Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Business
Alpha Dhabi Q1 net profit $773m
Revenues stood at AED8.17 billion, a year-on-year increase of 700 percent.
- This was the first set of Q1 results for Alpha Dhabi since its direct listing on ADX in June 2021.
- The company's acquisitions and investments totaled AED5.21 billion.
Business
Toyota posts record net profit
The growth was helped by strong sales and a cheaper yen.
- The Japanese auto giant kept its crown as the world's top-selling carmaker in 2021
- For the current year to March 2023, it said it expects to post an annual net profit of $17.3 billion
Business
Arada awards two deals
Under the $125.23m contracts, a residential district will be built at Masaar.
- Valued at AED228 million, the contract to build 142 villas in the Sendian district of Masaar was won by Kuwait's Al-Kharafi.
- The second contract worth AED232m to build the remaining 288 homes in Sendian was awarded to Intermass, a Sharjah-based contractor.
Business
Nintendo profits rise as demand booms
The rise is also attributed to the popularity of the Switch.
- The company, which has benefited from a string of popular titles including "Pokemon Legends: Arceus", posted a 2021-22 net profit of 477.7 billion yen.
- Uncertainties linked to the global chip shortage and potential production and transport delays caused by Covid-19 lockdowns could hit future profits.
Business
Emirates Steel Arkan Q1 profit $19.62m
The firm said the impact of Emirates Steel and Arkan merger was positive.
- The company announced revenues of AED2.04 billion for the first quarter of 2022, compared to AED233.5 million in 2021.
- It said the net profit was boosted by enhanced operational performance and higher sales volumes.
Business
Sony logs record full-year sales
However, net profit dipped 14% from the last year's record high.
- A lockdown-fueled gaming boom has slowed down, but Sony has seen success in other sectors
- Spider-Man: No Way Home has overtaken Avatar as North America's third-highest-grossing film
Business
Aramco shares up 3 percent
Oil prices continue to spike, beefing up energy companies.
- The stock price slightly retreated to SR45.8 later in the day at 12:07 p.m. Saudi time.
- Saudi Aramco now holds the second largest market valuation globally of SR9.15 trillion.
Business
Jeddah airport picks new acting CEO
Ayman Aboabah was appointed after the airport witnessed chaos.
- Aboabah has 28 years of experience, where he had held several leadership positions including the vice president for operations at Riyadh Airports Co.
- Several clips featuring the chaotic situation have gone viral on the internet, with people questioning why su.ch a situation happened at the newly built $9.6 bn airport.
Business
Aafaq Islamic Finance picks new CEO
The company has appointed Hisham Hammoud to the post.
- Hisham Hammoud is considered one of the pioneers in the banking and financial sectors
- He has more than 25 years of experience in the fields of banking and Islamic banking
Business
Reliance nets $100bn annual revenue
With this turnover, it became the first Indian firm to cross the mark.
- The conglomerate reported a net profit of INR162.03 billion ($2.1 billion) between January and March
- This was 22.5 percent higher than the same period last year for the group, owned by Asia’s richest man
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Company News
ADNOC L&S boosts barge fleet
Business
Investcorp sells stake in Safari
Business
Mubadala commits $1bn Blue Owl
Business
Latest News
Most Read
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.
Business
Lufthansa Q3 profit $1.3bn
38 million passengers travelled with the group's airlines in the third quarter.
- The group said sales rose by eight percent to 10.3 billion euros, delivering "the strongest quarter in its history in revenue terms".
- The surge in profit is driven by "strong demand, higher capacity" and more expensive ticket prices, the aviation firm said.
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
- Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
- Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.