INSEAD Day 4 - 728x90

Company News

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Business

Borouge to increase dividend from 2025

The company okayed $650 million final dividend for 2024.

Business
Business

PIF sets up SRJ Sports Investments firm

The investments are expected to localize partnerships.
  • The new company will target businesses specialized in offering unique fan engagement activities and transformative sports technology.
  • This firm will help bolster Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.
Business

Dubai Investments net rises to $157m

Real estate sector remains one of the key business verticals.
  • Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
  • Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.
Business

ADNOC Gas H1 revenue $10.6bn

The decline in revenue is due to lower gas prices.
  • The second quarter revenue stood at AED 19.8 billion, compared to Pro Forma Adjusted Revenue of AED 26.1 billion in Q2 2022.
  • ADNOC Gas said it shifted towards higher-margin export liquids and focused on increased efficiency.
Business

Empower H1 2023 revenue at $333m

The company’s EBITDA in H1 2023 was US$178 million.
  • In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
  • Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business

Burjeel Holdings H1 net profit $61m

Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
  • Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
  • The net profit was attributable to robust topline growth and significantly lower finance costs.
Business

ADNOC Drilling posts $446m net profit

The increase was attributed to expansion in fleet and services.
  • ADNOC Drilling’s first half revenue increased to $1.4 billion, up 13 percent year-on-year.
  • Second quarter revenue grew by 8 percent year-on-year to $724 million and by percent sequentially.
Business

ADNOC to acquire stake in Absheron field

TotalEnergies and SOCAR will hold 35% stake each in the field.
  • Entering into a strategic partnership with SOCAR also elevates ADNOC’s long-standing partnership with TotalEnergies, who until now had held a 50% share alongside SOCAR in Absheron.
  • The partnership will enable ADNOC to build a major footprint in a region with prolific natural resources and significant growth potential.
Business

Adidas posts $92m Q2 profit

Adidas now expects to end the year with an operating loss of $492m.
  • The German sportswear giant reported a net profit of 84 million euros ($92 million) from April to June.
  • Adidas shares were up 1.4 percent on the Frankfurt Stock Exchange after the results were released.
Business

Americana posts $144m H1 net profit

The company reported revenues of $1.24 billion for H1.
  • In the second quarter of 2023, the company delivered 13.5 percent revenue growth compared to Q2 2022.
  • Net profit (attributable to shareholders of the parent company) for Q2 2023 was US$86.6 million, an increase of 16.7 percent.
Business

EIH buys stake in Gewan Holding

Acquisition aims to diversify and expand into several sectors.
  • EIH has cultivated a diversified, innovative, and sustainable investment portfolio comprising over 30 companies across various sectors.
  • Gewan is a diversified holding company operating in various sectors, including real estate, general trading, hospitality, travel and tourism.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.
Business

Company News

SABIC announces 16% H2 cash dividend

PureHealth offer price $0.89 per share

ENEC, X-energy sign agreement

Bosch to cut 1,500 jobs

Shell eyes $6bn in Nigeria

Latest News

Mubadala invests in Manipal Health

Manipal Health offers multispecialty care through 30 hospitals.
Business

Solutions-Devoteam deal completed

Devoteam Middle East is a subsidiary of Devoteam Group.
Business

SAIB profit jumps 17% in 2023

The net profit for the fourth quarter increased by 28 percent.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Deutsche Bank to slash 3,500 jobs

The bank said it would buy back shares and pay dividends.
  • The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
  • The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year

Shares in India’s Paytm dive 20%

Banking arm asked to stop accepting fresh deposits.
  • Paytm collapsed 20 percent at the open of trade in Mumbai before a trading halt, the day after the RBI reported "persistent non-compliances" at Paytm Payments Bank
  • RBI said it would not be able to accept new deposits, offer fund transfers or help facilitate credit transactions from March, although customers will be able to withdraw cash
Business

Borouge full-year net profit $1bn

The firm posted third consecutive rise in quarterly earnings.
  • Borouge management intends to distribute 15.9 fils per share in dividends for the full year 2024, equating to a 6.6 percent current dividend yield.
  • Fourth quarter revenue reached $1.5 billion, unchanged quarter-on-quarter and declining 6 percent on a year-on-year basis on weaker global demand.