities, raw materials.
- The company was established in Jebel Ali Free Zone in 2014 to manage raw material import requirements for large manufacturers in Sudan.
- The company also operates Invictus Trading FZE, a fully owned subsidiary whose activities include non-manufactured precious metals trading.
Business
Schneider, ADH sign MoU
They will collaborate on a number of projects within Egypt and beyond.
- Utilizing and building EcoStruxure platforms will be the cornerstone of these collaborations, said a Schneider executive.
- He said these platforms are designed to enable the use of innovations like the Internet of Things.
Business
SAFEEN acquires two Supramax vessels
The firm says there is high demand for maritime services.
- Since being acquired, these ships have been deployed as part of a collaboration between SAFEEN Feeders and Saif Powertec Limited.
- SAFEEN Feeders provides feeder and dry bulk services linking Abu Dhabi to ports serving the UAE, the broader Gulf region, and the Indian Sub-Continent.
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
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Business
MIS net profit $7.1m in 9M 2023
Riyadh, Saudi Arabia -- Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million ($7.1 million) in the...
- The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter, Argaam reported.
- In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.
Business
Emaar 9M net profit $1.1bn
This is due to the successful launches of new projects.
- Emaar Development’s property sales increased by 25 percent, reaching US$7.9 billion in the first nine months of 2023.
- In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of US$1.2 billion.
Business
AstraZeneca Q3 profit swells
The profits nearly doubled on solid demand for cancer treatments.
- Net profit soared almost 90 percent to $1.26 billion in the three months to the end of September compared with a year earlier
- While overall sales grew, revenue from its Covid jab Vaxzevria slumped 98 percent in the first nine months of the year compared with the same part of 2022