QFC signs two MoUs
Business
Business
Burgan Bank Sells 52% stake
The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
- While the sale represents a majority ownership transfer, Burgan Bank will retain operational control over BBT.
- The move is strategically poised to fortify the bank's capital structure and shield against the impact of fluctuating Turkish lira exchange rate.
Business
EVIQ to set up infra for EVs in KSA
PIF, SEC JV's brand name for EV infrastructure is EVIQ.
- EVIQ will support electric vehicle adoption in Saudi Arabia by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs.
- This will help enable and encourage the use of electric vehicles across Saudi Arabia, in line with the sustainability goals of the Kingdom.
Geostrategy
ADNOC Drilling, Alpha Dhabi set up JV
The two companies will invest up to US$1.5 billion.
- ADNOC Drilling will own 51 percent of the JV with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert.
- This will further develop and scale up ADNOC Drilling’s integrated drilling and oilfield services (OFS) offering and enhance operational efficiencies.
Business
DEWA Q3 2023 revenue $2.5bn
The revenue was driven by demand for electricity, water.
- For January-September 2023, DEWA’s consolidated revenue totalled US$6 billion with an operating profit of US$1.8 billion.
- By the end of Q3 2023, DEWA’s net cash from operating activities increased by a robust US$205 million to US$2.6 billion.
Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
- ADNOC Distribution witnessed a healthy 21 percent Y-o-Y increase and a 5 percent quarter-on-quarter (Q-o-Q) growth in total fuel volumes.
- It anticipates paying a minimum of $350 million (AED1.285 billion), or 10.285 fils per share, as the second six-month dividend of 2023 in April 2024.
Business
MIS net profit $7.1m in 9M 2023
Riyadh, Saudi Arabia -- Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million ($7.1 million) in the...
- The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter, Argaam reported.
- In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.
Business
Emaar 9M net profit $1.1bn
This is due to the successful launches of new projects.
- Emaar Development’s property sales increased by 25 percent, reaching US$7.9 billion in the first nine months of 2023.
- In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of US$1.2 billion.
Business
AstraZeneca Q3 profit swells
The profits nearly doubled on solid demand for cancer treatments.
- Net profit soared almost 90 percent to $1.26 billion in the three months to the end of September compared with a year earlier
- While overall sales grew, revenue from its Covid jab Vaxzevria slumped 98 percent in the first nine months of the year compared with the same part of 2022
Business
Al Ansari 9M profit US$105m
The operating income of the group rose to US$234 million.
- Al Ansari received shareholders’ approval for the proposed interim dividend payment of $81 million.
- The second payment of the dividend of an equivalent amount will be disbursed in April 2024.
Business
Emirates Group H1 net profit $2.7bn
The profit was 138% higher than the $1.2 billion in H1 2022.
- Group revenue was AED67.3 billion ($18.3 billion) for the first six months of 2023-24, up 20 percent from AED56.3 billion ($15.3 billion) last year.
- Overall profit for dnata is AED709 million ($193 million), compared to the same period last year's AED236 million ($64 million).
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Company News
ADIB 2023 net profit $1.4bn
Business
QFC signs two MoUs
Business
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Goldman Sachs, Mubadala ink pact
Business
Lloyds Group profit is $6.2bn
Business
Rolls-Royce back into profit
Business
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Business
BYD posts record 2023 profit
The Shenzhen-based firm is now moving quickly overseas.
- BYD overtook Elon Musk's Tesla in the fourth quarter of 2023 to become the world's top seller of EVs.
- The figure is in line with a forecast issued by the firm in late January of 29-31 billion yuan ($4bn - $4.3bn)
Business
RSG, Hyundai Motor ink pact
The two firms will explore opportunities in various areas.
- The two parties will focus on validating and deploying Hyundai Motor Group's eco-friendly mobility solutions.
- They will explore future mobility solutions, such as autonomous vehicles, Advanced Air Mobility and maritime vessels.
Business
ESA, SAP ink agreement
ESA will consolidate operations under a single ERP solution
- ESA will benefit from a streamlined and integrated system, improving visibility and control over all of its operations.
- ESA will be using an integrated supply chain model that eliminates process silos, predicts disruptions.