Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
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UAB net profit grows 65%
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stc Group inks several pacts
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ADNIC reports $82m profit
This marks 16% increase compared to the same period last year.
- The company's focus on market-leading underwriting and investment performance resulted in a net profit of AED 301.9 million
- ADNIC's recently announced its intent to acquire a 51% stake in Allianz Saudi Fransi Cooperative Insurance Co
Business
Emirates, Safran sign pacts worth $1.2bn
Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
- The new seats will offer a host of enhancements that set a new standard for comfort, privacy and convenience.
- Safran Landing Systems will be supplying high performance wheels and carbon brakes for the Emirates A350 fleet.
Business
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
- Net income for the quarter increased by 13 percent quarter-on-quarter (Q-o-Q) to $1.116 billion.
- ADNOC Gas expects to pay its inaugural interim cash dividend of $1.625 billion with payments commencing on 14 December 2023.
Business
ACWA Power, SEC sign PPAs
The agreements signed with SPPC are valued at $3.9 billion.
- The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines power plants.
- Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each.
Business
Chemanol to buy stake in ACC
It will acquire 84 percent stake for US$12.3 million.
- The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
- Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,
Business
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
- London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
- This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.
Business
Salik records $138m in Q3 revenue
This is the toll operator's highest Q3 revenue since 2007.
- The 14.6 percent year-on-year revenue growth was supported by a strong growth in tourism and residency.
- Salik reported a net profit of AED255 million during the third quarter of 2023, up 5.3 percent against the prior year.
Business
Al Ghurair to use Oracle solution
This will help HR teams improve business operations.
- Through this strategic collaboration, Al Ghurair seeks to empower its employees through self-service capabilities.
- Oracle Cloud HCM transforms the traditional functions of HR departments such as recruiting, training, payroll.
Business
GA-ASI partners with EDGE
The pact is aimed at integrating smart weapons into MQ-9B.
- The partnership marks the first time that UAE-made smart weapons will be integrated into a US unmanned platform.
- The EDGE smart weapons designated for integration include the DESERT STING family of GGWs and THUNDER family of cost-effective PGMs from HALCON.
Business
ADNOC L&S reports 162% rise in profit
The company also reported an EBITDA of $635 million.
- The company also reported an EBITDA of $635 million (AED2,332 million), marking a substantial 124% year-on-year increase
- The third quarter of 2023 specifically contributed to the positive financial performance, with a 30% year-on-year increase in revenue
Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
Business
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Emaar 2023 revenue at $7.3bn
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UAB net profit grows 65%
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stc Group inks several pacts
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Presight net profit $155m
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DEWA 2023 net profit $2.15bn
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US downs three Houthi drones, strikes anti-ship missiles
Yemen's Iran-backed Houthis have been targeting shipping for months and their attacks have persisted despite repeated American and British strikes...
Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
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Glencore 2023 profit down 75%
The company said lower energy prices cut into its profits.
- Gross operating profit fell 50 percent to $17.l billion, "primarily reflecting the rebalancing and normalization of international energy trade flows," it said
- The commodities trading unit saw operating profit fall 46% to $3.5 billion, "with coal and LNG (liquefied natural gas), and to a lesser extent, oil prices materially declining"
Business
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
- Consolidated revenues reached US$14.6 billion which is a growth of 8.3 percent year-over-year.
- Consolidated EBITDA rose by 3.7 percent year-over-year at constant exchange rates, to US$7.1 billion.
Business
Walmart to buy TV maker Vizio
The acquisition of the TV maker is worth $2.3 billion.
- With the all-cash purchase, the US shopping behemoth gains access to Vizio's more than 18 million accounts.
- Vizio is known for what Walmart called "immersive entertainment" through a "customer-centric platform".