Xiaomi posts solid quarterly sales growth
The company is Chinese smartphone and household tech giant.
Mubadala, Petrobras sign MoU
Business
Emirates NBD invests in Komgo
Business
Boeing to check undelivered 787s due to fastener issue
New York, United States - Boeing said Thursday it is examining fasteners on some undelivered 787 jets after discovering problems with...
Business
Alahmadi joins SHUAA Board
Business
SABIC-Sinopec China plant opens
Business
Lavoie buys e-bike firm VanMoof
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Business
Meta renews bid for Giphy
Britain's competition authority had stopped the FB-Giphy merger.
- Created in 2013, Giphy — a platform and search engine for GIFs — has some 700 million daily users
- Britain’s competition authority found Meta’s proposed takeover of Giphy would give it too much market share
Business
ADNEC’s launches, successes in 2021
The company said it added about $653m to Abu Dhabi's economy.
- The company said it made significant investments and expanded its mandate to the leisure tourism sector, which contributed to a strategic approach to diversifying the portfolio.
- In collaboration with SEHA, ADNEC was a key player in delivering critical support for Abu Dhabi and the UAE in mitigating the impact of COVID-19, the company said.
Business
SIB Q1 net profit up 13.9 percent
The bank said it continued to maintain a strong liquidity.
- The bank said it recorded an increase in net impairment provisions amounting to AED 61.5 million, compared to AED 48.0 million for the previous period.
- Net income on financing and investment products increased by 11.6 percent, equivalent to an increase of AED 30.6 million.
Business
Price hikes fuel Nestle Q1 sales rise
Nestle raised prices due to inflation, and signaled more hikes.
- Nestle's organic growth reached 7.6 percent in the first quarter, exceeding the forecast of analysts
- The growth excludes the effects of acquisitions or divestments to focus on a company's core operations
Business
DP World gross volume up 1.9 percent
Qingdao (China) and Sokhna (Egypt) among strong performers.
- The first-quarter growth was driven by Asia Pacific, Middle East, Europe and Africa, and Americas regions.
- The company said that at a consolidated level, its terminals handled 11.3 million TEU during the first quarter of 2022.
Business
Emirates NBD profit up 18 percent
The bank said it was the highest quarterly profit since 2019.
- The bank said the total income was up 3 percent year on year to AED 6.4 billion on improved loan mix and cheaper deposits.
- The bank’s total assets rose 1 percent to AED 694 billion despite the Turkish Lira depreciation, it said.
Business
ADNOC Drilling approves 2021 dividend
The company saw revenues increase by 8.2 percent.
- The company saw revenues increase by 8.2 percent, EBITDA of more than US$1 billion and 6 percent in net income growth
- The dividend will be paid to shareholders in accordance with Securities and Commodities Authority (SCA) regulations
Business
Tesla reports record profits
Tesla shares rose 5% to $1,026.99 in after-hours trading.
- Elon Musk's high-flying electric vehicle company notched a new record in quarterly profits of $3.3 billion
- This follows the unveiling of factories in Germany and the US state of Texas that have begun commercial deliveries
Business
Al Seer Marine signs VLGC deal
Al Seer Marine and BGN International sign the $134 million financial transaction.
- The deal was agreed and signed by ABGC DMCC, the joint-venture firm of Al Seer Marine and BGN International, an energy, trading, storage and transportation company.
- ABGC has two new VLGC’s on order with Hyundai Heavy Industries in Korea.
Business
Credit Suisse ‘faces’ Q1 loss
The Swiss banking giant said it has taken a hit from the Ukraine war, litigation.
- The bank said its results would be affected to the tune of 200 million Swiss francs ($211 million) in lost revenue and provisions for credit losses.
- Credit Suisse said it was also setting an extra 600 million Swiss francs aside for litigation that dates back more than a decade.
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Xiaomi posts solid quarterly sales growth
The company is Chinese smartphone and household tech giant.
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Arm seeks $52bn valuation
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PIF to buy Hadeed, Rajhi Steel
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Alahmadi joins SHUAA Board
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Toyota hikes annual profit forecast
The company plans a $13.9bn investment in a battery plant.
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BP rebounds with $4.9bn Q3 profit
The oil giant had posted a net loss of $2.2bn the previous year.
- However, underlying replacement cost profit excluding exceptional items more than halved to $3.3 billion.
- "This has been a solid quarter supported by strong underlying operational performance demonstrating our continued focus on delivery," said BP's official
Business
Bupa Arabia’s 9M 2023 up 27%
The third quarter net profit fell 23% compared to the Q3 2022.
- Compared to the second quarter of 2023, the insurer's Q3 2023 declined 25.9 percent from SAR 371.35 million.
- Insurance service result grew 41.02 percent year-on-year (YoY), or by SAR 232.01 million, driven by higher insurance revenue.
Business
Borouge reports 22% Q3 2023 net profit
The company has issued a dividend of $1.3 billion.
- Borouge’s Value Enhancement Programme delivered a $420 million positive impact in the first nine months of 2023
- The company has issued a dividend of $1.3 billion for the 2023 financial year, which equates to a 6.3% current dividend yield