INSEAD Day 4 - 728x90

Company News

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.

Business

Xiaomi posts solid quarterly sales growth

The company is Chinese smartphone and household tech giant.

Business

Yalla Group Q1 revenue is Dh 265m

Yalla is leading UAE-based voice-centric social media platform.
  • The revenue of AED 190.5 million was generated from chatting services
  • The revenue posted by games services was estimated at AED 74.6 million
Business

Netflix lays off 150 employees

The growth of streaming service has slowed down in recent past.
  • The move came just weeks after Netflix reported that it lost subscribers for the first time in more than a decade
  • Netflix ended the first quarter of this year with 221.6 million subscribers, slightly less than the final quarter of last year
Business

Julphar Q1 sales up by 156 percent

Acquisition of Planet Pharmacies and growth in segment ops led to growth.
  • Gross profit margin increased to 41 percent compared to 28 percent in the previous year.
  • EBITDA from continuing operations increased to AED40 million in Q1 2022.
Business

IHC completes $2bn Adani deal

IHC to provide capital to Adani firms for green energy projects.
  • The deal represents 4.87 percent of the total trade between the UAE and India, which has reached $41 billion between 2020 and 2021.
  • India's total electricity generating capacity is more than 390GW, and renewables exceed 100 GW.
Business

McDonald’s to exit Russian market

The company will sell its business in the increasingly isolated country.
  • McDonald's in March closed all of its 850 restaurants in the country, where it employs 62,000 people.
  • The company directly manages more than 80 percent of the restaurants bearing its name in Russia.
Business

Aramco Q1 profit up 82%

Surge in oil prices benefited the world's most valuable company.
  • Aramco's net income of $39.5 billion was up from $21.7 billion in 2021, "primarily driven by higher crude oil prices and volumes sold, and improved downstream margins."
  • The latest financial results were published four days after Aramco dethroned Apple as the world's most valuable company, with shares worth $2.42 trillion
Business

AD Ports Q1 revenue up 15 percent

Net profit was up 41 percent year-on-year to AED306 million.
  • Total assets and total equity reached AED34.085 billion and AED17.770 billion, respectively, at the end of Q1 2022.
  • Adjusted EBITDA for the period increased by 34 percent year-on-year to AED524 million.
Business

Emirates posts $1.1 billion annual loss despite $954million capital injection

Losses came in at 3.9 billion dirhams ($1.1 billion) in the 2021-2022 financial year to March, with revenues up 91...
  • The carrier said it received a capital injection of $954 million from its owner, the government of Dubai, to help it survive the crisis.
  • Over the fiscal year, Emirates carried 19.6 million passengers, up by 197 percent from the same period the previous year.
Business

Twitter executives exit, hirings halt

Kayvon Beykpour, a general manager, said he was ousted from the company.
  • Musk's $44-billion deal to buy Twitter was announced last month but still needs the backing of shareholders and regulators.
  • Musk's endorsement of a Trump return triggered fears among activists that Musk would "open the floodgates of hate."
Business

TAQA Group’s Q1 income up 37%

The company reported financial results for 3 months ended March 31
  • The company delivered strong performance underpinned by its contracted utilities businesses and boosted by higher commodity prices
  • The Group revenues increased to AED 12.4 billion, 20 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.
Business

Company News

TCS Q1 profit at US$1.35bn

Agthia Group launches Agthia Ventures

Maaden acquires 9.9% stake in Ivanhoe

Yahsat to invest US$100m

Invictus plans $272m expansion

Latest News

EDGE acquires 52% of ANAVIA

ANAVIA focuses on developing unmanned helicopters.
Business

GASCO 9M 2023 profit up 16%

Operating expenses and financing cost edged lower.
Business

Luberef’s 9M profit up 2%

The company's third-quarter net profit dropped 28 percent.
Business
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INSEAD Day 4- 300x600

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Business

BMW Q3 profit drops 7.7%

The company's Q3 net profit stood at $3.1 billion.
  • Revenues for the third quarter meanwhile rose 3.4 percent to 38.46 billion euros compared to the same period last year.
  • BMW chairman Oliver Zipse said the result "puts us right on track to meet the higher targets we set ourselves in August".
Business

SAIC 9M net profit 38%

The third quarter net profit increased by 76 percent.
  • This figure marks a leap from the SAR 80.4 million recorded in the same period the previous year.
  • Revenues surged by 36.6 percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.
Business

Ducab, Somagec ink MoU

The MoU will enable UAE-based firm to enter Angolan market.
  • Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
  • It is constructing over 400 kilometers of 220kV transmission lines in Angola.