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e& Q1 net profit $653m
Its consolidated revenues rose 0.8 percent to AED13.3 billion.
- At constant exchange rates, revenue rose 3.5 percent and EBITDA was up 2.8 percent year-over-year
- The number of Etisalat UAE subscribers reached 13.1 million in Q1 2022
Business
HSBC Q1 pretax profits down 30%
Higher-than-expected credit losses and inflation are to blame.
- Tuesday's results of London-based HSBC were published against the backdrop of Russia’s invasion of Ukraine
- The bank said the war was exacerbating inflationary pressures and contributing to higher ECL charges
Business
GM plans electric Corvette
Traditional carmakers are in a race to make more electric vehicles.
- GM has set a goal of overtaking Tesla in terms of sales of electric vehicles
- To achieve that, it plans to invest $35 billion in electric and autonomous vehicles by 2025
Twitter bans ads that defy climate change science
"Misleading advertisements on Twitter that contradict the scientific consensus on climate change are prohibited," says Casey Junod, Twitter global sustainability...
- Twitter bans misleading information about climate change saying that undermine efforts to protect the planet
- Earlier, Elon Musk made a bid of $43 billion for Twitter citing better freedom of speech as a motivation
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.
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ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
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e& net profit up 20% in Q3
The company's revenues increased by 3.3 percent to $3.64 billion.
- The company said that at constant exchange rates, consolidated revenue increased by 8 percent and consolidated EBITDA increased by 6.9 per cent.
- The number of etisalat by e& subscribers in the UAE reached 14.0 million in Q3 2023, representing an increase of 4.7 percent.
Toyota hikes annual profit forecast
The company plans a $13.9bn investment in a battery plant.
- Toyota said a weaker yen and cost-cutting efforts meant it now expects annual net profit of 3.95 trillion yen, from a previous estimate of 2.58 trillion yen
- Toyota on Tuesday said it now plans a $13.9 billion investment in a battery plant in North Carolina in US, expanding a previous commitment to spend $5.9 billion
Business
Maaden posts net loss in Q3
Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.
- Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
- Maaden posted net earnings of $183 million for the first nine months of 2023.