Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Masdar, Africa50 sign MoU
Business
Xiaomi posts solid quarterly sales growth
The company is Chinese smartphone and household tech giant.
ADCB prices $650m green bond
Business
L’Occitane shares nosedive
Business
Arm seeks $52bn valuation
Business
Business
Apple Q2 profits rise 5.8%
However, it warned of a $4-8bn hit from Covid and supply chain woes.
- The iPhone-maker enjoyed another solid performance for the period ending March 26, registering record revenues for the quarter
- However, executives said the difficulties of the pandemic have returned with a vengeance since the reporting period ended
Business
FAB Q1 net profit $1.38 bn
The results represent the highest quarterly net profit in the bank's history.
- The bank's total income reached AED 7.3 billion and includes an AED 2.8 billion net gain on the disposal of majority stake in payments business Magnati.
- Core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions.
Business
JAFZA hold groundbreaking for park
The new logistics park is scheduled to open in 2023.
- The purpose-built trading and logistics development will accommodate the growing number of warehousing, processing and logistics activities carried out in Dubai, JAFZA said.
- Jafza’s logistics cluster is home to over 460 companies from 30 countries, almost all international logistics providers which already operate from the free zone.
Business
Boeing shares dive on $1.2bn loss
The company is set for recovery in 2022-23, said analysts.
- Boeing shares finished 7.5 percent lower at $154.46, beyond the expectations of analysts as the firm is delaying release of its 777X model
- Boeing will lift production of 737 MAX in next quarter of this year as it has reported a jump in the plane deliveries during the first quarter
Business
Strong Meta profit calms investors
Investors had been worried that as the pandemic eased and people socialized more in real life that they would engage...
- Meta hits profit of $7.5 billion on revenue of $27.9 billion in the first three months of 2022
- Meta owner Mark Zuckerberg cited pressure from TikTok, and launched his own short-form video sharing feature Reels as Facebook and Instagram
Business
Samsung Q1 profit up almost 60%
Steady chip demand and brisk smartphone sales led to the rise.
- Samsung said net profit in January-March was 11.32 trillion won ($8.9 billion)
- This was an increase of 58.6 percent year-on-year, beating expectations
Business
GM lifts 2022 profit forecast
The automaker now sees 2022 net profit of between $9.6 bn and $11.2 bn.
- Net income in the first quarter dipped three percent to $2.9 billion on an 11 percent jump in revenue to $36 billion.
- GM's auto deliveries declined in all its operating regions in the wake of supply chain shortages, especially a crunch of semiconductors.
Business
Aldar Properties Q1 net profit $187m
The firm said its revenue grew 32 percent to 2.68 billion dirhams.
- Its quarterly sales were AED 2.2 billion, driven by inclusion of SODIC’s strong Q1 performance and continued momentum in Abu Dhabi’s real estate market.
- It expanded strategic land bank for development with a 6.2 million square meter plot acquired on Saadiyat Island during the second quarter.
Business
Alphabet Q1 profit slips
Shares sank nearly 5 percent to $2,257 on the news.
- Alphabet reported net income of $16.4 billion in the first quarter of the current year
- Its revenue climbed 23 percent to $68 billion compared to the same period last year
Business
Aldar acquires stake in AD Business Hub
The UAE-based Aldar Investment is the subsidiary of Aldar Properties.
- The acquisition marks the creation of Aldar Logistics, the company's new logistics real estate vertical.
- Aldar Logistics will focus primarily on the UAE, potentially expanding into Saudi Arabia and Egypt, said an Aldar press release on Tuesday.
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
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Masdar, Africa50 sign MoU
Business
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Enbridge inks $14bn pact
Business
ADCB prices $650m green bond
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L’Occitane shares nosedive
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
Business
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
Business
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Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
- The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
- Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.
Business
SABIC 9M net loss $277m
The company had posted a net profit of $4.32bn in 9M 2022.
- In the third quarter period, the petrochemicals giant swung to a net loss of SAR 2.9 billion, against a net profit of SAR 1.84 billion in Q3 2022, Argaam reported.
- SABIC cited stagnation in global demand for chemicals, which weighed on average selling prices, and led sales value to drop by SAR 7.3 billion year-on-year (YoY).
Americana Restaurants reports $1,897m revenue
The company's adjusted EBITDA reaching $446.5 million.
- Profitability remained a key highlight, with the company's adjusted EBITDA reaching $446.5 million for the first nine months of 2023
- The company's steady expansion continued, adding 184 gross new restaurants, bringing the total portfolio to 2,338 restaurants