Ford’s US Q1 auto sales dip
Business
Goldwind 2024 revenue up 12.5%
Business
Business
UAB net profit grows 65%
Total assets grew 25% in 2023 on strong growth in loans, advances.
- UAB’s financial performance was aided by significant progress across the core businesses with total operating income recording a 15 percent growth.
- Total assets grew 25 percent year-on-year in FY 2023 to AED17.6 billion, driven by the strong growth in loans, advances, and Islamic financing.
Business
stc Group inks several pacts
The pacts were signed at the PIF’s Private Sector Forum.
- The annual Private Sector Forum brings together policymakers, key local private sector players, visionaries and industry leaders.
- The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation.
Business
Presight net profit $155m
The net profit grew by 5.1 percent to $155 million.
- The company said the financial results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year.
- Presight listed on the Abu Dhabi Stock Exchange on March 27, 2023, with an offering, excluding its corner stone investor, that was oversubscribed 136 times.
Business
DEWA 2023 net profit $2.15bn
The system demand for power surged to 56.5 TWh in 2023.
- The fourth quarter revenue was AED 7.1 billion and net profit AED 1.8 billion. The full-year audited results are expected to be released in the first week of March 2024.
- DEWA’s annual consolidated revenue increased by 7 percent, mainly driven by an increase in demand for electricity, water and cooling services.
Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
- In the quarter ending Mar 31, Alibaba posted sales of 260.3 billion yuan ($36.7 billion), up five percent year on year, the firm said -- but below analysts' forecasts.
- Based in eastern China's Hangzhou, Alibaba is a key player in the country's digital sector and is considered a barometer of consumer spending in the world's second-largest economy.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.
Business
Novartis to buy MorphoSys
The deal gives Novartis access to new blood cancer treatment.
- The all-cash deal will see Novartis offer 68 euros per share for the company, whose stock has soared in recent days amid speculation a deal was looming
- "With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology," said Shreeram Aradhye, Novartis' CMO.
Business
UBS to reward shareholders
Losses from costs of absorbing Credit Suisse narrow.
- The bank reported a net loss of $279 million in the final three months of 2023 -- far less than the nearly $500 million analysts had been bracing for
- The result followed a bigger, $785 million loss in the third quarter but for the full year, UBS bagged a net profit of $29 billion in 2023
Economy
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia.
- The first deliveries of gas to India by QatarEnergy's LNG fleet are due from May 2028.
Business
Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.
- The founder will retain a 40 percent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
- The company's FY2023 financial performance recorded revenues of AED70.5 million and EBITDA of AED8.4 million.
Company News
Ford’s US Q1 auto sales dip
Business
Goldwind 2024 revenue up 12.5%
Business
Latest News
Emaar to pay $2.39bn dividend
Business
Aramco acquires stake in BHIG
Business
ADNOC L&S okays $273m dividend
Business
Boeing to sell some assets to Thoma Bravo
The $10.55 bn sale includes portions of digital aviation solutions business.
Business
Most Read
Business
Borouge to increase dividend from 2025
The company okayed $650 million final dividend for 2024.
- At the current Borouge share price, this would give investors a 40 percent minimum cumulative dividend return from 2025 to 2030, the highest in the UAE.
- The AGM also approved a share buyback of up to 2.5 percent of outstanding shares via open-market transactions, subject to market conditions and regulatory approvals.
Business
TikTok’s US future uncertain
It must find non-Chinese owner to avoid ban.
- In the hours before that deadline, TikTok temporarily shut down in the United States and disappeared from app stores, to the dismay of millions of users.
- Much of TikTok's US activity is already housed on Oracle servers, and the company's chairman, Larry Ellison, is a longtime Trump ally.
Business
Tesla Q1 sales sink 13 percent
The dip occurred amid lower production during factory upgrades.
- Musk's electric vehicle company delivered 336,681 autos in the quarter ending March 31, missing analyst expectations.
- Tesla shares fell more than six percent in early trading after the deliveries fell by more than expected from the year-ago stretch. Shares later partially rebounded.