ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
ENEC inks MoU with OSGE
Business
Saudi EXIM, India EXIM ink MoU
Business
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
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 19.6Â 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
Business
Amanat reports 39% growth
Amanat recorded a total income of AED46.9 million
- The company recorded total income of AED 46.9 million, an increase of 40 percent on the AED 33.5 million recorded in Q1-2021
- Adjusted net profit rose to AED32.1 million in the quarter, a 39 percent increase on the AED23.1 million reported in the same quarter of the last year
Business
Fertiglobe revenue grows by 118 percent
The company raised its H1 2022 dividend guidance to at least $700 million.
- Adjusted net income in Q1 2022 was $361 million, increasing by 332 percent year-on-year.
- In March, Fertiglobe was announced as a founding constituent of the FTSE Russell ADX 15 Index.
Business
Emirates, Jafza sign MoU
They will explore ways to offer travel incentives to SMEs.
- The MoU was signed by Dina Al Herais, Emirates’ Vice President, Commercial Products, B2B Corporate & Leisure, and Ebtesam Ahmad Alkaabi, Head of Sales, Jafza Sales.
- Emirates currently has over 20,000 SMEs enrolled in its Business Rewards program.
Business
Air Arabia Q1 profit at $79.24m
The profits were up 756% compared to $9.26 million in 2021.
- More than 2.4 million passengers flew with Air Arabia between January and March this year, across the carrier’s five hubs
- This marked an 86-percent increase compared to a total of 1.3 million passengers carried in the first quarter of last year
Business
Disney profit slips in Q1
The company’s streaming service gained 7.9 million more subscribers.
- The entertainment giant reported net income of $470 million, just over half of the $912 million profit it made in the same period a year earlier
- But park attendance that had fallen due to the pandemic rebounded and the Disney+ television streaming service gained 7.9 million subscribers to 137.7 million
Business
IHC doubles its profit in Q1
The Abu Dhabi company has posted $970m profit.
- In comparison, the profit in Q1 2021 was reported to be AED 1.5 billion ($410 million)
- Also, with a revenue of AED 10.49 billion; the total assets stood at AED 96.04 billion
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
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ENEC inks MoU with OSGE
Business
Saudi EXIM, India EXIM ink MoU
Business
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ADNOC L&S boosts barge fleet
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Investcorp sells stake in Safari
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Mubadala commits $1bn Blue Owl
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Fertiglobe Q3 revenue of $525m
The firm recently launched steps to optimize its cost structure.
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Business
Empower 9M revenue $618m
Firm paid cash dividend of US$115 million.
- For nine months period ending on September 30, 2023, Empower’s revenue and EBITDA grew by 9.5 percent and 7.5 percent respectively.
- On an absolute basis, Empower reported a net profit of US$186 million (AED 685 million) for the nine-month period ending September 2023.
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 36.6Â percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.