Company News

Mashreq prices Dim Sum bond

UAE bank raises offshore renminbi funding

Aldar buys Sharjah homes

Deal adds 1,100-plus rental units

SIB profit up 9%

Higher income from financing and investment drive growth.

Masar signs $82m land deal

Agreements signed with Abdulmohsin Al Rossais & Sons Group.

Borouge okays $656m dividend

The company said dividend reflects its resilience

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.

Business

Boeing guilty plea deal filed

The plea deal must be approved by a federal court judge.

Business
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.
Business

Julphar announces Strategy 2030

The strategy will see the company launch 100 new products.
  • Maximising Revenue from Current Product Portfolio and Geographical Expansions two of the six growth pillars.
  • Julphar has partnered with and signed manufacturing contracts with 11 leading companies across the globe for technology transfer.
Business

L’Oreal luxury makeover sales glow

The company's first quarter sales jumped nearly a fifth.
  • The 19 percent rise in sales to 9.06 billion euros ($9.8 billion) beat the analyst consensus of 8.8 billion euros established by Factset
  • "Against the backdrop of the invasion of Ukraine and strengthened sanitary measures in China, L'Oreal had a strong first quarter," said chief executive Nicolas Hieronimus
Business

Netflix reports subscriber drop

It ended Q1 2022 with fewer subscribers than Q4 2021.
  • Factors hampering Netflix’s growth include subscribers sharing accounts with people not living in their homes
  • Another factor crimping Netflix’s growth is the intense competition from titans such as Apple and Disney
Business

NBK Q1 net profit $383m

Total assets by the end of March grew by 8.7 percent YOY.
  • Total loans and advances increased by 12.3 percent year-on-year to $66 billion, and total shareholders’ equity reached $11.2 billion.
  • Net operating income of KD 236.5 million ($778.3 million), increasing by 6.8 percent compared to Q1 2021.
Business

QMM is market maker for Chimera Capital

QMM, part of ADQ, was launched in 2020.
  • QMM, part of ADQ, was launched in 2020, and has, over the past 18 months, played an active role in increasing ADX’s liquidity
  • "We are pleased to have QMM as a market maker for our four ADX-listed ETFs,” Syed Basar Shueb, Chairman of Chimera Capital, said
Business

Nakilat Q1 net profit up 19.28 percent

Nakilat noted that earnings per share amounted to QR 0.07 in Q1 2022.
  • Compared to its profit in April of 2021 which, stood at QR 320.106 million, the profit reached QR 381.835 million.
  • Nakilat represents the main transport link in the global supply chain of liquified natural gas from the State of Qatar.

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business

Company News

Apple tops $3trn in market value

BMW to put in $218m in S Africa

H&M shares up

Lordstown sues Foxconn

Aquaterra gets UAE contract

Latest News

Americana Restaurants reports $1,897m revenue

The company's adjusted EBITDA reaching $446.5 million.

e& net profit up 20% in Q3

The company's revenues increased by 3.3 percent to $3.64 billion.
Business

Toyota hikes annual profit forecast

The company plans a $13.9bn investment in a battery plant.

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Business

NMDC, AD Ports Group ink MoU

The firms will continue to work closely on future global projects.
  • The agreement is in line with the objectives of UAE’s national strategy for industry and advanced technology.
  • The MoU will help the two firms to work together to strengthen the global maritime industry and support the economic growth of the UAE.
Business

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.