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).
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).
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Lego net profit falls
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Burjeel Holdings net profit up
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TECOM 2023 net profit $299m
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EDGE Group, Indra form JV
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Salik revenue soars to US$574m
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Tesla auto deliveries beat expectations
Electric carmaker Tesla saw its shares surge on Tuesday.
Business
Apple holds talks with rival Meta
The company to integrate Meta's generative AI into its products.
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Microsoft unveils ‘AI-ready’ PCs
The company's pivot to AI has been celebrated by Wall Street.
- The tech giant estimates that more than 50 million "AI PCs" will be sold over the next 12 months, given the appetite for devices powered by ChatGPT-style technology
- Of all the tech giants, Microsoft has pushed the most aggressively to infuse the powers of generative AI into its products, often leaving rival Google to play catch-up
Business
Amazon triples quarterly profit
The company's cloud, ads, and retail businesses thrive.
- Amazon shares were up about one percent in after-market trades that followed release of the earnings figures
- Sales at Amazon online stores grew by 7% in the quarter despite competitive pressure from rivals such as Shein and Temu
Business
Fujifilm ups biotech plant investment
The cost of investment in North Carolina plant is $1.2 billion.
- The cash injection to ramp up output to meet growing demand for antibody drugs brings "the total investment in the facility to over $3.2 billion", the company said
- The investment is part of its strategy of enabling the firm "to construct identical large-scale production facilities" in the United States and Europe, it said