ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
ENEC inks MoU with OSGE
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Saudi EXIM, India EXIM ink MoU
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ADNOC L&S boosts barge fleet
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Business
Standard Chartered, flydubai sign deal
The Sale and Leaseback (SLB) agreement is for five new Boeing 737 MAX aircraft.
- Four of the aircraft were delivered between March and May 2022, while the remaining aircraft is scheduled to arrive from Boeing before the end of the first half of the year.
- The deal was structured, financed and arranged exclusively by Standard Chartered.
Business
Alpha Dhabi to invest in Borouge IPO
The conglomerate will invest $99 million as corner investor.
- Alpha Dhabi's investment comes as the company continues to scale its highly diversified portfolio, it said.
- The company said petrochemical vertical remains a key target sector for it.
Business
Emirates NBD, RSA sign agreement
The bank will distribute RSA Middle East's insurance products.
- The partnership will help increase insurance penetration in the region by providing customers with accessible general insurance solutions, the two firms said in a statement.
- The partnership will also focus on customer education and building awareness on the importance of insurance and its living benefits in everyday life, the statement added.
Business
Alpha Dhabi to invest $2.5 bn in Chimera
The fund will target investments in tech-enabled businesses.
- The investment comprises a capital contribution of AED2.6 billion and an undrawn capital commitment of AED6.6 billion.
- The fund's investment emphasis aligns with Alpha Dhabi's growth strategy, which focuses on investment in disruptive technologies.
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
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
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Chimera launches Lunate
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ENEC inks MoU with OSGE
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SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.
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EDGE acquires 52% of ANAVIA
ANAVIA focuses on developing unmanned helicopters.
- ANAVIA is a Switzerland-based company that specialises in versatile vertical take-off and landing systems of up to 750 kilograms.
- ANAVIA’s unmanned helicopters can be adapted to EDGE's cross-complementary portfolio of air, land and maritime capabilities.
Business
GASCO 9M 2023 profit up 16%
Operating expenses and financing cost edged lower.
- GASCO noted an increase in revenue and financing income, along with higher share of results from associates.
- In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.
Business
Luberef’s 9M profit up 2%
The company's third-quarter net profit dropped 28 percent.
- The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares, Argaam reported.
- Luberef’s bottom line dropped 25.2 percent quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins, according to Argaam.