Business
EDGE acquires 52% of ANAVIA
ANAVIA focuses on developing unmanned helicopters.
- ANAVIA is a Switzerland-based company that specialises in versatile vertical take-off and landing systems of up to 750 kilograms.
- ANAVIA’s unmanned helicopters can be adapted to EDGE's cross-complementary portfolio of air, land and maritime capabilities.
Business
GASCO 9M 2023 profit up 16%
Operating expenses and financing cost edged lower.
- GASCO noted an increase in revenue and financing income, along with higher share of results from associates.
- In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.
Business
Luberef’s 9M profit up 2%
The company's third-quarter net profit dropped 28 percent.
- The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares, Argaam reported.
- Luberef’s bottom line dropped 25.2 percent quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins, according to Argaam.
Business
Empower 9M revenue $618m
Firm paid cash dividend of US$115 million.
- For nine months period ending on September 30, 2023, Empower’s revenue and EBITDA grew by 9.5 percent and 7.5 percent respectively.
- On an absolute basis, Empower reported a net profit of US$186 million (AED 685 million) for the nine-month period ending September 2023.
Business
BMW Q3 profit drops 7.7%
The company's Q3 net profit stood at $3.1 billion.
- Revenues for the third quarter meanwhile rose 3.4 percent to 38.46 billion euros compared to the same period last year.
- BMW chairman Oliver Zipse said the result "puts us right on track to meet the higher targets we set ourselves in August".
Business
SAIC 9M net profit 38%
The third quarter net profit increased by 76 percent.
- This figure marks a leap from the SAR 80.4 million recorded in the same period the previous year.
- Revenues surged by 36.6 percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.
Business
Ducab, Somagec ink MoU
The MoU will enable UAE-based firm to enter Angolan market.
- Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
- It is constructing over 400 kilometers of 220kV transmission lines in Angola.
Business
Lufthansa Q3 profit $1.3bn
38 million passengers travelled with the group's airlines in the third quarter.
- The group said sales rose by eight percent to 10.3 billion euros, delivering "the strongest quarter in its history in revenue terms".
- The surge in profit is driven by "strong demand, higher capacity" and more expensive ticket prices, the aviation firm said.
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
- Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
- Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Business
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.
- The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
- The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.
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Masdar to buy stake in Terra-Gen
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Sovcomflot 2023 net profit $900m
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Du, Samsung ink agreement
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DP World 2023 profit is $1.5bn
Business
Lego net profit falls
Business
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
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Business
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
- EBITDA climbed 14 percent year-on-year to $2.48 billion, driven by a 4 percent year-on-year revenue increase to $6 billion.
- Sales volumes reached their highest-ever level of 5.3 million tonnes, supported by strategic positioning in high-growth markets across Asia, the Middle East and Africa.
Business
ADQ, Orion to establish JV
The partners commit to deploying $1.2bn in the next four years.
- The JV will make strategic investments in the metals and mining sector to enhance supply chain security locally and globally.
- The joint venture will invest in a diverse range of metals and minerals in various geographies, focusing initially on emerging markets in Africa, Asia and Latin America.
Business
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
- It acquired the 73.73% controlling interest after selling assets from Alpha Dhabi Hospitality Holding and Murban Energy Limited to NCTH in exchange for shares.
- The deal Alpha Dhabi Holding’s investment in the domestic and international luxury hospitality sector and involves the transfer of four key hotel assets.