SABIC H1 net profit slumps 87%
Business
DAE H1 profit up 13%
Business
Mubadala invests in Aligned
Business
Borse Dubai to sell Nasdaq shares
The sale is poised to generate $1.59 billion.
e& H1 net profit $1.27bn
Business
Ooredoo Algeria gets new CEO
Business
Business
Shell reports huge profit
Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.
- As lockdowns spread in 2020, oil prices dropped off a cliff, even briefly turning negative
- Prices have since rebounded sharply, with the Brent crude trading at almost $90 per barrel
Geostrategy
Spotify posts $44.1m loss
The company reported a loss of $44.1 million in Q4 2021.
- The company announced a loss of $44.1 million and forecast its first-quarter 2022 gross profit margin would fall to 25 percent from 26.5 percent
- The company, however, pointed to "continued momentum in our subscription business and meaningful advertising results
Business
Mubadala, Trafigura complete mining sale
They have sold 100 percent of Spanish operation MATSA to Sandfire Resources.
- MATSA owns and operates two mines in the municipality of Almonaster La Real and one mine in the province of Huelva, Andalucia.
- The company’s processing plant can process more than 4.4 million tons of copper and polymetallic ore per year.
Business
GM sees strong demand in 2022
In Q4 2021, GM saw global car sales sink
- Profits fell in the final quarter of 2021 as GM saw global car sales sink but the US automaker still managed to notch a record $10 billion in annual profits
- GM signaled it expects comparable profits in 2022 in spite of cost pressures in commodities, freight services and labor
Business
Alphabet doubles annual profit
The tech giant had net income of $20.6 billion on revenue that grew 32 percent to $75 billion in the...
- The tech giant had net income of $20.6 billion on revenue that grew 32 percent to $75 billion in the final quarter of 2021, ending the year with a total of $76 billion in profit
- Google earned more than $61 billion in advertising revenue, mostly from online search and its video platform, while its cloud business grew by 45 percent to $5.5 billion in revenue
Business
Sanad picks new CEO
Sanad, a subsidiary of Mubadala Investment Company, has appointed Mansoor Janahi as the new Group CEO.
- The appointment is a part of Sanad’s new plan to expand its business beyond the aerospace sector
- The strategy and leadership announcements follow the launch of "Operation AED300bn" last year
Business
DFM 2021 net profit $28m
Its total revenues reached AED294.6m in 2021, reduces expenses by 4 percent.
- In the fourth quarter of 2021, the net profit increased by 269 percent to AED65.7 million compared to AED17.8 million in the corresponding period of 2020.
- The company's Board of Directors recommended a 3 percent cash dividend to the shareholders, which is equivalent to AED240 million.
Business
Sony to buy Bungie
Bungie is based not far from Microsoft headquarters in the US.
- Sony's deal comes weeks after Microsoft unveiled a landmark $69 billion pact to acquire "Call of Duty" maker Activision Blizzard
- "Halo" franchise of Bungie is considered to be among the video games that contributed to the popularity of Xbox consoles.
Business
Arab Bank profit up 61%
The net income after tax rose from $195.3m to $314.5m.
- The Arab Bank Group consolidated the financial statements of Oman Arab Bank under its group accounts
- This increased total assets by $8.4 billion to $63.8 billion, compared to $54.4 billion for the same period last year
Business
SACC picks board heads
It has also formed several panels that will function for three years.
- The SACC has said Mohammed Abdulaziz Al Sarhan, an independent member, has been appointed chairman of the Board of Directors
- It also announced the appointment of Raed Ibraheem Al Mudaiheem, another independent member, as the Vice-Chairman of the board
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Company News
DUBAL, Oriental Copper ink MoU
Business
SABIC H1 net profit slumps 87%
Business
DAE H1 profit up 13%
Business
Mubadala invests in Aligned
Business
Latest News
e& H1 net profit $1.27bn
Business
Ooredoo Algeria gets new CEO
Business
Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
Business
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EasyJet, Airbus sign US$20bn deal
The no-frills airline will buy 157 aircraft from Airbus.
- The airline on Thursday said it had "entered into conditional arrangements" with European planemaker Airbus for 157 aircraft
- Together the deal was worth $19.9 billion and "will deliver lower fuel burn, CO2 emissions and operating costs per seat", EasyJet said
Business
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
- The third-quarter net profit rose by 8 percent to SAR 296.3 million, from SAR 273.72 million in Q3 2022, driven by a 4.8 percent rise YoY in sales.
- Total shareholders’ equity, no minority interest, stood at SAR 1.79 billion as of Sept. 30, 2023, down from SAR 1.80 billion a year earlier.
Business
Birkenstock to list on NYSE
The German sandals maker has set its share price at $46.
- A total of 32.26 million ordinary shares will be offered in its initial public offering, trading under the symbol BIRK
- Birkenstock recorded revenues of $1.17 billion for the nine months ending June 30, up 21 percent from the same period in 2022