Business
ADIB issues green sukuk
The final orderbook of the green sukuk closed at $2.6 billion.
- The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
- ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.
Sony hikes annual sales outlook
The company net profit for July-September sank 29 percent
- Sony saw net profit hitting $5.8 billion in the year to March 2024, up from the previous projection of 860 billion yen
- Annual sales were seen at 12.4 trillion yen, compared with a previous estimate of 12.2 trillion yen
Business
Dana Gas 9M net profit $126m
Profitability dropped 22% due to lower realized prices.
- The decline in profitability was also due to additional discounts on condensate sales in the Kurdistan Region of Iraq (KRI).
- The Company’s revenue for the first nine months of the year decreased 21 percent to AED 1,195 million ($326mm).
Business
Amlak Q3 net profit AED $73m
Amlak's total income for the third quarter decreased by 19%.
- Revenues from financing business decreased by 10 percent to AED 90 million during Q3 2023 as compared to AED 100 million in Q3 2022.
- The company recorded a net gain of AED 174 million on debt settlement arrangements and was able to reduce its debt burden by AED 531 million.
Business
Rabigh 9M net loss $879m
The firm said unfavorable market conditions affected margins.
- In addition, Petro Rabigh complex was partially shut down for scheduled turnaround of its Phase II units starting Dec. 1, 2022, to Jan. 23, 2023, according to Argaam.
- The company narrowed Q3 2023 loss to SAR 1.14 billion from SAR 1.41 billion a year earlier, mainly due to improved refined products margin
Business
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
- The Q3 report also reveals a net profit of SAR 285 million, showcasing a growth of 234 percent compared to the corresponding period in 2022.
- The company said it has not only experienced growth in 5G revenue but also witnessed increased demand for consumer services.
Business
IHC 9M net profit $4.13bn
The Group's third-quarter revenues grew by 9.5 percent.
- In Q3 2023, IHC grew its total assets by 3.3 percent and reduced total liabilities by 1.3 percent (compared to December 2022).
- The Group intends to remain focused on optimizing its balance sheet and improving shareholder returns, IHC said in a statement.
Business
Amanat net profit up 73%
The company posted a 44 percent growth in revenues for 9M-period.
- Revenu growth was driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company.
- Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.
SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.
- Operating revenues went up to $15.19 billion, marking a 2.2% increase compared to the same period in the previous year
- The company attributed the revenue growth primarily to a surge in demand for electrical energy during the summer season
Business
Fertiglobe Q3 revenue of $525m
The firm recently launched steps to optimize its cost structure.
- In the third quarter, nitrogen prices reflected tighter market balances due to record low inventory levels.
- In the medium to longer term, the nitrogen outlook is favorable, with limited supply additions over the next several years.
Company News
UPS says will cut 12,000 jobs
Business
Pfizer reports loss in Q4
Business
Latest News
Ghitha 2023 revenue at $1.2bn
Business
Dubai Investments buys GFP stake
Business
Hamad Al Marar is EDGE CEO
Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
Business
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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.
Business
Abu Dhabi Airports appoints Elena Sorlini as Managing Director and CEO
Abu Dhabi, UAE - Abu Dhabi Airports, the operator of Abu Dhabi's five commercial airports, has announced the appointment of...
- Since joining Abu Dhabi Airports, Sorlini has overseen the successful opening of Abu Dhabi International Airport's new state-of-the-art Terminal A
- Additionally, she has played an important role in maintaining the steady increase of passenger traffic numbers, which continue to experience year-on-year growth