ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
Business
Turkish Airlines orders 10 A350 Airbus
The airline disclosed no financial details in a statement.
- Turkish Airlines now has 14 A350-900s and 20 Boeing 787-9 Dreamliners, which is the European jet's main competitor in the long-range.
- An A350-900 was worth 317.4 million euros ($343 million) in 2018, when the aircraft manufacturer's price catalogue was last released.
Business
Mubadala, Petrobras sign MoU
The two parties will explore potential investment in a biofuel project.
- The biofuel project currently being developed by Mubadala Capital in the State of Bahia, Brazil.
- The MoU builds on biorefinery project to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.
Business
Emirates NBD invests in Komgo
The equity investment was made by Emirates NBD's Innovation Fund.
- Emirates NBD's corporate venture capital arm will enable the Group to invest in tech start-ups and companies supporting its digital strategy.
- Komgo has diverse customer base that includes more than 200 multinational corporations and global trade banks.
Business
PIF to buy Hadeed, Rajhi Steel
New firm will help Kingdom’s steel-making capacity.
- The transactions are in line with PIF’s broader efforts to accelerate Saudi Arabia’s industrial development.
- Move will help in construction, automotive, utilities, renewables, transport sectors in line with Saudi Vision 2030.
Business
Alahmadi joins SHUAA Board
He is set to be part of the Board's Investment Committee.
- Alahmadi's career includes stints at global giants like Mubadala and Rothschild & Co. More recently, he was associated with the CEO Office of ADQ
- His current portfolio also includes a position as an independent member of the Audit and Risk Committee for ADX-listed firm, Presight AI Holdings.
Business
Estithmar opens new subsidiary in Jordan
The subsidiary was set up in partnership with a Jordanian company.
- In August, Estithmar Holding subsidiary Elegancia Healthcare established a branch in Iraq.
- Estithmar Holding had signed agreements with the Iraqi investment authority worth $7 billion.
Business
SABIC-Sinopec China plant opens
The plant is located in their jointly owned petrochemical firm.
- Sinopec SABIC Tianjin Petrochemical Company, established in 2009, consisting of nine manufacturing units.
- The production capacity of the new polycarbonate factory is 260,000 tons per year.
Business
Lavoie buys e-bike firm VanMoof
The cost of the acquisition has not been specified.
- VanMoof's bikes, which are sold in 20 countries, are known for their sleek, simplistic design with a battery hidden in the frame.
- VanMoof had raised $128 million in September 2021 in an effort to expand as it rode a boom in the e-bike sector.
Business
Borouge to pay $650m H1 dividend
The interim dividend is equivalent to 7.9 fils per share.
- The interim dividend will be paid to shareholders who have purchased Borouge shares as of 7 September 2023.
- This represents the first part of the expected total FY 2023 dividend of $1.3 billion (AED4.8 billion), equivalent to 15.8 fils per share.
Business
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.
- EGA announced H1 2023 adjusted EBITDA of AED4.2 billion ($1.1 billion). EGA’s aluminum segment adjusted EBITDA margin was 27 percent, leading global industry peers.
- EGA’s average realized London Metal Exchange price for its aluminum was $2,359 per ton compared to $3,063 per ton during H1 2022.
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
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Mammoet, Aertssen sign agreement
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TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
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Business
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
- The automaker consolidated its position as the world's top-selling automaker for the fourth successive year
- Toyota said that by next year it plans to have an electrified version for every Toyota and Lexus model globally
Business
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.
- Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
- This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
- GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
- Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.